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  • Recent Evidence on the Oil Price Shocks on Gulf Corporation Council Stock Markets

    Author(s)
    Wong, Victor
    El Massah, Suzannah
    Griffith University Author(s)
    Wong, Victor
    Year published
    2017
    Metadata
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    Abstract
    The recent plunge in the price of oil affected many countries, especially major oil producers and exporters, such as the Gulf Corporation Council (GCC), which accounts for half of the global oil reserves. This paper examines the impact of oil price changes on GCC stock markets, including Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia, and United Arab Emirates over a 10-year period, 2005–2015. We examine the direction of influence and influence absorption through Granger causality and impulse response function. The results are important for portfolio management at the international level, and provide insights for ...
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    The recent plunge in the price of oil affected many countries, especially major oil producers and exporters, such as the Gulf Corporation Council (GCC), which accounts for half of the global oil reserves. This paper examines the impact of oil price changes on GCC stock markets, including Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia, and United Arab Emirates over a 10-year period, 2005–2015. We examine the direction of influence and influence absorption through Granger causality and impulse response function. The results are important for portfolio management at the international level, and provide insights for government and regulatory authorities in times of oil price change. Additionally, the evidence suggests the need for more economic diversification at the country level in the GCC region to mitigate high volatility in the event of oil shocks.
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    Journal Title
    International Journal of the Economics of Business
    DOI
    https://doi.org/10.1080/13571516.2017.1379216
    Note
    This publication has been entered into Griffith Research Online as an Advanced Online Version.
    Subject
    Applied Economics not elsewhere classified
    Applied Economics
    Other Economics
    Publication URI
    http://hdl.handle.net/10072/371605
    Collection
    • Journal articles

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