期刊名称：International Journal of Energy Economics and Policy
电子版ISSN：2146-4553
出版年度：2019
卷号：9
期号：3
页码：1-10
DOI：10.32479/ijeep.7457
出版社：EconJournals
摘要：This paper investigates the time-varying relationship between the oil price and disaggregated stock market of India using Dynamic conditional correlation multivariate GARCH and Continuous Wavelet Transformation modelling approaches. Our findings reveal the evolving relationship between the oil price and disaggregated stock market. The correlations are generally volatile before the 2007-08 crisis but since then the correlations are positive implying no diversification benefits for the investors during rising oil prices. As emerging markets in general, and India in particular, is expected to increase its share of oil consumption in the world’s energy market, therefore for the stock market to grow, especially the oil-intensive industries, we recommend the government should increase its reliance on alternative energy resources. Furthermore, as rising oil prices can also have its adverse effect through exchange rate channel, we suggest the monetary policies should be time varying to manage the oil inflationary pressures arising out of extreme volatility in the oil prices.
其他摘要：The purpose of this study was to analyze the energy intensity decomposition in the textile industry subsector of Indonesia at level 2 and 3 KBLI. This is because of its usefulness in measuring energy efficiency. However, energy decomposition has not been able to accurately reflect the efficiency that occurs in the industrial sector. Since the results gotten from the calculation of energy intensity contains components of structural factors, there is need for the analysis of the changes in the composition of output caused by activities or a combination of output and energy intensity components. Energy intensity approach and the Time Series technique through the use of log mean divisia index I method was used in this study to determine the effect of structural and intensity factors on changes in aggregate energy intensity in the textile industry sector in Indonesia. The results showed that the energy intensity of the textile industry between 2006 and 2014 experienced a downward trend, but the structural factors were more dominant than the intensity factor. Therefore, there is need for structural factors in energy intensity decomposition of the textile industry sector so as to be able to save energy.
