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The economic and financial properties of crude oil: A review

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  • Lang, Korbinian
  • Auer, Benjamin R.

Abstract

In this article, we provide a structured review of crude oil price dynamics. Specifically, we summarize evidence on important factors determining oil prices, cover the impact of oil market shocks on the macro economy and the stock market, discuss how the financialization of crude oil markets affects oil market functionality and efficiency, and we then outline approaches for forecasting crude oil prices and volatility. By comparing the results of the most influential early contributions and recent studies, we can identify important developments and research gaps in each field. Thus, our review provides academics and practitioners newly engaging in crude oil research with an overview of what scientists know about crude oil dynamics and highlights which topics areparticularly promising for future research.

Suggested Citation

  • Lang, Korbinian & Auer, Benjamin R., 2020. "The economic and financial properties of crude oil: A review," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    • Handle: RePEc:eee:ecofin:v:52:y:2020:i:c:s1062940818302559
    DOI: 10.1016/j.najef.2019.01.011
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    More about this item

    Keywords

    Crude oil; Macro economy; Stock market; Financialization; Forecasting;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • G00 - Financial Economics - - General - - - General
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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