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The effects of global oil prices on local stock market indexes of emerging markets: A cross-country analysis
(İbn Haldun Üniversitesi, Lisansüstü Eğitim Enstitüsü, 2021) Bukari, Baba Osman; Gümüş, Nihat
The study investigated the effect of global oil prices on local stock market indexes of emerging markets for both oil exporting and oil importing countries. Data covering the period from January 2010 to March 2021 for 15 emerging countries was used. Two objectives guided the study. First, the impact of global oil prices on local stock markets was assessed. Secondly, the relationship between stock price and changes in macroeconomic variables was investigated. A panel regression model was carried out to analyze the data. The findings show that global oil price is negatively related to stock market index in oil importing countries. On the other hand, the findings revealed that global oil price is positively related to stock market index in oil exporting countries. The findings also reveal that interest rate, consumer price index, exchange rate and industrial production index impact stock markets in emerging economies for both oil exporting and importing countries…