effect of financial crisis on oil market network

Document Type : Scientific-research

Authors

1 Ph.D.Student in Economics, Faculty of Economics, Management and Accounting, Yazd University

2 Associate Professor of Economics, Faculty of Economics, Management and Accounting, University of yazd

Abstract

Financial crises can lead to Extensive changes in countries' economies and financial markets. Iran's economy is an oil-dependent economy and, as part of the OPEC oil market, is affected by crises in the OPEC oil market, so research is needed. This study, for the first time, examines the oil markets, with a complex network approach during the financial crisis and compares with pre-crisis and post-crisis for the period 2/1/2003 to 26/8/2019. The results showed that in the financial crisis, the average path length of the oil market network is at a minimum, the density and weight of the network are minimal in the financial crisis, which means that a fluctuation in times of financial crisis is faster and more direct in the markets. Oil is expanding. The relationship between financial markets and the overflow network is reduced during financial crises. The number of ridges has decreased during the financial crisis. The relationship between oil markets and the GARCH-BEKK approach was examined for four phases: pre-crisis, US financial crisis, European financial crisis and post-financial crisis. In the financial crisis, the OPEC market is more affected than other oil markets

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History

  • Receive Date: 24 April 2021
  • Revise Date: 29 September 2021
  • Accept Date: 21 November 2021

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