The economic and financial properties of crude oil: A review |
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| Institution: | 1. University of Leipzig, Germany;2. Brandenburg University of Technology Cottbus-Senftenberg, University of Leipzig, CESifo Munich, Germany;1. School of Management and Economics, University of Electronic Science and Technology of China, China;2. School of Finance, Nanjing University of Finance and Economics, China;3. China Academy of Financial Research, Zhejiang University of Finance and Economics, China;1. System Dynamics Group, Department of Geography, University of Bergen, Norway;2. Assistant Professor at the Department of Industrial Engineering, K. N. Toosi University of Technology, Tehran, Iran |
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| Abstract: | In this article, we provide a structured review of crude oil price dynamics. Specifically, we summarize evidence on important factors determining oil prices, cover the impact of oil market shocks on the macro economy and the stock market, discuss how the financialization of crude oil markets affects oil market functionality and efficiency, and we then outline approaches for forecasting crude oil prices and volatility. By comparing the results of the most influential early contributions and recent studies, we can identify important developments and research gaps in each field. Thus, our review provides academics and practitioners newly engaging in crude oil research with an overview of what scientists know about crude oil dynamics and highlights which topics areparticularly promising for future research. |
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| Keywords: | Crude oil Macro economy Stock market Financialization Forecasting |
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