Abstract Asia as the largest continent which has the highest consumption of energy, so analyzing the impact of spillover and energy crisis is crucial for this region. In this article the volatility spillovers connections among crude oil, leading Asian oil-exporting and oil-importing countries’ stock exchanges are scrutinized. This study applies the VAR-DCC-GARCH model to examine the spillover network structure with the nine years of daily data from September 01, 2009 to August 31, 2018. The results of these analyses have been displayed the network connections using complex networking technique. Overall strong spillover relations were found among oil-exporting as well as with oil prices. The strong interconnection is alarming for these economies, it is recommended to diversify their dependence on other sectors of the economy too. On the other side, oil-importing countries documented low as well as fewer interconnections and also with oil prices. It means these economies are more self-dependent, they also need to make long term planning to deal with future crisis shocks. Further, the findings of this study will provide an insight to researchers and policymakers regarding the spillover networking among oil and leading Asian trading countries’ stock markets. The networking of the oil price spillover can be extended for the Asian oil trade and subsequent to the whole world.

中文翻译：

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石油与亚洲主要石油贸易国股市的溢出网络动态

摘要 亚洲作为全球最大的能源消耗大陆，分析外溢效应和能源危机对这一地区的影响至关重要。本文考察了原油与亚洲主要石油出口国和石油进口国证券交易所之间的波动溢出关系。本研究应用VAR-DCC-GARCH模型，利用2009年9月1日至2018年8月31日这9年的日数据来检验溢出网络结构。这些分析的结果已经使用复杂网络技术显示了网络连接。总体而言，石油出口之间以及与油价之间存在较强的溢出关系。对于这些经济体来说，强大的相互联系令人担忧，建议也分散对其他经济部门的依赖。另一方面，石油进口国与石油价格的相互联系低且较少。这意味着这些经济体更加自立，它们也需要制定长期规划以应对未来的危机冲击。此外，这项研究的结果将为研究人员和政策制定者提供有关石油与亚洲主要贸易国股票市场之间溢出网络的见解。石油价格溢出的网络化可以扩展到亚洲石油贸易乃至整个世界。这项研究的结果将为研究人员和政策制定者提供有关石油与亚洲主要贸易国股票市场之间溢出网络的见解。石油价格溢出的网络化可以扩展到亚洲石油贸易乃至整个世界。这项研究的结果将为研究人员和政策制定者提供有关石油与亚洲主要贸易国股票市场之间溢出网络的见解。石油价格溢出的网络化可以扩展到亚洲石油贸易乃至整个世界。