Yadav Miklesh Prasad, Puri Neha, Bhatia Parul, Shore Adam P
Indian Institute of Foreign Trade, Kakinada, India.
ACCF, Amity University, Noida, India.
J Environ Manage. 2025 Jan;373:123738. doi: 10.1016/j.jenvman.2024.123738. Epub 2024 Dec 19.
The QUAD nations' (United States, India, Japan, and Australia) financial markets are deeply integrated with global markets. The burgeoning surge of risk in global markets requires caution, which can be possible by determining the connectedness. This study elucidates the dynamic connectedness between crude oil and the financial markets of QUAD nations, aiming to enhance understanding of its environmental and managerial implications. This study uses Diebold and Yilmaz (2012) model for the empirical investigation. After investigation the connectedness, portfolio weight, and hedge ratio are determined to know the hedge ratio. It is found that the Japanese market and crude oil emerge as the least transmitter and least receiver of the shock, respectively. Additionally, the result reveals that hedging is most expensive in the US market while cheapest in the Australian market. This paper contributes to understanding the influence of energy market fluctuations on financial markets amidst recent global crises, such as the COVID-19 pandemic and the Russia-Ukraine conflict, with implications for both environmental and economic resilience.
四方国家（美国、印度、日本和澳大利亚）的金融市场与全球市场深度融合。全球市场中不断涌现的风险激增需要谨慎对待，而通过确定关联性就可以做到这一点。本研究阐明了原油与四方国家金融市场之间的动态关联性，旨在增进对其环境和管理影响的理解。本研究使用迪博尔德和伊尔马兹（2012年）的模型进行实证调查。在调查关联性之后，确定投资组合权重和套期保值比率以了解套期保值比率。研究发现，日本市场和原油分别成为冲击的最小传导者和最小接受者。此外，结果显示套期保值在美国市场最为昂贵，而在澳大利亚市场最为便宜。本文有助于理解在近期全球危机（如新冠疫情和俄乌冲突）期间能源市场波动对金融市场的影响，对环境和经济复原力均有影响。
