N. Apergis and S. M. Miller, Do structural oil-market shocks affect stock prices?, Energy Economics, vol.31, issue.4, pp.569-575, 2009.
DOI : 10.1016/j.eneco.2009.03.001

URL : http://opencommons.uconn.edu/cgi/viewcontent.cgi?article=1390&context=econ_wpapers

R. Arezki and K. Nabli, Natural resources, Volatility, and Inclusive Growth: Perspective from the Middle East and North Africa, IMF Working Paper 12, 2012.

C. Baumeister and G. Peersman, Sources of the Volatility Puzzle in the Crude Oil Market , Working Papers of Faculty of Economics and Business Administration, 2010.

C. Baumeister and G. Peersman, Time-Varying Effects of Oil Supply Shocks on the US Economy, American Economic Journal: Macroeconomics, vol.5, issue.4, pp.1-28, 2013.
DOI : 10.1257/mac.5.4.1

URL : https://www.econstor.eu/bitstream/10419/80787/1/684327899.pdf

C. Baumeister and G. Peersman, THE ROLE OF TIME-VARYING PRICE ELASTICITIES IN ACCOUNTING FOR VOLATILITY CHANGES IN THE CRUDE OIL MARKET, Journal of Applied Econometrics, vol.24, issue.2, pp.1087-1109, 2013.
DOI : 10.1016/S0140-9883(01)00092-5

C. Baumeister, G. Peersman, and I. Van-robays, The Economic Consequences of Oil Shocks: Differences Across Countries and Time, Inflation in an Era of Relative Price Shocks, pp.91-128, 2010.

M. Baxter and M. A. Kouparitsas, Determinants of business cycle comovement: a robust analysis, Journal of Monetary Economics, vol.52, issue.1, pp.113-157, 2005.
DOI : 10.1016/j.jmoneco.2004.08.002

URL : https://doi.org/10.3386/w10725

M. H. Berument, N. B. Ceylan, and N. Dogan, The Impact of Oil Price Shocks on the Economic Growth of Selected MENA Countries, The Energy Journal, vol.31, issue.1, pp.149-176, 2010.

O. J. Blanchard and J. Gali, The Macroeconomic Effects of Oil Shocks: Why are the 2000s so Different from the 1970s?, International Dimensions of Monetary Policy, pp.373-428, 2010.
DOI : 10.3386/w13368

M. Bodenstein, C. J. Erceg, and L. Guerrieri, Oil shocks and external adjustment, Oil Shocks and External Adjustment, pp.168-184, 2011.
DOI : 10.1016/j.jinteco.2010.10.006

URL : http://www.atl-res.com/macro/papers/Guerrieri paper.pdf

S. P. Brown and M. K. Yücel, Energy prices and aggregate economic activity: an interpretative survey, Energy Prices and Aggregate Economic Activity: An Interpretative Survey, pp.193-208, 2002.
DOI : 10.1016/S1062-9769(02)00138-2

P. Cashin, K. Mohaddes, M. Raissi, and R. M. , The differential effects of oil demand and supply shocks on the global economy, Energy Economics, vol.44, pp.113-134, 2014.
DOI : 10.1016/j.eneco.2014.03.014

K. Choi and S. Hammoudeh, Volatility behavior of oil, industrial commodity and stock markets in a regime-switching environment, Energy Policy, vol.38, issue.8, pp.4388-4399, 2010.
DOI : 10.1016/j.enpol.2010.03.067

A. Chudik and M. Fidora, Using the Global Dimension to Identify Shocks with Sign Restrictions, ECB Working Paper Series, n ? 1318, 2011.

W. M. Corden and J. P. Neary, Booming Sector and De-Industrialisation in a Small Open Economy, The Economic Journal, vol.92, issue.368, pp.92-825, 1982.
DOI : 10.2307/2232670

URL : http://pure.iiasa.ac.at/2060/1/CP-82-058.pdf

A. Creti, M. Joëts, and V. Mignon, On the links between stock and commodity markets' volatility, Energy Economics, vol.37, pp.16-28, 2013.
DOI : 10.1016/j.eneco.2013.01.005

URL : https://hal.archives-ouvertes.fr/hal-01385868

M. Dauvin, Energy prices and the real exchange rate of commodity-exporting countries, International Economics, vol.137, pp.52-72, 2014.
DOI : 10.1016/j.inteco.2013.11.001

URL : https://hal.archives-ouvertes.fr/hal-01410608

S. Dees, D. Mauro, F. Pesaran, M. H. Smith, and L. V. , Exploring the international linkages of the euro area: a global VAR analysis, Journal of Applied Econometrics, vol.20, issue.1, pp.1-38, 2007.
DOI : 10.1093/0199296855.001.0001

A. Dwyer, G. Gardner, and T. Williams, Global commodity markets-price volatility and financialisation, Reserve Bank of Australia Bulletin, 2011.

J. Elder and A. Serletis, Oil Price Uncertainty, Journal of Money, Credit and Banking, vol.45, issue.6, pp.1137-1159, 2010.
DOI : 10.5547/ISSN0195-6574-EJ-Vol16-No4-2

S. Elekdag, R. Lalonde, D. Laxton, D. Muir, and P. Pesenti, Oil Price Movements and the Global Economy: A Model-Based Assessment, 2008.
DOI : 10.3386/w13792

URL : https://doi.org/10.3386/w13792

I. El-sharif, D. Brown, B. Burton, B. Nixon, and A. Russell, Evidence on the nature and extent of the relationship between oil prices and equity values in the UK, Energy Economics, vol.27, issue.6, pp.819-830, 2005.
DOI : 10.1016/j.eneco.2005.09.002

H. S. Esfahani, K. Mohaddes, and H. M. Pesaran, AN EMPIRICAL GROWTH MODEL FOR MAJOR OIL EXPORTERS, Journal of Applied Econometrics, vol.61, issue.4, pp.1-21, 2014.
DOI : 10.1093/oep/gpp022

URL : http://www.econ.cam.ac.uk/faculty/pesaran/wp12/EMP-oil-exporters-Mar-10-2012.pdf

J. P. Ferderer, Oil price volatility and the macroeconomy, Journal of Macroeconomics, vol.18, issue.1, pp.1-26, 1996.
DOI : 10.1016/S0164-0704(96)80001-2

K. J. Forbes and M. D. Chinn, A Decomposition of Global Linkages in Financial Markets Over Time, Review of Economics and Statistics, vol.87, issue.03, pp.705-722, 2004.
DOI : 10.1016/S0261-5606(03)00017-2

URL : https://doi.org/10.3386/w9555

R. Fry and A. Pagan, Some Issues in Using Sign Restrictions for Identifying Structural VARs, National Centre for Econometric Research, 2007.

T. Gylfason, Natural Resource Endowment: A Mixed Blessing?, in Beyond the Curse: Policies to Harness the Power of Natural Resources, pp.7-34, 2011.

E. Hahn and R. Mestre, The Role of Oil Prices in the Euro Area Economy since 1970s, ECB Working Paper Series, n ? 1356, 2011.

J. D. Hamilton, What is an oil shock?, Journal of Econometrics, vol.113, issue.2, pp.363-398, 2003.
DOI : 10.1016/S0304-4076(02)00207-5

J. D. Hamilton, Oil and the macroeconomy The New Palgrave Dictionary of Economics, 2008.

J. Imbs, Trade, Finance, Specialization, and Synchronization, Review of Economics and Statistics, vol.2, issue.2, pp.723-734, 2004.
DOI : 10.1016/S0014-2921(00)00093-3

URL : https://hal.archives-ouvertes.fr/hal-00612588

C. M. Jones and G. Kaul, Oil and the Stock Markets, Oil and the stock markets, pp.463-491, 1996.
DOI : 10.2307/1907574

D. W. Jones and P. N. Leiby, The macroeconomic impacts of oil price shocks: A review of literature and issues, 1996.

D. W. Jones, D. J. Bjornstad, and P. N. Leiby, The findings of the D.O.E. workshop on economic vulnerability to oil price shocks: Summary and integration with the previous knowledge, 1997.

D. W. Jones, P. N. Leiby, and I. K. Paik, Oil price shocks and the macroeconomy: What has been learned since, Proceedings of the 25th Annual IAEE International Conference, pp.26-29, 1996.
DOI : 10.5547/issn0195-6574-ej-vol25-no2-1

D. W. Jones, P. N. Leiby, and I. K. Paik, Oil Price Shocks and the Macroeconomy: What Has Been Learned Since 1996, The Energy Journal, vol.25, issue.2, pp.1-32, 2004.
DOI : 10.5547/ISSN0195-6574-EJ-Vol25-No2-1

L. Kilian, Exogenous Oil Supply Shocks: How Big Are They and How Much Do They Matter for the U.S. Economy?, Review of Economics and Statistics, vol.4, issue.2, pp.216-240, 2008.
DOI : 10.1086/261625

L. Kilian, The Economic Effects of Energy Price Shocks, Journal of Economic Literature, vol.46, issue.4, pp.871-909, 2008.
DOI : 10.1257/jel.46.4.871

URL : http://www-personal.umich.edu/%7Elkilian/jel052407.pdf

L. Kilian, Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market, American Economic Review, vol.99, issue.3, pp.1053-1069, 2009.
DOI : 10.1257/aer.99.3.1053

L. Kilian, A. Rebucci, and N. Spatafora, Oil shocks and external balances, Oil Shocks and External Balances, pp.181-194, 2009.
DOI : 10.1016/j.jinteco.2009.01.001

URL : http://www.imf.org/external/pubs/ft/wp/2007/wp07110.pdf

I. Korhonen and S. Ledyaeva, Trade linkages and macroeconomic effects of the price of oil, Energy Economics, vol.32, issue.4, pp.848-856, 2010.
DOI : 10.1016/j.eneco.2009.11.005

F. Lippi and A. Nobili, OIL AND THE MACROECONOMY: A QUANTITATIVE STRUCTURAL ANALYSIS, Journal of the European Economic Association, vol.52, issue.1, pp.1059-1083, 2012.
DOI : 10.1016/j.jmoneco.2004.05.007

URL : http://www.bancaditalia.it/pubblicazioni/econo/temidi/td09/td704_09/td_704_09_en/en_tema_704.pdf

P. K. Narayan and S. S. Sharma, New evidence on oil price and firm returns, Journal of Banking & Finance, vol.35, issue.12, pp.3253-3262, 2011.
DOI : 10.1016/j.jbankfin.2011.05.010

P. K. Narayan and S. S. Sharma, Does data frequency matter for the impact of forward premium on spot exchange rate?, International Review of Financial Analysis, vol.39, pp.45-53, 2015.
DOI : 10.1016/j.irfa.2015.01.011

P. K. Narayan, S. Sharma, W. C. Poon, and J. Westerlund, Do oil prices predict economic growth? New global evidence, Energy Economics, vol.41, pp.137-146, 2014.
DOI : 10.1016/j.eneco.2013.11.003

M. Paustian, Assessing Sign Restrictions, The B.E. Journal of Macroeconomics, vol.7, issue.1, 2007.
DOI : 10.2202/1935-1690.1543

G. Peersman and I. Van-robays, Cross-country differences in the effects of oil shocks, Energy Economics, vol.34, issue.5, pp.1532-1547, 2012.
DOI : 10.1016/j.eneco.2011.11.010

URL : https://www.econstor.eu/bitstream/10419/46278/1/644794933.pdf

M. H. Pesaran, T. Schuermann, and S. M. Weiner, Modeling Regional Interdependencies Using a Global Error-Correcting Macroeconometric Model, Journal of Business & Economic Statistics, vol.22, issue.2, pp.129-162, 2004.
DOI : 10.1198/073500104000000019

A. Pieschacón, The value of fiscal discipline for oil-exporting countries, Journal of Monetary Economics, vol.59, issue.3, pp.250-268, 2012.
DOI : 10.1016/j.jmoneco.2012.03.001

D. H. Phan, S. S. Sharma, and P. K. Narayan, Oil price and stock returns of consumers and producers of crude oil, Journal of International Financial Markets, Institutions and Money, vol.34, pp.245-262, 2015.
DOI : 10.1016/j.intfin.2014.11.010

S. Rahman and A. Serletis, Oil price uncertainty and the Canadian economy: Evidence from a VARMA, GARCH-in-Mean, asymmetric BEKK model, Energy Economics, vol.34, issue.2, pp.603-610, 2012.
DOI : 10.1016/j.eneco.2011.08.014

T. N. Rasmussen and A. Roitman, Oil Shocks in a Global Perspective: Are they Really that Bad?, IMF Working Paper, 2011.
DOI : 10.5089/9781462305254.001

P. Sadorsky, Oil price shocks and stock market activity, Energy Economics, vol.21, issue.5, pp.449-469, 1999.
DOI : 10.1016/S0140-9883(99)00020-1

A. Silvennoinen and S. Thorp, Financialization, crisis and commodity correlation dynamics, Journal of International Financial Markets, Institutions and Money, vol.24, pp.42-65, 2013.
DOI : 10.1016/j.intfin.2012.11.007

URL : http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.592.1586&rep=rep1&type=pdf

F. Van-der-ploeg, Natural Resources: Curse or Blessing?, Journal of Economic Literature, vol.49, issue.2, pp.366-420, 2011.
DOI : 10.1257/jel.49.2.366

A. Vivian and M. E. Wohar, Commodity volatility breaks, Journal of International Financial Markets, Institutions and Money, vol.22, issue.2, pp.395-422, 2012.
DOI : 10.1016/j.intfin.2011.12.003