Oil Price and Stock Market: Empirical Evidence from Nigeria

被引：10
|
作者：
Olufisayo, Akinlo Olayinka [1 ]
机构：
[1] Obafemi Awolowo Univ, Dept Management & Accounting, Ife, Nigeria
来源：
EUROPEAN JOURNAL OF SUSTAINABLE DEVELOPMENT | 2014年 / 3卷 / 02期
关键词：
oil price; stock market; VECM; Nigeria;
D O I：
10.14207/ejsd.2014.v3n2p33
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This paper examined the relationship between changes in oil prices and stock market growth over the period 1981-2011 using vector error correction modeling approach. The results suggest a long run relationship between oil price, exchange rate and stock market growth. A unidirectional causality runs from oil price change to stock market development. The impulse response function shows that oil price has a temporary positive impact on stock market. The VDC shows that stock market development to be very much dependent on shock on oil price change.
引用
收藏
页码：33 / 40
页数：8
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