Abstract

AbstractThis study has been conducted using 200 articles from 1984 to 2023, by undertaking a meta‐literature review on the subject of energy markets and financial markets linkage (EFML). Our study consists of content analysis of 200 articles along with other analyses such as (i) co‐citation analysis, (ii) co‐authorship analysis, and (iii) cartographic analysis. We have identified five research streams: (1) Oil, stock, commodities markets, crypto currency, real estate, exchange rate linkage; (2) Oil and stock market linkage; (3) Energy as a portfolio diversification tool; (4) Dynamic linkage between the oil‐commodity market and stock market; and (5) Oil and other market linkages with respect to the COVID‐19 pandemic, the subsequent financial crisis, and other events. We have performed a comprehensive review of the EFML literature and provided the influential aspects of top journals and authors, the characteristics of the most studied topics, past and current key research streams in the EFML literature. We have also suggested 63 future research questions. Looking at the widespread interest of finance scholarship in the area of energy market linkages, the assessment of energy market linkages, and possible portfolio diversification opportunities and benefits, is of great importance and interest to researchers, policy holders, and portfolio managers.

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