<![CDATA[World crude oil prices as represented by Brent Crude and West Texas Intermediate (WTI) have decreased in line with the decline in the Indonesia Composite Index (ICI) during the Covid-19 outbreak. Many countries implemented lockdown policies during the Covid-19 period, thereby hampering the pace of Indonesia's economy as a crude oil importing country. Therefore, this study aims to explain the difference in volatility spillover from world crude oil in ICI "before" and "during" the Covid-19 crisis. This study uses ARIMAX-GARCH as a tool to obtain results from the volatility spillover of world oil prices on the Indonesian capital market in 2017-2022. Furthermore, the use of ARIMAX-GARCH in this study resulted in findings of differences in crude oil spillover in ICI in the "before" and "during" Covid-19 periods. The results before Covid-19 show that there is a negative spillover from world oil price volatility on ICI volatility. Meanwhile, when Covid-19 showed that world oil volatility did not denote spillovers to ICI volatility. This shows a change in the perspective of investors towards crude oil as a consideration for investing in the stock market in Indonesia.]]>
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