DOAJ Open Access 2025

Energy prices and stock markets: Does energy supply security matter?

Elif Hilal Nazlıoğlu Dündar Kök Uğur Soytaş

Abstrak

This study examines the interactions between stock markets, oil prices, and security of energy supply in 25 countries with the highest energy consumption from 1980 to 2018. We utilize bi- and multi-variate models with and without smooth structural breaks. The novel Fourier expansion to the Toda-Yamamoto causality procedure highlights the importance of smooth structural shifts in model specification. The new methodology uncovers significantly stronger impact of energy security on the causal link between energy and stock markets. Our results offer new and important implications for policymakers, investors, and researchers.

Topik & Kata Kunci

Finance Economics as a science

Penulis (3)

Elif Hilal Nazlıoğlu

Dündar Kök

Uğur Soytaş

Format Sitasi

APA MLA BibTeX

Nazlıoğlu, E.H., Kök, D., Soytaş, U. (2025). Energy prices and stock markets: Does energy supply security matter?. https://doi.org/10.1016/j.iref.2025.104542

Akses Cepat

PDF tidak tersedia langsung

Cek di sumber asli →

Lihat di Sumber doi.org/10.1016/j.iref.2025.104542

Informasi Jurnal

Tahun Terbit: 2025
Sumber Database: DOAJ
DOI: 10.1016/j.iref.2025.104542
Akses: Open Access ✓