{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,24]],"date-time":"2025-12-24T18:08:21Z","timestamp":1766599701618,"version":"3.37.3"},"reference-count":47,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2022,1,10]],"date-time":"2022-01-10T00:00:00Z","timestamp":1641772800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2022,1,10]],"date-time":"2022-01-10T00:00:00Z","timestamp":1641772800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2022,6]]},"DOI":"10.1007\/s10479-021-04511-4","type":"journal-article","created":{"date-parts":[[2022,1,10]],"date-time":"2022-01-10T18:11:54Z","timestamp":1641838314000},"page":"257-287","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":27,"title":["Dependence structure between Indian financial market and energy commodities: a cross-quantilogram based evidence"],"prefix":"10.1007","volume":"313","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7795-1259","authenticated-orcid":false,"given":"Avik","family":"Sinha","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Arshian","family":"Sharif","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7478-5619","authenticated-orcid":false,"given":"Arnab","family":"Adhikari","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2589-4501","authenticated-orcid":false,"given":"Ankit","family":"Sharma","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2022,1,10]]},"reference":[{"issue":"2","key":"4511_CR3","doi-asserted-by":"publisher","first-page":"344","DOI":"10.1111\/joes.12012","volume":"28","author":"L Aguiar-Conraria","year":"2014","unstructured":"Aguiar-Conraria, L., & Soares, M. J. (2014). The continuous wavelet transform: Moving beyond uni-and bivariate analysis. Journal of Economic Surveys, 28(2), 344\u2013375.","journal-title":"Journal of Economic Surveys"},{"key":"4511_CR4","doi-asserted-by":"publisher","first-page":"92","DOI":"10.1016\/j.eneco.2016.01.012","volume":"55","author":"R Aloui","year":"2016","unstructured":"Aloui, R., Gupta, R., & Miller, S. M. (2016). Uncertainty and crude oil returns. Energy Economics, 55, 92\u2013100.","journal-title":"Energy Economics"},{"key":"4511_CR5","doi-asserted-by":"publisher","first-page":"115","DOI":"10.1016\/j.irfa.2015.11.005","volume":"43","author":"P Andreasson","year":"2016","unstructured":"Andreasson, P., Bekiros, S., Nguyen, D. K., & Uddin, G. S. (2016). Impact of speculation and economic uncertainty on commodity markets. International Review of Financial Analysis, 43, 115\u2013127.","journal-title":"International Review of Financial Analysis"},{"key":"4511_CR6","doi-asserted-by":"crossref","unstructured":"Artuc, E., Lopez-Acevedo, G., Robertson, R., Samaan, D., 2019. Exports to Jobs: Boosting the Gains from Trade in South Asia. South Asia Development Forum, World Bank.","DOI":"10.1596\/978-1-4648-1248-4"},{"key":"4511_CR7","unstructured":"Asian Development Bank (ADB), 2019. Achieving Energy Security in Asia: Diversification, Integration and Policy Implications. Available at: https:\/\/www.adb.org\/publications\/achieving-energy-security-asia."},{"key":"4511_CR8","doi-asserted-by":"publisher","first-page":"104553","DOI":"10.1016\/j.eneco.2019.104553","volume":"84","author":"I Badshah","year":"2019","unstructured":"Badshah, I., Demirer, R., & Suleman, M. T. (2019). The effect of economic policy uncertainty on stock-commodity correlations and its implications on optimal hedging. Energy Economics, 84, 104553.","journal-title":"Energy Economics"},{"issue":"3","key":"4511_CR9","doi-asserted-by":"publisher","first-page":"879","DOI":"10.1007\/s00181-016-1150-0","volume":"53","author":"M Balcilar","year":"2017","unstructured":"Balcilar, M., Bekiros, S., & Gupta, R. (2017). The role of news-based uncertainty indices in predicting oil markets: A hybrid nonparametric quantile causality method. Empirical Economics, 53(3), 879\u2013889.","journal-title":"Empirical Economics"},{"issue":"3","key":"4511_CR10","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1016\/0304-4076(86)90063-1","volume":"31","author":"T Bollerslev","year":"1986","unstructured":"Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307\u2013327.","journal-title":"Journal of Econometrics"},{"issue":"3","key":"4511_CR11","doi-asserted-by":"publisher","first-page":"498","DOI":"10.2307\/2109358","volume":"72","author":"T Bollerslev","year":"1990","unstructured":"Bollerslev, T. (1990). Modelling the coherence in short-run nominal exchange rates: A multivariate generalized ARCH model. Review of Economics and Statistics, 72(3), 498\u2013505.","journal-title":"Review of Economics and Statistics"},{"issue":"3","key":"4511_CR12","doi-asserted-by":"publisher","first-page":"597","DOI":"10.1016\/j.jpolmod.2020.01.006","volume":"42","author":"NK Cevik","year":"2020","unstructured":"Cevik, N. K., Cevik, E. I., & Dibooglu, S. (2020). Oil prices, stock market returns and volatility spillovers: Evidence from Turkey. Journal of Policy Modeling, 42(3), 597\u2013614.","journal-title":"Journal of Policy Modeling"},{"issue":"12","key":"4511_CR13","doi-asserted-by":"publisher","first-page":"2703","DOI":"10.1080\/1540496X.2018.1564904","volume":"55","author":"X Chen","year":"2019","unstructured":"Chen, X., Sun, X., & Wang, J. (2019). Dynamic spillover effect between oil prices and economic policy uncertainty in BRIC countries: A wavelet-based approach. Emerging Markets Finance and Trade, 55(12), 2703\u20132717.","journal-title":"Emerging Markets Finance and Trade"},{"key":"4511_CR14","doi-asserted-by":"publisher","first-page":"42","DOI":"10.1016\/j.econmod.2018.01.004","volume":"72","author":"S Degiannakis","year":"2018","unstructured":"Degiannakis, S., Filis, G., & Panagiotakopoulou, S. (2018). Oil Price Shocks and Uncertainty: How stable is their relationship over time? Economic Modelling, 72, 42\u201353.","journal-title":"Economic Modelling"},{"key":"4511_CR15","doi-asserted-by":"crossref","unstructured":"Engle, R.F., Sheppard, K., 2001.\u00a0Theoretical and empirical properties of dynamic conditional correlation multivariate GARCH\u00a0(No. w8554). National Bureau of Economic Research.","DOI":"10.3386\/w8554"},{"issue":"4","key":"4511_CR16","doi-asserted-by":"publisher","first-page":"987","DOI":"10.2307\/1912773","volume":"50","author":"RF Engle","year":"1982","unstructured":"Engle, R. F. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50(4), 987\u20131007.","journal-title":"Econometrica"},{"key":"4511_CR17","doi-asserted-by":"publisher","first-page":"505","DOI":"10.1016\/j.eneco.2018.05.001","volume":"72","author":"BT Ewing","year":"2018","unstructured":"Ewing, B. T., Kang, W., & Ratti, R. A. (2018). The dynamic effects of oil supply shocks on the US stock market returns of upstream oil and gas companies. Energy Economics, 72, 505\u2013516.","journal-title":"Energy Economics"},{"issue":"1","key":"4511_CR18","doi-asserted-by":"publisher","first-page":"85","DOI":"10.1016\/0016-7142(84)90025-5","volume":"23","author":"P Goupillaud","year":"1984","unstructured":"Goupillaud, P., Grossmann, A., & Morlet, J. (1984). Cycle-octave and related transforms in seismic signal analysis. Geoexploration, 23(1), 85\u2013102.","journal-title":"Geoexploration"},{"issue":"1","key":"4511_CR19","doi-asserted-by":"publisher","first-page":"251","DOI":"10.1016\/j.jeconom.2016.03.001","volume":"193","author":"H Han","year":"2016","unstructured":"Han, H., Linton, O., Oka, T., & Whang, Y. J. (2016). The cross-quantilogram: Measuring quantile dependence and testing directional predictability between time series. Journal of Econometrics, 193(1), 251\u2013270.","journal-title":"Journal of Econometrics"},{"key":"4511_CR20","doi-asserted-by":"publisher","first-page":"115","DOI":"10.1016\/j.eneco.2018.10.010","volume":"76","author":"Q Ji","year":"2018","unstructured":"Ji, Q., Liu, B. Y., Nehler, H., & Uddin, G. S. (2018). Uncertainties and extreme risk spillover in the energy markets: A time-varying copula-based CoVaR approach. Energy Economics, 76, 115\u2013126.","journal-title":"Energy Economics"},{"key":"4511_CR21","doi-asserted-by":"publisher","first-page":"822","DOI":"10.1016\/j.eneco.2019.05.029","volume":"81","author":"JH Kim","year":"2019","unstructured":"Kim, J. H., Rahman, M. L., & Shamsuddin, A. (2019). Can energy prices predict stock returns? An extreme bounds analysis. Energy Economics, 81, 822\u2013834.","journal-title":"Energy Economics"},{"issue":"3","key":"4511_CR22","doi-asserted-by":"publisher","first-page":"366","DOI":"10.1002\/fut.21976","volume":"39","author":"CC Lee","year":"2019","unstructured":"Lee, C. C., Lee, C. C., & Lien, D. (2019). Do country risk and financial uncertainty matter for energy commodity futures? Journal of Futures Markets, 39(3), 366\u2013383.","journal-title":"Journal of Futures Markets"},{"key":"4511_CR23","doi-asserted-by":"publisher","first-page":"341","DOI":"10.1016\/j.frl.2018.10.016","volume":"30","author":"L Lei","year":"2019","unstructured":"Lei, L., Shang, Y., Chen, Y., & Wei, Y. (2019). Does the financial crisis change the economic risk perception of crude oil traders? A MIDAS quantile regression approach. Finance Research Letters, 30, 341\u2013351.","journal-title":"Finance Research Letters"},{"issue":"1","key":"4511_CR24","doi-asserted-by":"publisher","first-page":"250","DOI":"10.1016\/j.jeconom.2007.01.004","volume":"141","author":"O Linton","year":"2007","unstructured":"Linton, O., & Whang, Y. J. (2007). The quantilogram: With an application to evaluating directional predictability. Journal of Econometrics, 141(1), 250\u2013282.","journal-title":"Journal of Econometrics"},{"issue":"18","key":"4511_CR25","doi-asserted-by":"publisher","first-page":"2087","DOI":"10.1080\/00036846.2017.1388909","volume":"50","author":"F Ma","year":"2018","unstructured":"Ma, F., Wahab, M. I. M., Liu, J., & Liu, L. (2018). Is economic policy uncertainty important to forecast the realized volatility of crude oil futures? Applied Economics, 50(18), 2087\u20132101.","journal-title":"Applied Economics"},{"key":"4511_CR26","volume-title":"The limits to growth: A report for the club of Rome's project on the predicament of mankind","author":"D Meadows","year":"1972","unstructured":"Meadows, D., Meadows, D. L., Randers, J., Behrens-III, W., & W.,. (1972). The limits to growth: A report for the club of Rome\u2019s project on the predicament of mankind. Universe Books."},{"key":"4511_CR1","unstructured":"NITI Aayog, 2019. SDG India: Index & Dashboard 2019\u201320. Available at: https:\/\/www.niti.gov.in\/node\/954."},{"key":"4511_CR2","unstructured":"NITI Aayog, 2021. Annual Report: 2020\u201321. Available at: https:\/\/www.niti.gov.in\/sites\/default\/files\/2021-02\/Annual-Report2020-2021-English_0.pdf."},{"issue":"4","key":"4511_CR27","doi-asserted-by":"publisher","first-page":"339","DOI":"10.1007\/s10644-017-9207-4","volume":"51","author":"SA Nusair","year":"2018","unstructured":"Nusair, S. A., & Al-Khasawneh, J. A. (2018). Oil price shocks and stock market returns of the GCC countries: Empirical evidence from quantile regression analysis. Economic Change and Restructuring, 51(4), 339\u2013372.","journal-title":"Economic Change and Restructuring"},{"key":"4511_CR28","doi-asserted-by":"publisher","first-page":"104595","DOI":"10.1016\/j.eneco.2019.104595","volume":"85","author":"M Qadan","year":"2020","unstructured":"Qadan, M., & Idilbi-Bayaa, Y. (2020). Risk appetite and oil prices. Energy Economics, 85, 104595.","journal-title":"Energy Economics"},{"key":"4511_CR29","doi-asserted-by":"publisher","first-page":"284","DOI":"10.1016\/j.iref.2015.10.043","volume":"43","author":"JC Reboredo","year":"2016","unstructured":"Reboredo, J. C., & Uddin, G. S. (2016). Do financial stress and policy uncertainty have an impact on the energy and metals markets? A quantile regression approach. International Review of Economics &amp; Finance, 43, 284\u2013298.","journal-title":"International Review of Economics & Finance"},{"key":"4511_CR30","doi-asserted-by":"publisher","first-page":"123","DOI":"10.1016\/j.physa.2017.12.133","volume":"498","author":"MU Rehman","year":"2018","unstructured":"Rehman, M. U. (2018). Do oil shocks predict economic policy uncertainty? Physica a: Statistical Mechanics and Its Applications, 498, 123\u2013136.","journal-title":"Physica a: Statistical Mechanics and Its Applications"},{"key":"4511_CR31","doi-asserted-by":"publisher","first-page":"102258","DOI":"10.1016\/j.resourpol.2021.102258","volume":"74","author":"AR Scarcioffolo","year":"2021","unstructured":"Scarcioffolo, A. R., & Etienne, X. (2021). Testing directional predictability between energy prices: A quantile-based analysis. Resources Policy, 74, 102258.","journal-title":"Resources Policy"},{"key":"4511_CR32","doi-asserted-by":"publisher","first-page":"111965","DOI":"10.1016\/j.enpol.2020.111965","volume":"148","author":"M Shahbaz","year":"2021","unstructured":"Shahbaz, M., Sharma, R., Sinha, A., & Jiao, Z. (2021). Analyzing nonlinear impact of economic growth drivers on CO2 emissions: Designing an SDG framework for India. Energy Policy, 148, 111965.","journal-title":"Energy Policy"},{"issue":"3","key":"4511_CR33","doi-asserted-by":"publisher","first-page":"901","DOI":"10.1007\/s11156-018-0730-9","volume":"52","author":"SJH Shahzad","year":"2019","unstructured":"Shahzad, S. J. H., Bouri, E., Raza, N., & Roubaud, D. (2019). Asymmetric impacts of disaggregated oil price shocks on uncertainties and investor sentiment. Review of Quantitative Finance and Accounting, 52(3), 901\u2013921.","journal-title":"Review of Quantitative Finance and Accounting"},{"issue":"6","key":"4511_CR34","doi-asserted-by":"publisher","first-page":"1628","DOI":"10.3390\/su11061628","volume":"11","author":"I Shaikh","year":"2019","unstructured":"Shaikh, I. (2019). On the relationship between economic policy uncertainty and the implied volatility index. Sustainability, 11(6), 1628.","journal-title":"Sustainability"},{"issue":"2","key":"4511_CR35","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1504\/IJGE.2017.089014","volume":"11","author":"A Sinha","year":"2017","unstructured":"Sinha, A. (2017). Examination of oil import-exchange nexus for India after currency crisis. International Journal of Green Economics, 11(2), 107\u2013121.","journal-title":"International Journal of Green Economics"},{"key":"4511_CR36","doi-asserted-by":"publisher","first-page":"100854","DOI":"10.1016\/j.najef.2018.10.002","volume":"51","author":"X Sun","year":"2020","unstructured":"Sun, X., Chen, X., Wang, J., & Li, J. (2020). Multi-scale interactions between economic policy uncertainty and oil prices in time-frequency domains. The North American Journal of Economics and Finance, 51, 100854.","journal-title":"The North American Journal of Economics and Finance"},{"key":"4511_CR37","doi-asserted-by":"publisher","first-page":"105064","DOI":"10.1016\/j.eneco.2020.105064","volume":"94","author":"AK Tiwari","year":"2021","unstructured":"Tiwari, A. K., Eapen, L. M., & Nair, S. R. (2021). Electricity consumption and economic growth at the state and sectoral level in India: Evidence using heterogeneous panel data methods. Energy Economics, 94, 105064.","journal-title":"Energy Economics"},{"key":"4511_CR38","doi-asserted-by":"publisher","first-page":"714","DOI":"10.1016\/j.eneco.2013.08.016","volume":"40","author":"AK Tiwari","year":"2013","unstructured":"Tiwari, A. K., Mutascu, M. I., & Albulescu, C. T. (2013). The influence of the international oil prices on the real effective exchange rate in Romania in a wavelet transform framework. Energy Economics, 40, 714\u2013733.","journal-title":"Energy Economics"},{"key":"4511_CR39","doi-asserted-by":"publisher","first-page":"221","DOI":"10.1016\/j.econmod.2017.03.022","volume":"64","author":"N Todorova","year":"2017","unstructured":"Todorova, N. (2017). The intraday directional predictability of large Australian stocks: A cross-quantilogram analysis. Economic Modelling, 64, 221\u2013230.","journal-title":"Economic Modelling"},{"issue":"1","key":"4511_CR40","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1175\/1520-0477(1998)079<0061:APGTWA>2.0.CO;2","volume":"79","author":"C Torrence","year":"1998","unstructured":"Torrence, C., & Compo, G. P. (1998). A practical guide to wavelet analysis. Bulletin of the American Meteorological Society, 79(1), 61\u201378.","journal-title":"Bulletin of the American Meteorological Society"},{"key":"4511_CR41","doi-asserted-by":"publisher","first-page":"30","DOI":"10.1016\/j.physa.2017.12.025","volume":"495","author":"GS Uddin","year":"2018","unstructured":"Uddin, G. S., Bekiros, S., & Ahmed, A. (2018). The nexus between geopolitical uncertainty and crude oil markets: An entropy-based wavelet analysis. Physica a: Statistical Mechanics and Its Applications, 495, 30\u201339.","journal-title":"Physica a: Statistical Mechanics and Its Applications"},{"key":"4511_CR42","doi-asserted-by":"publisher","first-page":"743","DOI":"10.1016\/j.eneco.2019.02.014","volume":"80","author":"GS Uddin","year":"2019","unstructured":"Uddin, G. S., Rahman, M. L., Hedstr\u00f6m, A., & Ahmed, A. (2019). Cross-quantilogram-based correlation and dependence between renewable energy stock and other asset classes. Energy Economics, 80, 743\u2013759.","journal-title":"Energy Economics"},{"key":"4511_CR43","unstructured":"United Nations Economic and Social Commission for Asia and Pacific (UNESCAP), 2019. Asia and the Pacific SDG Progress Report 2019. Available at: https:\/\/www.unescap.org\/sites\/default\/files\/publications\/ESCAP_Asia_and_the_Pacific_SDG_Progress_Report_2019.pdf."},{"key":"4511_CR44","unstructured":"United Nations, 2019. The Sustainable Development Goals Report 2019. Available at: https:\/\/unstats.un.org\/sdgs\/report\/2019\/."},{"key":"4511_CR45","doi-asserted-by":"publisher","first-page":"245","DOI":"10.1016\/j.najef.2018.03.005","volume":"45","author":"CZ Yao","year":"2018","unstructured":"Yao, C. Z., & Sun, B. Y. (2018). The study on the tail dependence structure between the economic policy uncertainty and several financial markets. The North American Journal of Economics and Finance, 45, 245\u2013265.","journal-title":"The North American Journal of Economics and Finance"},{"key":"4511_CR46","doi-asserted-by":"publisher","first-page":"47","DOI":"10.1016\/j.econmod.2018.09.028","volume":"79","author":"D Zhang","year":"2019","unstructured":"Zhang, D., Lei, L., Ji, Q., & Kutan, A. M. (2019). Economic policy uncertainty in the US and China and their impact on the global markets. Economic Modelling, 79, 47\u201356.","journal-title":"Economic Modelling"},{"issue":"21","key":"4511_CR47","doi-asserted-by":"publisher","first-page":"2292","DOI":"10.1080\/00036846.2019.1688243","volume":"52","author":"H Zhu","year":"2020","unstructured":"Zhu, H., Huang, R., Wang, N., & Hau, L. (2020). Does economic policy uncertainty matter for commodity market in China? Evidence from quantile regression. Applied Economics, 52(21), 2292\u20132308.","journal-title":"Applied Economics"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-021-04511-4.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10479-021-04511-4\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-021-04511-4.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,6,13]],"date-time":"2022-06-13T18:49:06Z","timestamp":1655146146000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10479-021-04511-4"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,1,10]]},"references-count":47,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,6]]}},"alternative-id":["4511"],"URL":"https:\/\/doi.org\/10.1007\/s10479-021-04511-4","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"type":"print","value":"0254-5330"},{"type":"electronic","value":"1572-9338"}],"subject":[],"published":{"date-parts":[[2022,1,10]]},"assertion":[{"value":"20 December 2021","order":1,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"10 January 2022","order":2,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors have no relevant financial or non-financial interests to disclose.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}