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This paper reports a study on the causal dynamics between spot oil price, exchange rates, and stock prices in Poland, the Czech Republic, Hungary, Romania, and Serbia. The results are compared with a benchmark analysis in which U.S. monthly data are used, and time periods are selected according...
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followed by a co-integration technique by Johansen (1988). We find that stock market indexes serve as a transmission channel …
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, the study results accepted the null hypothesis of no cointegration exists between the variables respectively for the (Full …
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between the variables. The evidence reveals that there is a strong long-run cointegration. The robustness of the ARDL bounds … test cointegration was confirmed using the newly-developed combined cointegration, which also provided the same evidence …
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