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Oil Market Shocks and Financial Instability in Asian Countries

Author

Listed:
  • Fakhri Hasanov
  • Leila Dagher

    (King Abdullah Petroleum Studies and Research Center)

Abstract

There is no commodity whose interlinkages with the macroeconomy have been studied as extensively as oil, starting with Hamilton’s (1983) seminal study. Thousands of subsequent studies have examined the relationship between oil prices and various economic variables, including the stock market. This strand of the literature began with the pioneering work of Kling (1985). Since then, other financial markets, such as banking, have also received a fair share of analysis.

Suggested Citation

  • Fakhri Hasanov & Leila Dagher, 2021. "Oil Market Shocks and Financial Instability in Asian Countries," Discussion Papers ks--2021-dp018, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:dpaper:ks--2021-dp018
    DOI: 10.30573/KS--2021-DP018
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    File URL: https://www.kapsarc.org/research/publications/chinas-bri-and-saudi-vision-2030-a-review-to-partnership-for-sustainability/
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    15. Markowski Łukasz & Kotliński Kamil, 2025. "Energy prices and the structure of inflation in European Union countries," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 61(1), pages 17-28.
    16. Oleg Sviridov & Alexander Skorobogatov, 2025. "A causal link analysis from oil price to the Russian stock market," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 77, pages 5-24.
    17. Sanin, Maria Eugenia & Özkan, Ayşegül Uçkun, 2024. "Attractiveness of clean energy stocks in Europe," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    18. Demirer, Riza & Polat, Onur & Sokhanvar, Amin, 2025. "Do oil price shocks drive systematic risk premia in stock markets? A novel investment application," Research in International Business and Finance, Elsevier, vol. 73(PA).
    19. Shah, Wasi Ul Hassan & Sarfraz, Muddassar & Yasmeen, Rizwana, 2025. "Unveiling the impact of natural energy resources depletion on energy industry productivity in top 10 economies: Moderating role of FinTech," Energy, Elsevier, vol. 315(C).
    20. Pradeep Kumar & Sanjeev Gupta & Vishal Dagar, 2024. "Sustainable energy development through non‐residential rooftop solar photovoltaic adoption: Empirical evidence from India," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(1), pages 795-814, February.

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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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