Links between Oil Prices and Emerging Stock Markets: Evidence from Oil-importing versus Oil-exporting Countries

Authors

  • Asma Njima Higher Institute of Finance and Taxation of Sousse, University of Sousse, Sousse, Tunisia
  • Imen Zorgati Higher Institute of Finance and Taxation of Sousse, University of Sousse, Sousse, Tunisia
  • Hassen Benjenana Arab East Colleges, Riyadh, Kingdom of Saudi Arabia

DOI:

https://doi.org/10.32479/ijeep.18412

Abstract

This paper investigates the short- and long-term dynamics between oil prices and stock market indices in several emerging markets, distinguishing between oil-importing and oil-exporting countries. We use daily oil price data and thirteen stock market indices, covering the period from January 04, 2010 to December 31, 2019. The results of the Granger causality test reveal a significant short-term relationship, with stock indices influencing oil prices in exporting countries, while the reverse is true for importers. Long-term cointegration approaches confirm a stable relationship for both groups, with a consistent impact of stock markets on oil prices in exporting countries. However, for importing countries, the results remain heterogeneous, reflecting varied dynamics.

Downloads

Download data is not yet available.

Downloads

Published

2025-04-21

How to Cite

Njima, A., Zorgati, I., & Benjenana, H. (2025). Links between Oil Prices and Emerging Stock Markets: Evidence from Oil-importing versus Oil-exporting Countries. International Journal of Energy Economics and Policy, 15(3), 107–113. https://doi.org/10.32479/ijeep.18412

Issue

Vol. 15 No. 3 (2025)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.