Bani-Khalaf Omar, Taspinar Nigar
Department of Banking and Finance, Eastern Mediterranean University, P.O. Box 99628, Famagusta, Northern Cyprus, Via Mersin 10, Turkey.
Resour Policy. 2022 Dec;79:102935. doi: 10.1016/j.resourpol.2022.102935. Epub 2022 Aug 11.
This article aimed to study the return spillover effect of oil and gold on the elasticity of financial markets in a group of countries in the Middle East. The results showed a heterogeneous impact of oil and gold returns on the stock market's elasticity. In contrast, oil returns significantly affected elasticity in most oil-exporting countries. Additionally, the elasticity of financial markets in oil-importing countries showed a slight impact on the movement of oil returns. The impact of oil and gold returns also varied among short, medium, and long-term periods; gold returns were greater for Kuwait, Bahrain, Saudi Arabia, and Jordan. The impact of oil was more in Qatar, Bahrain, and Egypt, whereas the effect of gold and oil was equal in Turkey. Last, the effect of the COVID-19 pandemic on the elasticity of financial markets was significant.
本文旨在研究石油和黄金对中东一组国家金融市场弹性的回报溢出效应。结果表明，石油和黄金回报对股票市场弹性的影响具有异质性。相比之下，石油回报在大多数石油出口国对弹性有显著影响。此外，石油进口国金融市场的弹性对石油回报的变动影响较小。石油和黄金回报的影响在短期、中期和长期也有所不同；科威特、巴林、沙特阿拉伯和约旦的黄金回报影响更大。石油在卡塔尔、巴林和埃及的影响更大，而在土耳其，黄金和石油的影响相当。最后，新冠疫情对金融市场弹性的影响显著。
