Journal
ENERGY POLICY
Volume 128, Issue -, Pages 628-638Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.enpol.2019.01.044
Keywords
Crude oil prices; East Asia; Stock returns; Energy security
Funding
- Asian Development Bank Institute
- JSPS [17H02532]
- Grants-in-Aid for Scientific Research [17H02532] Funding Source: KAKEN
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Oil prices have been volatile. To investigate how oil price swings affect Asian economies, this paper examines how they affect industry and aggregate stock returns. Economic theory implies that there is a strong link between a sector's stock return and its economic activity. Evidence presented here indicates that sectors such as airlines, food, and industrial transportation are harmed by oil price increases and that sectors such as oil and gas production and exploration benefit. The findings also reveal that many industries within each country are impacted by oil prices. The paper concludes by offering several suggestions to help Asian economies weather the effects of oil price changes and increase energy security.
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