How do exchange rate and oil price volatility shape Pakistan’s stock market?

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-02-12 DOI:10.1016/j.ribaf.2025.102796

Misbah Khan , Sitara Karim , Farah Naz , Brian M. Lucey

引用次数: 0

Abstract

Changes in oil prices and currency values significantly influence economic systems worldwide, with pronounced effects on equity markets. This study specifically examines the consequences of oil price changes and currency value fluctuations on the volatility of Pakistan's stock market, exploring both direct and indirect pathways. Employing the Tobit regression model, it investigates how the volatility of oil prices and exchange rates impacts the volatility of stock returns in the Pakistani context. The findings underscore the importance for investors and policymakers in Pakistan to consider the implications of oil and currency volatility when assessing investment risks and opportunities in the stock market. This research contributes to the understanding of the intricate relationships between oil price volatility, exchange rate fluctuations, and stock market dynamics in Pakistan, offering valuable insights for informed decision-making.

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汇率和油价波动如何影响巴基斯坦股市？

石油价格和货币价值的变化对全球经济体系产生重大影响，对股票市场产生显著影响。本研究具体考察了石油价格变化和货币价值波动对巴基斯坦股票市场波动的影响，探索了直接和间接的途径。采用Tobit回归模型，研究了巴基斯坦背景下石油价格和汇率的波动如何影响股票回报的波动。研究结果强调了巴基斯坦投资者和政策制定者在评估股市投资风险和机会时考虑石油和货币波动影响的重要性。这项研究有助于理解巴基斯坦石油价格波动、汇率波动和股票市场动态之间的复杂关系，为明智的决策提供有价值的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance