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Portuguese stock market returns and oil price variations

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  • Sebastião Messias Marques
  • Margarida Catalão-Lopes

Abstract

This article investigates the existence of a dynamic link between oil prices and stock market returns. A vector autoregressive model is estimated for Portugal, a small open non-producer economy. Results show that none of the three types of oil price shocks addressed - global supply shocks, global demand shocks for all industrial commodities and precautionary demand shocks - affect Portuguese stock market returns.

Suggested Citation

  • Sebastião Messias Marques & Margarida Catalão-Lopes, 2015. "Portuguese stock market returns and oil price variations," Applied Economics Letters, Taylor & Francis Journals, vol. 22(7), pages 515-520, May.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:515-520
    DOI: 10.1080/13504851.2014.952888
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    Cited by:

    1. Nunes, Inês Carrilho & Catalão-Lopes, Margarida, 2020. "The impact of oil shocks on innovation for alternative sources of energy: Is there an asymmetric response when oil prices go up or down?," Journal of Commodity Markets, Elsevier, vol. 19(C).

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