The impact of oil price on stock returns in oil-exporting economies: The case of Russia and Norway
The purpose of our paper is to examine the relationship and interactions between oil price movements and stock market indexes in main two oil exporting countries - Russia and Norway from January 1998 to March 2011, and test how and to what extent oil prices together with other variables influence stock markets. Apart from crude oil price, we also include to our model some macroeconomic explanatory