Asymmetric Risk Spillover of the International Crude Oil Market in the Perspective of Crude Oil Dual Attributes

The heterogeneity of investor sentiment plays a key role in causing the asymmetry information transmission patterns and intensity between markets. This paper analyzes asymmetric risk spillover international crude oil market other markets, including commodity financial market, using monthly data from June 2006 to October 2020. is separated into upside downside risks. empirical results suggest that, first, perspective static spillover, or enhances significantly response rising return; second, dynamic manifests roles played by important events happening alternating attributes oil. Some policy suggestions are proposed light these results.