Oil shocks intensify market volatility for BRICS and G7 economies.
Oil shocks impact the volatility of BRICS and G7 markets differently based on the type of shock. Demand shocks have a stronger effect than supply shocks. Both market groups react similarly to oil-specific demand shocks, but differently to aggregate demand and oil supply shocks. This shows changes in the economies of BRICS and G7 countries in recent years.