政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/65962
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51694462      Online Users : 604
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/65962


    Title: The Impact of Oil Price Shocks on the Returns of China’s Stock Market
    Authors: 林祖嘉;方中柔
    Lin, Chu-Chia;Fang, Chung-Rou;Cheng, Hui-Pei
    Contributors: 經濟系
    Keywords: Oil price shock;Stock market;BRIC;China
    Date: 2010
    Issue Date: 2014-05-12 15:51:58 (UTC+8)
    Abstract: Although a lot of empirical research has studied the relationship between changes in oil price and economic activity, it is surprising that little research has been conducted on the relationship between oil price shocks and the BRIC (Brazil, Russia, India, and China). Therefore, this paper modifies the procedure of Kilian and Park (2009) and investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect three BRICs’ stock-market returns, in order to fill this gap. From the empirical analysis, we find that the impact of oil price shocks on stock prices in three BRICs has mixed, it has partially in contrast to the effects on the U.S. and developed countries’ stock market. Firstly, we find that all shocks have no significant impacts on India’s stock returns. Additionally, in contrast to the early traditional literature that higher oil prices necessarily causes lower stock prices, both global and oil specified demand shocks have significantly positive impacts on Russia stock returns. However, the impact of oil price shocks on China stock returns has the mixed condition between Russia and India. This means that only oil specified demand shock has significantly positive effects, but both global supply and demand shocks have no significant impacts on China stock returns. The reason for the lack of significant impacts is that the positive expectation effect of China’s fast economic growth may be just offset by the negative effect of a precautionary demand driven effect. This result is also consistent with the previous empirical findings that the segmented and integrated three BRICs’ stock market is mixed, and it implies that the three BRICs’ stock market is “partially integrated” with the other stock markets and oil price shocks.
    Relation: Emerging Markets Finance and Trade, Vol.50, No.5, pp.193-205
    Data Type: article
    Appears in Collections:[Department of Economics] Periodical Articles

    Files in This Item:

    File Description SizeFormat
    128.pdf300KbAdobe PDF21135View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback