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Essays on Oil Markets, Dual Banking System, and Black Swan Events

by Tauhidul Islam Tanin

Institution:	Monash University
Department:	Business and Economics
Degree:
Year:	2022
Keywords:	Finance; Financial econometrics; Financial institutions (incl. banking); International finance; Banking, finance and investment not elsewhere classified; Environment and resource economics; Financial economics; International economics; Islamic and convent
Posted:	3/25/2025
Record ID:	2253466
Full text PDF:	https://doi.org/10.26180/20366763.v1

Abstract

This study investigates (1) the risk transmission from the oil market to Islamic (IBs) and conventional banks (CBs), (2) whether oil price uncertainty affects IB and CB returns, and (3) the impacts of oil price shocks on IB and CB returns during four recent black swan events. The results indicate that IB resilience to oil volatility is region- and location-specific. Although oil revenues have helped IBs expand, this is not necessarily the prime driver of their growth. However, IBs perform better than their conventional counterparts during periods marked by oil volatility and black swan events, particularly in oil-importing countries.