Theoretical and Applied Economics
No. 4 / 2022 (633), Winter
The nexus between global oil prices and Islamic and conventional stock markets in the developed and developing countries
Yeditepe University, Istanbul, Turkey
Mustafa UYSAL
Artvin Coruh University, Turkey
Abstract. This study examines the co-movement of coherence between global oil prices, and Islamic and conventional stock markets which has noteworthy substance for faith-oriented investors and participants in oil market for developed and developing countries between the period May:2002 and November:2019. To achieve the objective of this study, Pedroni cointegration test and Dumitrescu- Hurlin causality tests are implemented. The results show us that there is a long-term relationship between the global oil prices and Islamic stock market of developed and developing countries. On the other hand, the cointegration relationship between conventional stock markets and oil prices has been realized only for developing countries. No such relationship has been found for developed countries. In addition, the causality relationship has been reached for the conventional and Islamic stock markets of both country groups with oil prices. This study will be an alternative investment avenue for investors, portfolio and risk managers; they will use for setting the portfolio diversity. In addition, this study will enlighten the portfolio and fund managers, policy makers and investors who examine the relationship between the global oil prices, and Islamic and conventional stock indices for developed and developing countries’ stock markets.
Contents
Development banks – promoters of economic development?
The nexus between global oil prices and Islamic and conventional stock markets in the developed and developing countries
American bilateral trade with emerging economies and its influence on world economic recovery post Covid-19: Analysis through VECM
Energy poverty and the vulnerable energy consumer in Romania: A curious case of policy schizophrenia
Transitions into self-employment in European Union and Israel: Field study
A cross country analysis of components of economic growth through the growth accounting approach
Financial liberalization and economic growth: The case of Algeria
Financial inclusion in sub-Saharan Africa: Benchmarking against peer developing countries
Cointegration and stock market interdependence: Evidence from India and selected Asian and African stock markets
Government subsidies and income inequality in Algeria: An analytical and empirical study
An analysis of the effect of widespread unemployment on corruption
The Russia-Ukraine invasion toward increasing food security threat for population: An empirical study using T-GARCH model
Energy consumption and economic growth nexus in Africa: New insights from emerging economies
Two conditions which induce Giffen behavior in any numerical analysis if applied to the Wold-Juréen (1953) utility function
How large is the size of Côte d'Ivoire's informal sector? A MIMIC approach
Portfolio construction and performance evaluation: Evidence from India and Iran
Cost structures, technology levels and collusion
The trend of the economic evolution in Romania in the context of crises