Does Oil Prices Cause Financial Liquidity Crunch? Perspective from Geopolitical Risk

被引：41

作者：

Khan, Khalid ^{[1
]}

Su, Chi-Wei ^{[2
]}

Tao, Ran ^{[3
]}

机构：

[1] Qilu Univ Technol, Sch Finance, Jinan, Peoples R China

[2] Qingdao Univ, Sch Econ, 308 Ningxa Rd, Qingdao, Shandong, Peoples R China

[3] Qingdao Municipal Ctr Dis Control & Preventat, Dept Noncommunicable Chron Dis, Qingdao, Shandong, Peoples R China

来源：

DEFENCE AND PEACE ECONOMICS | 2021年 / 32卷 / 03期

关键词：

Financial liquidity; oil prices; geopolitical risk; wavelet analysis; WAVELET TRANSFORM; ECONOMIC-GROWTH; STOCK MARKETS; CO-MOVEMENT; TIME; CAUSALITY; RETURNS; SHOCKS; NEXUS; UNCERTAINTY;

D O I：

10.1080/10242694.2020.1712640

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study measures whether oil prices affect financial liquidity (FL) in the Kingdom of Saudi Arabi (KSA). The results indicate a positive association between oil prices (OP) and FL in the medium run. FL led OP in the short run during the global financial recession, when the KSA used foreign reserves to stabilize the impact of low OP. Similarly, geopolitical risk (GR) led OP in the medium term and had a positive influence on FL in the short term, especially during periods of higher uncertainty. The correlation between OP and FL becomes more noticeable in the medium term in the presence of GR. Short-run volatility can exert pressure on foreign reserves, which can be effectively managed by keeping reserves in the national currency. Similarly, economic growth sources other than oil income and a peaceful solution to regional differences can reduce defense spending.

引用

页码：312 / 324

页数：13

共 68 条

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