The Effects of the Increasing Oil Price Returns and its Volatility on Four Emerged Stock Markets

The current paper attempts to explore the effects of oil price returns and oil price volatility on the Greek, the US, the UK and the German stock markets. More specifically, the research focuses on the interactions among oil prices, its volatility, and the stock market returns as well as on the futures indices of each index. The volatility of the employed indices has been quantified by applying EGARCH models and the relationship between the variables has been examined by means of structural equation models (SEM).stocks, volatility, returns

Further evidence on the causal relationship between government spending and economic growth: The case of Greece, 1958–2004

The purpose of this paper is the empirical testing of the relationship between economic growth and government spending and, at the same time, to determine the extent to which economic growth causes growth in government expenditures (Wagner’s law) or the other way around (Keynesian hypothesis). The econometric analysis, using data for the Greek economy covering the period 1958–2004 and based on recent developments in the theory of cointegrated processes, reveals a long-run equilibrium relationship between government expenditures and economic output. Furthermore, the analysis detects causal effects in both the short-run and long-run horizon running from government expenditures to the level of economic activity and vice versa

Testing the intertemporal substitution hypothesis: The impact of income uncertainty on savings

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