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Oil Price and Stock Market Synchronization in Gulf Cooperation Council Countries
2014
Emerging markets finance & trade
Knowing that the Gulf Cooperation Council (GCC) economies are dichotomous in nature, and growth in the non-oil sector is tributary to the oil sector, we document the extent of synchronization between crude oil prices and stock markets for each of the GCC markets and for the GCC as an economic bloc. We use both the bivariate and multivariate nonparametric synchronicity measures proposed by Mink et al. (2007) to assess that linkage. We find a low to mild (mild to strong) degree of synchronization
doi:10.2753/ree1540-496x500102
fatcat:7g7osvh3pna4latv4gaik3dabi