Volatility contagion between oil and the stock markets of G7 countries plus India and China

It is imperative to analyze over the potential risks persisting in the financial systems from time to time. In this connection, this study examines volatility spillover between crude oil price and stock prices of G7 plus India and China using Diebold and Yilmaz (2012) technique from Jan 4, 2005–June...

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Published inResources policy Vol. 81; p. 103377
Main Authors Guru, Biplab Kumar, Pradhan, Ashis Kumar, Bandaru, Ramakrishna
Format Journal Article
LanguageEnglish
Published Elsevier Ltd 01.03.2023
Subjects
COVID-19
Crude oil price
Global financial crisis
Stock market
Volatility spillovers
COVID-19
Crude oil price
G150
G110
G01
Stock market
Global financial crisis
Volatility spillovers
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Abstract It is imperative to analyze over the potential risks persisting in the financial systems from time to time. In this connection, this study examines volatility spillover between crude oil price and stock prices of G7 plus India and China using Diebold and Yilmaz (2012) technique from Jan 4, 2005–June 9, 2021. Although, our results show high stock market returns volatility connectedness among the sample countries but we find no significant transmission between oil prices and stock markets for the whole sample. The sub-sample results indicate that the period marked by COVID-19 witnessed substantial bidirectional spillovers between oil market and stock market. Empirical results of this study is expected to offer important policy inputs for investors, and policymakers to devise cautious strategies concerning their investments during uncertainties. •Examination of volatility spillover between crude oil price and stock prices of G7 plus India and China.•We found high stock market returns volatility connectedness among the sample countries.•No significant transmission between oil prices and stock markets for the whole sample was found.
AbstractList It is imperative to analyze over the potential risks persisting in the financial systems from time to time. In this connection, this study examines volatility spillover between crude oil price and stock prices of G7 plus India and China using Diebold and Yilmaz (2012) technique from Jan 4, 2005–June 9, 2021. Although, our results show high stock market returns volatility connectedness among the sample countries but we find no significant transmission between oil prices and stock markets for the whole sample. The sub-sample results indicate that the period marked by COVID-19 witnessed substantial bidirectional spillovers between oil market and stock market. Empirical results of this study is expected to offer important policy inputs for investors, and policymakers to devise cautious strategies concerning their investments during uncertainties. •Examination of volatility spillover between crude oil price and stock prices of G7 plus India and China.•We found high stock market returns volatility connectedness among the sample countries.•No significant transmission between oil prices and stock markets for the whole sample was found.
ArticleNumber 103377
Author Guru, Biplab Kumar
Pradhan, Ashis Kumar
Bandaru, Ramakrishna
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  givenname: Ashis Kumar
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  givenname: Ramakrishna
  surname: Bandaru
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  email: brk2282@gmail.com
  organization: School of Business Studies, Central University of Kerala, India
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Crude oil price
G150
G110
G01
Stock market
Global financial crisis
Volatility spillovers
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Snippet It is imperative to analyze over the potential risks persisting in the financial systems from time to time. In this connection, this study examines volatility...
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Publisher
StartPage 103377
SubjectTerms COVID-19
Crude oil price
Global financial crisis
Stock market
Volatility spillovers
Title Volatility contagion between oil and the stock markets of G7 countries plus India and China
URI https://dx.doi.org/10.1016/j.resourpol.2023.103377
Volume 81
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