Energy Shocks, Stock Market and the Macroeconomy

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: closed (31 March 2025) | Viewed by 1647

Special Issue Editor


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Guest Editor
1. Faculty of Economics, Kobe University, Kobe, Japan
2. The Kansai Transmission and Distribution, Incorporated (Japan), Osaka, Japan
Interests: energy trading; energy markets; commodity markets; applied time series analysis

Special Issue Information

Dear Colleagues,

Since the oil crisis of the 1970s, the relationships between economic output, prices, financial markets, and energy markets, has been of interest not only to economists but also to politicians and business leaders. In the 21st century alone, energy shocks have occurred due to net-zero emission activities, geopolitical tensions, rapid economic growth in emerging countries, shale oil and gas development, renewable energy development, and pandemics. They have affected the entire macroeconomy. Therefore, a proper understanding of these relationships should be helpful in policymaking, investment decisions, and management strategy formulation.

This Special Issue on "Energy Shocks, Financial Markets and the Macroeconomy" in Economies invites a variety of researchers not limited in macroeconomics, energy economics, financial economics, and econometrics to submit both their theoretical and empirical works focused on the relationships between energy shocks, financial markets, and the macroeconomy. This Special Issue will be an excellent literature source for academics, politicians, bureaucrats, managers, and investors.

Dr. Tadahiro Nakajima
Guest Editor

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Keywords

  • risk and return spillover
  • portfolio risk management
  • policy planning and uncertainty
  • inflation and economic recession
  • financial stress
  • ESG investment
  • COVID-19 pandemic
  • geopolitical and natural disaster risks

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Published Papers (1 paper)

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Research

19 pages, 1386 KiB  
Article
Driving Forces of the Consumer Price Index During the Crises in the Eurozone: Heterogeneous Panel Approach
by Jovica Pejčić, Olgica Glavaški and Marina Beljić
Economies 2024, 12(11), 292; https://doi.org/10.3390/economies12110292 - 29 Oct 2024
Cited by 1 | Viewed by 1105
Abstract
This paper examines key driving forces of inflationary pressures, taking into account supply and demand side determinants and actions of policy makers, during the pandemic and geopolitical crises in the Eurozone. Using heterogeneous nonstationary macro-panel models, especially the Mean Group (MG) and Pooled [...] Read more.
This paper examines key driving forces of inflationary pressures, taking into account supply and demand side determinants and actions of policy makers, during the pandemic and geopolitical crises in the Eurozone. Using heterogeneous nonstationary macro-panel models, especially the Mean Group (MG) and Pooled Mean Group (PMG) methods in the period 2020q1–2024q4, it is concluded that the dominant determination of inflationary pressures comes from the supply side. There is a long-run positive equilibrium relationship between the growth of energy prices and the growth of the consumer price index (CPI), and between the index representing supply bottlenecks (SBI) and the growth of CPI, while the relationship with the unemployment rate is insignificant. Also, the existence of a long-run equilibrium between the interest rate and CPI is homogeneous due to the unique monetary policy on a sample, and negative, indicating the efficiency of that policy. However, the speed of adjustment of individual economies is heterogeneous, and in the case of Greece and Ireland, insignificant. The heterogeneous or insignificant response of Eurozone member states, especially related to core-periphery asymmetry, refers to the vulnerability and structural weakness of the Eurozone economies, and the need for deeper integration. Full article
(This article belongs to the Special Issue Energy Shocks, Stock Market and the Macroeconomy)
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