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.
Keywords: Islamic index, conventional index, MSCI, Pedroni panel cointegration, Dumitrescu- Hurlin causality tests.
Contents
- Development banks –
promoters of economic development?
Dan Costin NIŢESCU
Valentin MURGU
- The nexus between global oil prices and Islamic
and conventional stock markets in the developed
and developing countries
Tuğba KAYHAN
Mustafa UYSAL
- American bilateral trade with emerging economies
and its influence on world economic recovery post Covid-19:
Analysis through VECM
G.K. CHETAN KUMAR
K.B. RANGAPPA
SUCHITRA S
- Energy poverty and the vulnerable energy consumer
in Romania: A curious case of policy schizophrenia
Corina MURAFA
- A cross country analysis
of components of economic growth
through the growth accounting approach
Yashasvi PANDEY
C.R. BISHNOI
- Financial liberalization and economic growth:
The case of Algeria
Mohammed BENAZZA
Djahida LAYATI
- Financial inclusion in sub-Saharan Africa:
Benchmarking against peer developing countries
Mahamat Ibrahim AHMAT-TIDJANI
Brou Emmanuel AKA
- Government subsidies and income inequality in Algeria:
An analytical and empirical study
Siham MATALLAH
Lahouari BENLAHCENE
Amal MATALLAH
- An analysis of the effect
of widespread unemployment on corruption
Udit MAHESHWARI
Ashutosh PRIYA
Ravi Kumar GUPTA
- The Russia-Ukraine invasion toward increasing food security
threat for population:
An empirical study using T-GARCH model
Naima BENTOUIR
- Energy consumption and economic growth nexus in Africa:
New insights from emerging economies
Obukohwo Oba EFAYENA
Enoh Hilda OLELE
Ngozi Patricia BUZUGBE
- Two conditions which induce Giffen behavior
in any numerical analysis if applied
to the Wold-Juréen (1953) utility function
Robert SPROULE
Michael KARRAS
- How large is the size of Côte d'Ivoire's informal sector?
A MIMIC approach
Paul Vivien OYIBO
Friedrich SCHNEIDER
- Cost structures, technology levels and collusion
Suryaprakash MISHRA
- The trend of the economic evolution in Romania
in the context of crises
Constantin ANGHELACHE
Mădălina-Gabriela ANGHEL
Ștefan Virgil IACOB
Dana Luiza GRIGORESCU