7 results
Search Results
2. Asymmetric multifractality: Comparative efficiency analysis of global technological and renewable energy prices using MFDFA and A-MFDFA approaches.
- Author
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Khurshid, Adnan, Khan, Khalid, Cifuentes-Faura, Javier, and Chen, Yufeng
- Subjects
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ENERGY industries , *RENEWABLE energy sources , *COVID-19 pandemic , *CLEAN energy investment , *ENERGY consumption , *GREEN technology , *CLEAN energy - Abstract
This paper examines renewable and technological prices' asymmetric multifractality and efficiency in international and Chinese marketplaces. The asymmetric multifractal detrended fluctuation analytics (A-MFDFA), multifractal detrended fluctuation analytics (MFDFA), and fractal dimension techniques are employed for multifractality and herding behavior. In addition, market deficiency measures (MDM) and hurst exponents are used to construct the inefficiency index (MLM- Magnitude of long-memory) during and before Covid-19. The empirical outcomes supported the existence of asymmetric multifractality across all renewable and technological marketplaces. This multifractality has been observed in up-and-down trends. Moreover, during the COVID-19 outbreak, inefficiency in CELS and SPGlobal's green energy prices increased, which is more apparent in the descending trends. Fractal dimension outcomes suggest a herding behavior in these markets during pandemic. The SPTSX green energy pricing statistics demonstrate that its upward multifractality is larger than the downward in both phases, signifying the strong efficiency position in the market. The SPIC-SH green energy pricing displayed considerable asymmetric multifractality, higher levels of efficiency, and even low levels of market uncertainty during COVID-19. The findings imply that all financial market players should prioritize various green energy investments depending on its asymmetric efficiency and predictability. It will help in their decision-making and reduces herding behavior in the market. • Asymmetric multifractal behavior is tested in global renewable and technological prices. • A-MFDFA and MFDFA and fractal dimension are used to analyze efficiency, scaling and herding behavior during and before COVID. • CELS and SPGlobal's green energy prices showed herding behavior before and inefficacy during COVID. • Green Technology and Chinese green energy prices were stable during COVID. • All green and technological prices were more stable before COVID-19. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
3. How does COVID-19 affect the spillover effects of green finance, carbon markets, and renewable/non-renewable energy markets? Evidence from China.
- Author
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Jiang, Wei, Dong, Lingfei, and Liu, Xinyi
- Subjects
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ENERGY industries , *COVID-19 , *COVID-19 pandemic , *MARKET sentiment , *PRICE fluctuations , *CARBON pricing , *CARBON offsetting - Abstract
COVID-19 brings new challenges to addressing climate change and achieving the goal of environmental sustainability. This paper examines how the COVID-19 pandemic affects transmission of returns spillovers among green finance, carbon market and renewable & non-renewable energy in China. We evaluate the dynamic and directional risk connectedness across time and at various frequency bands using Diebold and Yilmaz and Baruník and Křehlík approaches. First, the total spillover effects increase significantly when the COVID-19 outbreak. Second, the carbon price fluctuations are mainly influenced by non-renewable energy. Third, the spillover effect is mainly acted in the short term, meaning that it is strongly influenced by investor sentiment in the short term. Fourth, non-renewable energy and carbon markets are the main net recipients and can be used as hedge assets. Finally, the total spillover is time-varying that is affected by the unexpected crisis. The findings will help policymakers and environmental investors to develop policy measures and portfolios that are appropriate for different frequency domains. • Time-frequency connectedness among green finance, carbon and energy is tested. • Spillovers increase at the onset of the COVID-19 and mainly acted in the short-term. • The carbon price fluctuations are mainly influenced by non-renewable energy. • Non-renewable energy and carbon markets are the major net recipients. • The total spillover is time-varying affected by the unexpected crisis. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
4. An impact study of COVID-19 on the electricity sector: A comprehensive literature review and Ibero-American survey.
- Author
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Lazo, Joaquín, Aguirre, Gerson, and Watts, David
- Subjects
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ECONOMIC stimulus , *ELECTRIC utilities , *COVID-19 , *ENERGY industries , *LITERATURE reviews , *ELECTRIC power consumption ,DEVELOPING countries - Abstract
To stop the spread of COVID-19, governments have implemented confinement measures unprecedented in modern society. One of the main consequences has been the paralysis of commercial and industrial sectors worldwide, primary electricity consumers. This paper examines the impact of these measures on the electricity sector through a literature review accompanied by fieldwork on the impact of COVID-19 in Ibero-America and its energy regulatory response. First, we will review the causes of the reduction in electricity demand due to the confinement measures and their technical and financial consequences in the electricity sector. Second, we will examine the impact of COVID-19 on the wind and solar PV energy sectors, mainly affected by the paralysis of production and export of materials and components. Third, we will revise the regulatory measures implemented by the countries to avoid the interruption of electricity supply to households. This paper will end by reviewing economic recovery plans and their relationship to the energy transition. Although there are no fundamental differences between developed and developing countries in their regulatory reaction to this crisis in the energy sector, there are significant differences in economic recovery planning. While developed countries aim for a green economic recovery and the creation of green jobs, developing countries are allocating least resources to social protection and general economic stimulus programs, postponing climate objectives. In Latin America, this adds to the high levels of debt faced by utilities and the possible resurgence of social crises that were stopped by the COVID-19 outbreak, making a green recovery even more difficult. [Display omitted] • The reduction in electricity demand has caused technical challenges in the grid. • Electric utilities are facing growing and long-term financial problems. • Renewable energy projects have been delayed and financially harmed. • The measure to ban disconnection for non-payment has been implemented worldwide. • Latin American social crisis tempered by COVID-19 could hinder economic recovery. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
5. An impact study of COVID-19 on the electricity sector: A comprehensive literature review and Ibero-American survey.
- Author
-
Lazo, Joaquín, Aguirre, Gerson, and Watts, David
- Subjects
- *
ECONOMIC stimulus , *ELECTRIC utilities , *COVID-19 , *ENERGY industries , *LITERATURE reviews , *ELECTRIC power consumption ,DEVELOPING countries - Abstract
To stop the spread of COVID-19, governments have implemented confinement measures unprecedented in modern society. One of the main consequences has been the paralysis of commercial and industrial sectors worldwide, primary electricity consumers. This paper examines the impact of these measures on the electricity sector through a literature review accompanied by fieldwork on the impact of COVID-19 in Ibero-America and its energy regulatory response. First, we will review the causes of the reduction in electricity demand due to the confinement measures and their technical and financial consequences in the electricity sector. Second, we will examine the impact of COVID-19 on the wind and solar PV energy sectors, mainly affected by the paralysis of production and export of materials and components. Third, we will revise the regulatory measures implemented by the countries to avoid the interruption of electricity supply to households. This paper will end by reviewing economic recovery plans and their relationship to the energy transition. Although there are no fundamental differences between developed and developing countries in their regulatory reaction to this crisis in the energy sector, there are significant differences in economic recovery planning. While developed countries aim for a green economic recovery and the creation of green jobs, developing countries are allocating least resources to social protection and general economic stimulus programs, postponing climate objectives. In Latin America, this adds to the high levels of debt faced by utilities and the possible resurgence of social crises that were stopped by the COVID-19 outbreak, making a green recovery even more difficult. [Display omitted] • The reduction in electricity demand has caused technical challenges in the grid. • Electric utilities are facing growing and long-term financial problems. • Renewable energy projects have been delayed and financially harmed. • The measure to ban disconnection for non-payment has been implemented worldwide. • Latin American social crisis tempered by COVID-19 could hinder economic recovery. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
6. Risk transmissions between regional green economy indices: Evidence from the US, Europe and Asia.
- Author
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Gunay, Samet, Muhammed, Shahnawaz, and Elkanj, Nasser
- Subjects
- *
SUSTAINABLE development , *STOCK exchanges , *COVID-19 pandemic , *ENERGY industries ,ECONOMIC conditions in Asia - Abstract
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]
- Published
- 2022
- Full Text
- View/download PDF
7. Risk transmissions between regional green economy indices: Evidence from the US, Europe and Asia.
- Author
-
Gunay, Samet, Muhammed, Shahnawaz, and Elkanj, Nasser
- Subjects
- *
SUSTAINABLE development , *STOCK exchanges , *COVID-19 pandemic , *ENERGY industries ,ECONOMIC conditions in Asia - Abstract
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]
- Published
- 2022
- Full Text
- View/download PDF
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