Search

The resource-saving behavior in the recent period is escalating particularly due to the energy and prices crises in all of the European Union (EU). The COVID-19 pandemic not only caused changes in health concerns but also in environmental awareness and behavior. Thus, this paper aims to reveal whether the COVID-19 pandemic contributed to the resource-saving behavior, and how this pandemic changed the climate change perception and personal responsibility in the EU countries. Referring to two surveys conducted in all EU countries in 2019 and 2021, the results revealed that the level of climate change perception during this period significantly decreased in all EU. Meanwhile, the level of responsibility placed on the government to solve the climate change problem increased the most. A level of the personal responsibility increased negligibly. Considering resource-saving behaviors, only the lesser usage of disposable items from 2019 to 2021 increased statistically significantly. The results of an analysis of the main determinants of resource-saving behavior during the COVID-19 pandemic period revealed that personal responsibility and the climate change solution's benefit for health positively and significantly determined all the analyzed actions. The climate change perception and climate change solution's benefit for the economy statistically significantly influenced waste reduction, the purchase of efficient appliances, and the usage of pro-environmental transportation mode instead of personal cars. Health benefits instead of the economic benefits statistically significantly contributed to the resource-saving behaviors, except for actions that require more monetary investments. The satisfaction with the COVID-19 pandemic management had an insignificant negative impact on all resource-saving actions. Thus, the tools assigned to manage this pandemic did not motivate people to save natural resources. [ABSTRACT FROM AUTHOR]

This paper examines the risk transmissions across the green economy indices of three major regions which include US, Europe and Asia. The econometric analyses are conducted using DCC-GARCH and TVP-VAR connectedness approach to evaluate potential spillover effects within the context of oil and gold. Results indicate that green economy indices of US-Europe exhibit the greatest time-varying correlations among the three pairs during much of 2010–2022 consistent with that of the general equity market. However, co-movements during the COVID-19 pandemic period seem to display a change in pattern for green economy indices. The strength of the co-movements between the US and Europe displayed a declining trend, while that between US and Asia was strengthened, suggesting greater interdependence between these two markets. TVP-VAR connectedness analysis revealed that US and Europe dominate the transmission of the shocks across the years in the green economy, similar to that of the equity markets. However, during the pandemic a pronounced shift occurred in green economies when considering the risk transmissions within the context of commodities: oil and gold. While Asian green economy index was persistently a receiver of risk transmission from oil unlike the other two regions, since pandemic, oil displayed an asymmetric effect and has become the net transmitter of risk in negative returns of the green economies of US and Europe. This may reflect the diversion in environmental policies of the two regions in the recent past, and point to the dominance of energy sector in the green economy. These findings have substantial implications for the development of green economy policies and from an investment perspective. [ABSTRACT FROM AUTHOR]

This paper examines the risk transmissions across the green economy indices of three major regions which include US, Europe and Asia. The econometric analyses are conducted using DCC-GARCH and TVP-VAR connectedness approach to evaluate potential spillover effects within the context of oil and gold. Results indicate that green economy indices of US-Europe exhibit the greatest time-varying correlations among the three pairs during much of 2010–2022 consistent with that of the general equity market. However, co-movements during the COVID-19 pandemic period seem to display a change in pattern for green economy indices. The strength of the co-movements between the US and Europe displayed a declining trend, while that between US and Asia was strengthened, suggesting greater interdependence between these two markets. TVP-VAR connectedness analysis revealed that US and Europe dominate the transmission of the shocks across the years in the green economy, similar to that of the equity markets. However, during the pandemic a pronounced shift occurred in green economies when considering the risk transmissions within the context of commodities: oil and gold. While Asian green economy index was persistently a receiver of risk transmission from oil unlike the other two regions, since pandemic, oil displayed an asymmetric effect and has become the net transmitter of risk in negative returns of the green economies of US and Europe. This may reflect the diversion in environmental policies of the two regions in the recent past, and point to the dominance of energy sector in the green economy. These findings have substantial implications for the development of green economy policies and from an investment perspective. [ABSTRACT FROM AUTHOR]