 |
English
|
正體中文
|
简体中文
|
Post-Print筆數 : 27 |
Items with full text/Total items : 109948/140897 (78%)
Visitors : 46098371
Online Users : 778
|
|
|
Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/60964
|
| Title: | Relationships between Oil Price Shocks and Stock Market: An Empirical Analysis from Greater China |
| Authors: | Fang,Chung-rou;Lin,Chu-Chia;Cheng,Hui-Pei |
| Contributors: | 政大經濟系 |
| Keywords: | Oil price;Oil price shock;Stock market;Chinese stock market;Greater China |
| Date: | 2010-11 |
| Issue Date: | 2013-09-16 17:32:30 (UTC+8) |
| Abstract: | Although a lot of the empirical research have studied the relationship between changes of oil price and economic activity, it is surprising that little research has been conducted on the relationship between oil price shocks and the Greater China region (China, Hong Kong, and Taiwan). Therefore, the main goal of this paper is to apply a detail monthly data from 1997/7 to 2008/9 to fill up this gap. As describe Kilian (2009), Kilian and Park (2008) the effect of U.S. stock market return, we find that the impact of oil price shocks on the Greater China stock prices has been mixed. Firstly, the effect in Taiwan stock market return is completely similar to the U.S. stock market does. Additionally, all three shocks have significantly positive impacts on Hong Kong stock return, which partially contrast to the effect of U.S. stock market. However, contrast to the effect in the U.S. stock market, we find that only global supply shock has a significantly positive impact on China stock return, but global demand shock and the oil specific demand shock have no significant impacts. The reason of no significant impacts is that the positive expectation effect of China’s fast economic growth may be almost decayed by the negative effect of precautionary demand driven effect. This result is also consistent with the previous Wang and Firth (2004) empirical findings that the segmented and integrated China stock market is mixed, and it’s implies the China stock market is “partially integrated” with the other stock markets and oil price shocks. |
| Relation: | China Economic Journal, 3(3), 241-154 |
| Data Type: | article |
| Appears in Collections: | [經濟學系] 期刊論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| WP0072.pdf | | 299Kb | Adobe PDF2 | 848 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
著作權政策宣告 Copyright Announcement1.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.
