期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2018
卷号：22
期号：1
页码：1-8
语种：English
出版社：The DreamCatchers Group, LLC
摘要：The increased association between commodity markets has always attracted the interest of researchers, investors and policymakers. In one of the earlier studies on commodity price movements, Pindyck and Rotemberg (1990) observed a pattern in price movements between unrelated commodities. This finding led to several studies analysing this phenomenon and the debate was further intensified with the financialization of commodity markets during early 2000s. For example, Soytas, Sari, Hammoudeh and Hacihasanoglu (2009) argued that the excess comovement among commodities could be attributed to the similar influence of macroeconomic variables on all commodity markets. Nevertheless, among all commodities, crude oil has acquired unprecedented importance because of its share in the energy sector across nations. Most economies are exceedingly reliant on crude oil for their energy needs and as a result it could result in huge import bills for crude oil importing nations. Besides, such economies could find it difficult to sustain their trade balances because of price fluctuations in international crude oil markets. Therefore, the importance of the commodity markets like crude oil, underlines the need to investigate the crude oil price fluctuations to safeguard the interest of numerous stakeholders..
