Advanced search
Publication Cover
Economic Research-Ekonomska Istraživanja Volume 35, 2022 - Issue 1
Journal homepage
2,418
Views
34
CrossRef citations to date
0
Altmetric
Articles

Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach

Zhou Xuefenga Binhai Research Institute in Tianjin, Tianjin, China
,
Asif Razzaqb Department of Business Administration, ILMA University, Karachi, Pakistan;c School of Management & Economics, Dalian University of Technology, Dalian, People Republic of ChinaCorrespondence[email protected]
,
Korhan K. Gokmenoglud Department of Banking and Finance, Eastern Mediterranean University, Famagusta, Northern Cyprus, Via Mersin, Turkey
&
Faheem Ur Rehmane Laboratory for International and Regional Economics, Graduate School of Economics and Management, Ural Federal University, Yekaterinburg, Russia
Pages 3337-3359 | Received 13 Jul 2021, Accepted 09 Oct 2021, Published online: 02 Nov 2021

References

  • Aguiar-Conraria, L., Azevedo, N., & Soares, M. J. (2008). Using wavelets to decompose the time–frequency effects of monetary policy. Physica A: Statistical mechanics and its Applications, 387(12), 2863–2878.
  • AHLA. (2020). Economic impact of the hotel industry showcases potential negative impact of Coronavirus pandemic. American Hotel and Lodging Association, Fact Sheet: Oxford Travel Industry Impact Study.
  • An, H., Razzaq, A., Haseeb, M., & Mihardjo, L. W. (2020). The role of technology innovation and people’s connectivity in testing environmental Kuznets curve and pollution heaven hypotheses across the Belt and Road host countries: New evidence from Method of Moments Quantile Regression. Environmental Science and Pollution Research, 1–17.
  • Apergis, N., & Gangopadhyay, P. (2020). The asymmetric relationships between pollution, energy use and oil prices in Vietnam: Some behavioural implications for energy policy-making. Energy Policy, 140, 111430. https://doi.org/10.1016/j.enpol.2020.111430
  • Department of Business, Economic Development & Tourism Research & Economic Analysis (DBEDT). (2020a). COVID-19 & Hawaii’s economy. https://dbedt.hawaii.gov/economic/covid19/
  • Department of Business, Economic Development & Tourism Research & Economic Analysis (DBEDT). (2020b). DBEDT quarterly tourism Forecast forecast. http://dbedt.hawaii.gov/visitor/tourism-forecast/
  • Department of Business, Economic Development, and Tourism (DBEDT). (2014). State of Hawaii data book 2011: A statistical abstract. DBEDT Research and Economic Analysis Division, Statistics and Data Support Branch.
  • Dong, F., Long, R., Bian, Z., Xu, X., Yu, B., & Wang, Y. (2017). Applying a Ruggiero three-stage super-efficiency DEA model to gauge regional carbon emission efficiency: Evidence from China. Natural Hazards, 87(3), 1453–1468. https://doi.org/10.1007/s11069-017-2826-2
  • Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of bBusiness Researchresearch, 117, 284–289. https://doi.org/10.1016/j.jbusres.2020.06.008
  • ECDC (European Center for Disease Prevention and Control). (2020). https://www.ecdc.europa.eu/sites/default/files/documents/Communicable-disease-threats-report-29-aug-2020.pdf
  • Economic Research Organization at University of Hawaii (UHERO). (2020). How can the state government restore fiscal balance? By James Mak, Robert D. Ebel, and Carl Bonham Bonham. https://uhero.hawaii.edu/wp-content/uploads/2020/06/HowCanTheStateGovernmentRestoreFiscalBalance3.pdf
  • Eichengreen, B. (2020). Coronanomics 101: Which policy tools will contain the economic threat of COVID-19? World Economic Forum. https://www.weforum.org/agenda/2020/03/coronavirus-economics/
  • Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. IESE Business School Working Paper No. WP-1240-E. Available at SSRN https://ssrn.com/abstract=3557504 or http://dx.doi.org/10.2139/ssrn.3557504
  • Gormsen, N. J., & Koijen, R. S. (2020). Coronavirus: Impact on stock prices and growth expectations. University of Chicago, Becker Friedman Institute for Economics Economics. Working Paper, (2020-22).
  • Harvey, A. C. (2020). The economic and financial implications of COVID-19 (April 3, 2020). The Mayo Center for Asset Management at the University of Virginia Darden School of Business and the Financial Management Association International Virtual Seminars Series. https://www.darden.virginia.edu/mayo-center/events/virtualspeaker-series
  • Hawai’i Tourism Authority (HTA). (2019a). Annual visitor research report. https://www.hawaiitourismauthority.org/media/5062/2019-annual-report-final-for-posting.pdf
  • Hawai’i Tourism Authority (HTA). (2019b). Fact sheet. https://www.hawaiitourismauthority.org/media/4167/hta-tourism-econ-impact-fact-sheet-december-20
  • He, X., Mishra, S., Aman, A., Shahbaz, M., Razzaq, A., & Sharif, A. (2021). The linkage between clean energy stocks and the fluctuations in oil price and financial stress in the US and Europe? Evidence from QARDL approach. Resources Policy, 72, 102021. https://doi.org/10.1016/j.resourpol.2021.102021
  • Intergovernmental Panel on Climate Change (IPCC). (2014). Climate change 2014: Synthesis report. In R. K. Pachauri & L. A. Meyer (Eds.), Contribution of working groups I, II and III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. IPCC.
  • International Energy Agency (IEA). (2020). Oil 2020 report. https://www.iea.org/reports/oil-2020
  • Khan, I., Rehman, F. U., Pypłacz, P., Khan, M. A., Wiśniewska, A., & Liczmańska-Kopcewicz, K. (2021). A dynamic linkage between financial development, energy consumption and economic growth: Evidence from an asymmetric and nonlinear ARDL model. Energies, 14(16), 5006. https://doi.org/10.3390/en14165006
  • Khan, S. A. R., Razzaq, A., Yu, Z., Shah, A., Sharif, A., & Janjua, L. (2021). Disruption in food supply chain and undernourishment challenges: An empirical study in the context of Asian countries. Socio-Economic Planning Sciences, 101033.
  • Li, K., Fang, L., & He, L. (2019). How population and energy price affect China’s environmental pollution? Energy Policypolicy, 129, 386–396. https://doi.org/10.1016/j.enpol.2019.02.020
  • Mahato, S., Pal, S., & Ghosh, K. G. (2020). Effect of lock-down amid COVID-19 pandemic on air quality of the megacity Delhi, India. Science of the Total Environment, 139086.
  • Mandal, I., & Pal, S. (2020). COVID-19 pandemic persuaded lock-down effects on environment over stone quarrying and crushing areas. Science of the Total EnvironmentEnvironment, 732, 139281. https://doi.org/10.1016/j.scitotenv.2020.139281
  • Mi, C., Huang, Y., Fu, C., Zhang, Z., & Postolache, O. (2021). Vision-based measurement: actualities and developing trends in automated container terminals. IEEE Instrumentation & Measurement Magazine, 24(4), 65–76. https://doi.org/10.1109/MIM.2021.9448257
  • Mirza, N., Naqvi, B., Rahat, B., & Rizvi, S. K. A. (2020). Price reaction, volatility timing and funds' performance during Covid-19funds’ performance during Covid-19. Finance rResearch lLetters, 36, 101657. 101657x. https://doi.org/10.1016/j.frl.2020.101657
  • Mirza, N., Rahat, B., Naqvi, B., & Rizvi, S. K. A. (2020). Impact of Covid-19 on corporate solvency and possible policy responses in the EU. The Quarterly Review of Economics and Finance, https://doi.org/10.1016/j.qref.2020.09.002
  • Nguyen, T. H. H., & Coca-Stefaniak, J. A. (2020). Coronavirus impacts on post-pandemic planned travel behaviours. Annals of Tourism Research, 86.
  • Pata, U. K. (2020). How is COVID-19 affecting environmental pollution in US cities? Evidence from asymmetric Fourier causality test. Air Quality, Atmosphere & Health, 13(10), 1149–1155.
  • Petro, G. (2020). The Coronavirus tsunami: What’s to come for US retail. Forbes. https://www.forbes.com/sites/gregpetro/2020/03/20/the-coronavirus-tsunamiwhats-to-come-for-us-retail/#128e4da6609d
  • Raza, S. A., Shah, N., & Sharif, A. (2019). Time frequency relationship between energy consumption, economic growth and environmental degradation in the United States: Evidence from transportation sector. Energy, 173, 706–720. https://doi.org/10.1016/j.energy.2019.01.077
  • Razzaq, A., Sharif, A., Ahmad, P., & Jermsittiparsert, K. (2021a). Asymmetric role of tourism development and technology innovation on carbon dioxide emission reduction in the Chinese economy: Fresh insights from QARDL approach. Sustainable Development, 29(1), 176–193. https://doi.org/10.1002/sd.2139
  • Razzaq, A., Sharif, A., Aziz, N., Irfan, M., & Jermsittiparsert, K. (2020). Asymmetric link between environmental pollution and COVID-19 in the top ten affected states of US: A novel estimations from quantile-on-quantile approach. Environmental ResearchResearch, 191, 110189. https://doi.org/10.1016/j.envres.2020.110189
  • Razzaq, A., Sharif, A., Najmi, A., Tseng, M. L., & Lim, M. K. (2021). Dynamic and causality interrelationships from municipal solid waste recycling to economic growth, carbon emissions and energy efficiency using a novel bootstrapping autoregressive distributed lag. Resources, Conservation and Recycling, 166, 105372. https://doi.org/10.1016/j.resconrec.2020.105372
  • Rehman, F. U., & Sohag, K. (2021). The response of wheat productivity to climate patterns: Evidence from Pakistani districts. Climate Change Economics, 2150009. https://doi.org/10.1142/S2010007821500093
  • Rizvi, S. K. A., Mirza, N., Naqvi, B., & Rahat, B. (2020). Covid-19 and asset management in EU: A preliminary assessment of performance and investment styles. Journal of Asset Management, 21(4), 281–291. https://doi.org/10.1057/s41260-020-00172-3
  • Rizvi, S. K. A., Yarovaya, L., Mirza, N., & Naqvi, B. (2020a). The impact of COVID-19 on valuations of non-financial European firms (October 5, 2020). Available at SSRN: https://ssrn.com/abstract=3705462 or http://dx.doi.org/10.2139/ssrn.3705462
  • Roueff, F., & Von Sachs, R. (2011). Locally stationary long memory estimation. Stochastic Processes and their Applications, 121(4), 813–844.
  • Saboori, B., Al-Mulali, U., Bin Baba, M., & Mohammed, A. H. (2016). Oil-induced environmental Kuznets curve in organization of petroleum exporting countries (OPEC). International Journal of Green Energy, 13(4), 408–416. https://doi.org/10.1080/15435075.2014.961468
  • Shahzad, F., Yannan, D., Kamran, H. W., Suksatan, W., Nik Hashim, N. A. A., & Razzaq, A. (2021). Outbreak of epidemic diseases and stock returns: An event study of emerging economy. Economic Research-Ekonomska Istraživanja, 1–20. https://doi.org/10.1080/1331677X.2021.1941179
  • Sharif, A., Aloui, C., & Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
  • Sharif, A., Saha, S., & Loganathan, N. (2017). Does tourism sustain economic growth? Wavelet-based evidence from the United States. Tourism Analysis, 22(4), 467–482. https://doi.org/10.3727/108354217X15023805452022
  • Sönmez, S., Apostolopoulos, Y., Lemke, M. K., & Hsieh, Y. C. J. (2020). Understanding the effects of COVID-19 on the health and safety of immigrant hospitality workers in the United States. Tourism mManagement pPerspectives, 35, 100717.
  • Tabatchnaia-Tamirisa, N., Loke, M. K., Leung, P., & Tucker, K. A. (1997). Energy and tourism in Hawaii. Annals of Tourism Research, 24(2), 390–401. https://doi.org/10.1016/S0160-7383(97)80008-4
  • Torrence, C., & Compo, G. P. (1998). A practical guide to wavelet analysis. Bulletin of the American Meteorological Society, 79(1), 61–78. https://doi.org/10.1175/1520-0477(1998)079<0061:APGTWA>2.0.CO;2
  • Ullah, S., Chishti, M. Z., & Majeed, M. T. (2020). The asymmetric effects of oil price changes on environmental pollution: Evidence from the top ten carbon emitters. Environmental Science and Pollution Research, 27, 29623–29635. https://doi.org/10.1007/s11356-020-09264-4
  • Umar, M., Xu, Y., & Mirza, S. S. (2021). The impact of Covid-19 on Gig economy. Economic Research-Ekonomska Istraživanja, 34(1), 2284–2296. https://doi.org/10.1080/1331677X.2020.1862688
  • UNESCO. (2020). Educational disruption and response. https://plus.google.com/+UNESCO. COVID-19https://en.unesco.org/themes/education-emergencies/coronavirus-school-closures
  • University of Hawaii Economic Research Organization (UHERO). (2018). Not much lift from tax cuts in Hawaii’s Soaring Economy. http://uhero.hawaii.edu/assets/18Q1_StateUpdate_Public.pdf
  • UNWTO. (2020, May). UNWTO World Tourism Barometer. (Vol. 18, Issue 2, May 2020). UNWTO.
  • World Health Organization. (2020a, January 20). Teleconference of the R&D Blueprint GCM. Pneumonia of unknown etiology in Wuhan China. https://www.who.int/blueprint/priority-diseases/key-action/20-01-2020-nfr-gcm.pdf?ua=1
  • World Health Organization. (2020b). https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200824-weekly-epi-update.pdf?sfvrsn=806986d1_4
  • WTTC. (2020). Latest research from WTTC. World Travel & Tourism Council (WTTC). Available from: https://www.wttc.org/about/media-centre/press-releases/press-releases/2020/latest-research-from-wttc-shows-an-increase-in-jobs-at-risk-in-travel-and-tourism/.
  • Wu, B., Jin, C., Monfort, A., & Hua, D. (2021). Generous charity to preserve green image? Exploring linkage between strategic donations and environmental misconduct. Journal of bBusiness Researchresearch, 131, 839–850. https://doi.org/10.1016/j.jbusres.2020.10.040
  • Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics & Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
  • Yarovaya, L., Mirza, N., Rizvi, S. K. A., & Naqvi, B. (2020a). COVID-19 pandemic and stress testing the eurozone credit portfolios(October 5, 2020). Available at SSRN: https://ssrn.com/abstract=3705474 or http://dx.doi.org/10.2139/ssrn.3705474
  • Yu, Z., Razzaq, A., Rehman, A., Shah, A., Jameel, K., & Mor, R. S. (2021). Disruption in global supply chain and socio-economic shocks: A lesson from COVID-19 for sustainable production and consumption. Operations Management Research, 1–16.
  • Zambrano-Monserrate, M. A., Ruano, M. A., & Sanchez-Alcalde, L. (2020). Indirect effects of COVID-19 on the environment. Science of the Total EnvironmentEnvironment, 728, 138813. https://doi.org/10.1016/j.scitotenv.2020.138813
  • Zenker, S., & Kock, F. (2020). The coronavirus pandemic–A critical discussion of a tourism research agenda. Tourism mManagement, 81, 104164.
  • Zivot, E., & Andrews, D. W. K. (1992). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10, 251–270. https://doi.org/10.2307/1391541

Related research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.