文章基本信息

标题：The Impact of Oil Prices on the Stock Market and Real Exchange Rate: The Case of Kazakhstan
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作者：Dinmukhamed Kelesbayev ; Kundyz Myrzabekkyzy ; Artur Bolganbayev 等
期刊名称：International Journal of Energy Economics and Policy
电子版ISSN：2146-4553
出版年度：2022
卷号：12
期号：1
DOI：10.32479/ijeep.11880
语种：English
出版社：EconJournals
摘要：In this study, the relationship between KASE stock market closing prices and oil prices is analyzed using ADF and Zivot-Andrews' (1992) unit root tests and monthly data for the period of 2016-2021. First, the variables are tested for causality. Results show that there is a causal relationship between the real exchange rate and closing prices and between oil prices and the real exchange rate. The short-term effects of the variables are investigated using the VAR method. Results show that Brent crude oil prices have a positive effect on KASE closing prices, while the real exchange rate has a negative effect. In conclusion, changes in oil prices affect the formation of stock prices.