Asymmetric Impacts of the Energy Market on Stock Indexes in Emerging Economies
A Quantile- Based Approach for the Colombian Case

DOI:  https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.15508

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Published: Nov 6, 2025
Issue: Vol. 27 No. 2 (2024):
Section Articles


Keywords: Energy markets stock returns emerging economies quantile approach

Main Article Content

Authors

  Juan Esteban Orrego Reyes
Universidad del Valle, Instituto de Educación Técnica Profesional - INTEP
  Juan Manuel Candelo Viafara
Universidad del Valle
  Carlos fernando Osorio Andrade
Universidad del Valle, Instituto de Educación Técnica Profesional - INTEP

Abstract

This study analyzes the relationship between energy markets and stock returns in an emerging economy dependent on the energy sector and a shallow capital market. Using a quantile approach, the nonlinear and asymmetric effects of oil, natural gas, and electricity prices on three stock indices are examined. Results show that oil exerts a significant, heterogeneous impact, especially in the upper quantiles of the return distribution, suggesting greater market sensitivity in contexts of high profitability or volatility. In contrast, natural gas presents more selective effects, and electricity shows no systematic relationship. Temporal variations in effect intensity are observed, particularly during crises and global uncertainty.

How to Cite
Orrego Reyes , J. E., Candelo Viafara, J. M., & Osorio Andrade , C. fernando. (2025). Asymmetric Impacts of the Energy Market on Stock Indexes in Emerging Economies: A Quantile- Based Approach for the Colombian Case. Revista Economía Del Rosario, 27(2). https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.15508
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