LAP Lambert Academic Publishing The Impact of Oil and Natural Gas Prices on Financial Markets Returns: in the Long-Run

Any dynamic of energy products price leads to changes both at the level of the real economy and also with regards to financial markets. Among energy commodities, crude oil and natural gas are the most consumed in the production of a wide variety of goods and services; they are recognized as inflationary commodities as long as each fluctuation of their prices is quickly reflected in the final price of other goods and services. There is a huge literature with varied approaches regarding the interactions between oil price and stock market, a smaller number of works about oil and bond markets, natural gas and stocks, or natural gas and bonds, and an insignificant amount of studies concerning the simultaneous interaction of all four markets together. Thus, the novelty that this study brings into attention relates to the simultaneous analysis of stock, bonds, crude oil and natural gas markets, in order to observe the influence of both oil and natural gas on stock and bond markets con currently. The necessity of simultaneous analysis is due to the fact that studying financial markets in isolation offers no relevant solutions, as long as one influences others. About the Author Mihaela Nicolau has 12 years of teaching experience at “Dunarea de Jos” University and “Danubius” University, Romania, in the field of banking, monetary economics and corporate finance. She holds a Ph.D. in Financial Markets and Insurance from the “Giorgio Fuà” Faculty of Economics, Politecnica delle Marche University, Italy.