The dynamics of economic growth, oil prices, stock market depth, and other macroeconomic variables: Evidence from the G-20 countries

Pradhan, Rudra P.; Arvin, Mak B.; Ghoshray, Atanu

doi:10.1016/j.irfa.2015.03.006

Cited by 78 publications

(50 citation statements)

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“…In the context of the framework described in Fig. 3, such Considering the impact of oil price on economic growth, Pradhan, Arvin and Ghoshray (2015) conclude with existence of long-run association for G20 countries. Though Difiglio (2014) reveals weakening role of oil price shocks in USA, Ito (2012) finds positive long-run effect of oil price changes on the growth in case of Russia.…”

Section: Resultsmentioning

confidence: 82%

Modelling Oil-Sector Dependency of Tax Revenues in a Resource Rich Country: Evidence from Azerbaijan

Musayev¹,

Aliyev²

2017

Acta Univ. Agric. Silvic. Mendelianae Brun.

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Forecasting tax revenues is an important issue in budget planning. As a resource rich country, Azerbaijan's budget revenues is severely depend on oil price and production levels. This study investigates oil sector dependency of state budget tax revenues in case of Azerbaijan by employing FMOLS, DOLS and CCR cointegration methods for the period of 2000Q1 -2015Q2. Empirical results indicate statistically and economically significant positive long-run impact of both oil related factors on tax revenues. Considering current fiscal challenges in the country, research findings are very useful for policy purposes and fills the gap in the literature by drawing mechanism of the association and estimating the relationship empirically.

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Section: Resultsmentioning

confidence: 82%

Modelling Oil-Sector Dependency of Tax Revenues in a Resource Rich Country: Evidence from Azerbaijan

Musayev¹,

Aliyev²

2017

Acta Univ. Agric. Silvic. Mendelianae Brun.

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“…Also the information on the relationship between economic activity and stock market development can provide some implications for macroeconomic and development policy. As Pradhan et al (2015) and Kajurova and Rozmahel (2016), a sound and continued economic growth of countries can be promoted by stabilization of macroeconomic environment and the stock market development should be supported even in short-run. Finally, the investors and policy makers should be aware of the fact that the nature of the relationship can change over time and that the results should be regularly re-estimated.…”

Section: Resultsmentioning

confidence: 99%

A Note on Relationship between Economic Activity and Stock Market Development: a Case of Euro Area Countries

Kajurová

2017

Acta Univ. Agric. Silvic. Mendelianae Brun.

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The aim of the paper is to empirically examine if the causal relationship between economic activity and stock market development exists in the selected 11 EA countries. The existence of relationship is investigated with the use of cointegration, vector error correction model and Granger causality during three sub-periods between January 1993 and January 2017. The results show that the general conclusion on the relation between activity and stock market development cannot be stated and that country-specific development should be taken into account when making decisions either from the investors' or policy makers' perspective. It also seems that the level of integration plays important role when studying the nature of relationship between variables during different time periods.

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“…The results of Sadorsky (1999) research confirmed that oil prices and oil price volatility have an important impact on real stock returns. Findings of Pradhan et al (2015), who used a panel The relationship between oil prices and exchange rates has been extensively studied over the last decade. Austvik (1987) examined the impact of changes in US dollar exchange rates on the oil market, suggesting that increase in the exchange rate of the dollar against other currencies leads to a lower oil price in dollars and vice versa.…”

Section: Literature Reviewmentioning

confidence: 99%

Financial variables influencing the performance of refined crude oil products at North-West European cargo markets

Gurvitš

Strouhal

Saia³

et al. 2018

Journal of International Studies

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The dynamics of economic growth, oil prices, stock market depth, and other macroeconomic variables: Evidence from the G-20 countries

Abstract: This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence Newcastle University ePrints-eprint.ncl.ac.uk

Cited by 78 publications

References 78 publications

Modelling Oil-Sector Dependency of Tax Revenues in a Resource Rich Country: Evidence from Azerbaijan

Modelling Oil-Sector Dependency of Tax Revenues in a Resource Rich Country: Evidence from Azerbaijan

A Note on Relationship between Economic Activity and Stock Market Development: a Case of Euro Area Countries

Financial variables influencing the performance of refined crude oil products at North-West European cargo markets

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