Speculation in international crises: Report from the Gulf

Journal of International Business Studies

Volumn 36, Issue 5, 2005, Pages 576-587

  Weiner, Robert J ^a,b  

^a GEORGE WASHINGTON UNIVERSITY   (United States)

^b UNIVERSITÉ LAVAL   (Canada)

Author keywords

Financial crises; Market turmoil; Oil shocks; Speculators; Volatility

Indexed keywords

EID: 24944482659     PISSN: 00472506     EISSN: None     Source Type: Journal    
DOI: 10.1057/palgrave.jibs.8400158     Document Type: Review

References (59)

1. Adelman, M.A. (1995) The Genie Out of the Bottle: World Oil Since 1970, MIT Press: Cambridge.
2. Badger, D.B. (1984) The Anatomy of a 'Minor Disruption': Missed Opportunities', in A.L. Aim and R.J. Weiner (eds.) Oil Shock, Ballinger: Cambridge, pp: 33-53.
3. Bakken, H.H. (1953) Theory of Markets and Marketing, Madison: Mimir.
4. Black, F. (1986) 'Noise', Journal of Finance 41(3): 529-543.
5. Buckley, P.J. (2002) 'Is the international business research agenda running out of steam?' Journal of International Business Studies 33(2): 365-373.
6. Buckley, P.J. and Ghauri, P.N. (2004) 'Globalization, economic geography, and the strategy of multinational enterprises', Journal of International Business Studies 35(2): 81-98.
7. Considine, J.I. and Kerr, W.A. (2002) The Russian Oil Economy, Edward Elgar: Cheltenham.
8. Devenow, A. and Welch, I. (1996) 'Rational herding in financial economics', European Economic Review 40(3-5): 603-615.
9. Dodd, R. (2002) 'The Role of Derivatives in the East Asian Financial Crisis', in J. Eatwell and L. Taylor (eds.) International Capital Markets: Systems in Transition, Oxford: Oxford University Press, pp: 447-473.
10. Dominguez, K.M. (1991) 'Trading Strategies in Oil Financial Markets', in K.M. Dominguez, W.W. Hogan, B. Mossavar-Rahmani, G.M. Phillips, and R.J. Weiner, Oil Markets in a Turbulent Era, President and Fellows of Harvard College: Cambridge, MA, pp: 48-97.
11. Eichengreen, B., Tobin, J. and Wyplosz, C. (1995) 'Two cases for sand in the wheels of international finance', Economic Journal 105: 162-172.
12. Flood, R.P. and Hodrick, R.J. (1990) 'On testing for speculative bubbles', Journal of Economic Perspectives 4(2): 85-101.
13. Foerster, S.R. and Karolyi, G.A. (1993) 'International listings of stocks: the case of Canada and the US', Journal of International Business Studies 24(4): 763-784.
14. Foster, A.J. (1996) 'Price discovery in oil markets: a time varying analysis of the 1990-91 Gulf conflict', Energy Economics 18(3): 231-246.
15. Frankel, P.H. (1958) 'Oil supplies during the Suez crisis', Journal of Industrial Economics 6(2): 85-100.
16. French, K.R. and Roll, R. (1986) 'Stock return variances: the arrival of information and the reaction of traders', Journal of Financial Economics 17(1): 5-26.
17. Frenkel, J.A. (1981) 'Flexible exchange rates, prices, and the role of 'news': lessons from the 1970s', Journal of Political Economy 89(4): 665-705.
18. Gary, I. and Karl, T.L. (2003) Bottom of the Barrel: Africa's Oil Boom and the Poor, Catholic Relief Services: Baltimore.
19. Gately, D. (1986) 'Lessons from the 1986 oil price collapse', Brookings Papers on Economic Activity 2: 237-271.
20. Ghemawat, P. (2003) 'Semiglobalization and international business strategy', Journal of International Business Studies 34(2): 138-152.
21. Ghysels, E. and Seon, J. (2005) The Asian financial crisis: the role of derivative securities trading and foreign investors in Korea', Journal of International Money and Finance 24(4): 607-630.
22. Glaum, M., Brunner, M. and Himmel, H. (2000) 'The DAX and the dollar: the economic exchange rate exposure of German corporations', Journal of International Business Studies 31(4): 715-724.
23. Hamilton, J.D. (1983) 'Oil and the macroeconomy since World War II', Journal of Political Economy 91(5): 228-248.
24. Hamilton, J.D. (2003) 'What is an oil shock?' Journal of Econometrics 113(2): 363-398.
25. Hill, A. (2003) 'Buffett likens derivatives to weapons of mass destruction', Financial Times, 4 March, p21.
26. Hopper, G.P. (1997) 'What determines the exchange rate: economic factors or market sentiment?' Federal Reserve Bank of Philadelphia Business Review September/October: 17-29.
27. International Monetary Fund (various years) Direction of Trade Statistics Yearbook.
28. Jiménez-Rodríguez, R. and Sánchez, M. (2004) 'Oil price shocks and real GDP growth: empirical evidence from OECD countries', European Central Bank Working Paper 362, May.
29. Jones, C.M. and Kaul, G. (1996) 'Oil and the stock markets', Journal of Finance 51(2): 463-491.
30. Lockwood, L.J. and Linn, S.C. (1990) 'An examination of stock market return volatility during overnight and intraday periods, 1964-1989', Journal of Finance 45(2): 591-601.
31. Mahathir, M. (1997) 'Highwaymen of the global economy', The Wall Street Journal 23(September): A22.
32. Makhija, M.V. (1993) 'Government intervention in the Venezuelan petroleum industry: an empirical investigation of political risk', Journal of International Business Studies 24(3): 531-555.
33. Malliaris, A.G. and Urrutia, J.L (1995) 'The impact of the Persian Gulf crisis on national equity markets', Advances in International Banking and Finance 1: 43-65.
34. Melick, W.R. and Thomas, C.P. (1997) 'Recovering an asset's implied PDF from option prices: an application to crude oil during the Gulf crisis', Journal of Financial and Quantitative Analysis 32(1): 91-115.
35. Miller, K.R. and Reuer, J.J. (1998) 'Firm strategy and economic exposure to foreign exchange rate movements', Journal of International Business Studies 29(3): 469-492.
36. Obstfeld, M. and Taylor, A.M. (2003) 'Globalization and Capital Markets', in M.D. Bordo, A.M. Taylor and J.G. Williamson (eds.) Globalization in Historical Perspective, University of Chicago Press: Chicago.
37. Oil and Gas Journal (1995) Energy Statistics Sourcebook, 10th edn. Pennwell: Tulsa.
38. Pantzalis, C., Simkins, B.J. and Laux, P.A. (2001) 'Operational hedges and the foreign exchange exposure of US multinational corporations', Journal of International Business Studies 32(4): 793-812.
39. Petroleum Intelligence Weekly (1990) 'Marketview: future shock for NYMEX?', 29(45) (5 November): 9.
40. Petroleum Intelligence Weekly (2004a) 'Kazakhs put their partners under pressure', 43(32) (9 August): 4-5.
41. Petroleum Intelligence Weekly (2004b) 'Russians risk rise, reserves remain cheap', 43(32) (9 August): 1-2.
42. Ridgeway, J. (1991) The March to War, Four Walls Eight Windows: New York.
43. Rugman, A.M. and Verbeke, A. (2004) 'A perspective on regional and global strategies of multinational enterprises', Journal of International Business Studies 35(1): 3-18.
44. Schmukler, S.L. (2004) 'Financial globalization: gain and pain for developing countries', Federal Reserve Bank of Atlanta Economic Review 89(2): 39-66.
45. Schwartz, E. (1997) 'The stochastic behavior of commodity prices: implications for valuation and hedging', Journal of Finance 52(3): 923-973.
46. Shenkar, O. (2004) 'One more time: international business in a global economy', Journal of International Business Studies 35(2): 161-171.
47. Shiller, R.J. (2000) Irrational Exuberance, Princeton University Press: Princeton.
48. Shiller, R.J. (2003) The New Financial Order: Risk in the 21st Century, Princeton University Press: Princeton.
49. Shleifer, A. and Summers, L.H. (1990) The noise trader approach to finance', Journal of Economic Perspectives 4(2): 19-33.
50. Symposium (2001) 'Multinationals: the Janus face of globalization', Journal of International Business Studies 32(3): 383-518.
51. ul Haq, M., Kaul, I. and Grunberg, I. (1996) The Tobin Tax: Coping with Financial Volatility, Oxford University Press: Oxford.
52. United States Energy Information Administration (1990) Petroleum Prices and Profits in the 90 Days Following the Invasion of Kuwait, SR/0A/90-01, November.
53. United States Senate and Committee on Governmental Affairs (1991) Oil Prices and Supplies During the Persian Gulf Crisis, Hearings, 101st Congress, 2nd Session. US Government Printing Office: Washington, DC.
54. Verleger, P.K. (1979) 'The US petroleum crisis of 1979', Brookings Papers on Economic Activity 2: 463-475.
55. Verleger, P.K. (1982) Oil Markets in Turmoil, Ballinger: Cambridge, MA.
56. Verleger, P.K. (1991) Impact of the Embargo on Exports of Oil from Iraq and Kuwait. Statement before the Joint Economic Committee, 8 August 1990, in United States House of Representatives, Committee on Foreign Affairs, The Persian Gulf Crisis, Hearings, 101st Congress, 2nd Session. US GPO: Washington, DC.
57. Vernon, R.L. (ed.) (1976) The Oil Crisis, New York: Norton.
58. Weiner, R.J. (1994) 'Default, market microstructure, and changing trade patterns in forward markets: case study of North-Sea oil', Journal of Banking and Finance 18(5): 955-977.
59. Weiner, R.J. (2002) 'Sheep in wolves' clothing? Speculators and price volatility in petroleum futures', Quarterly Review of Economics and Finance 42(2): 391-400.