Extreme Events,Market Resonance and International Influence of China's Oil Market
Affected by the intensification of the Russia-Ukraine conflict and other aspects,the domestic and foreign oil markets are in a state of severe shock,which is not conducive to the steady and healthy development of China's economy.Based on this,this paper delves into the risk contagion effect among oil markets,constructs a global oil market risk contagion network and captures the differentiated resonance characteristics among oil markets,so as to analyze the international influence of China's oil market in real time.The research shows that:(1)extreme event shocks exacerbate the risk contagion effect between domestic and international oil markets,leading to a significant risk clustering trend in oil market and triggering resonance in oil market;(2)during extreme events,China's oil market can transmit a large amount of economic information to international oil market,greatly enhancing its international influence;(3)with the passage of time,the international influence of China's oil market has gradually increased,second only to WTI and Brent oil markets,and still has a significant upward potential.
万方数据
维普
