The Impact of Oil Prices on the Stock Market and Real Exchange Rate: The Case of Kazakhstan


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Authors

  • Dinmukhamed Kelesbayev Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan. https://orcid.org/0000-0002-4193-8121
  • Kundyz Myrzabekkyzy Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.
  • Artur Bolganbayev Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.
  • Sabit Baimaganbetov Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.

DOI:

https://doi.org/10.32479/ijeep.11880

Keywords:

Oil Price, KASE Stock Market Closing Prices, Real Exchange Rate

Abstract

In this study, the relationship between KASE stock market closing prices and oil prices is analyzed using ADF and Zivot-Andrews' (1992) unit root tests and monthly data for the period of 2016-2021. First, the variables are tested for causality. Results show that there is a causal relationship between the real exchange rate and closing prices and between oil prices and the real exchange rate. The short-term effects of the variables are investigated using the VAR method. Results show that Brent crude oil prices have a positive effect on KASE closing prices, while the real exchange rate has a negative effect. In conclusion, changes in oil prices affect the formation of stock prices.

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Author Biography

Dinmukhamed Kelesbayev, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.

Assoc. Prof. Dr.

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Published

2022-01-19

How to Cite

Kelesbayev, D., Myrzabekkyzy, K., Bolganbayev, A., & Baimaganbetov, S. (2022). The Impact of Oil Prices on the Stock Market and Real Exchange Rate: The Case of Kazakhstan. International Journal of Energy Economics and Policy, 12(1), 163–168. https://doi.org/10.32479/ijeep.11880

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