COVID-19;
pandemic;
energy market volatility;
announcements;
uncertainty;
deaths;
infections;
D O I:
10.3390/en14206496
中图分类号:
TE [石油、天然气工业];
TK [能源与动力工程];
学科分类号:
0807 ;
0820 ;
摘要:
The challenges of the world economy and their societies, after the outbreak of the COVID-19 pandemic have led policy-makers to seek for effective solutions. This paper examines the oil price volatility response to the COVID-19 pandemic and stock market volatility using daily data. A general econometric panel model is applied to investigate the relationship between COVID-19 infection and death announcements with oil price volatility. The paper uses data from six geographical zones, Europe, Africa, Asia, North America, South America, and Oceania for the period 21 January 2020 until 13 May 2021 and the empirical findings show that COVID-19 deaths affected oil volatility significantly. This conclusion is confirmed by a second stage analysis applied separately for each geographical area. The only geographical area where the existence of correlation is not confirmed between the rate of increase in deaths and the volatility of the price of crude oil is Asia. The conclusions of this study clearly suggest that COVID-19 is a new risk component on top of economic and market uncertainty that affects oil prices and volatility. Overall, our results are useful for policy-makers, especially in the case of a new wave of infection and deaths in the future.
机构:
Politehn Univ Timisoara, Dept Management, 2 P Ta Victoriei, Timisoara 300006, RomaniaPolitehn Univ Timisoara, Dept Management, 2 P Ta Victoriei, Timisoara 300006, Romania
机构:
Univ Pretoria, Dept Econ, ZA-0002 Pretoria, South AfricaSouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA
Gupta, Rangan
;
Pierdzioch, Christian
论文数: 0引用数: 0
h-index: 0
机构:
Helmut Schmidt Univ, Dept Econ, Holstenhofweg 85,POB 700822, D-22008 Hamburg, GermanySouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA
Pierdzioch, Christian
;
Shahzad, Syed Jawad Hussain
论文数: 0引用数: 0
h-index: 0
机构:
Montpellier Business Sch, Montpellier, France
South Ural State Univ, Chelyabinsk, RussiaSouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA
机构:
Politehn Univ Timisoara, Dept Management, 2 P Ta Victoriei, Timisoara 300006, RomaniaPolitehn Univ Timisoara, Dept Management, 2 P Ta Victoriei, Timisoara 300006, Romania
机构:
Univ Pretoria, Dept Econ, ZA-0002 Pretoria, South AfricaSouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA
Gupta, Rangan
;
Pierdzioch, Christian
论文数: 0引用数: 0
h-index: 0
机构:
Helmut Schmidt Univ, Dept Econ, Holstenhofweg 85,POB 700822, D-22008 Hamburg, GermanySouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA
Pierdzioch, Christian
;
Shahzad, Syed Jawad Hussain
论文数: 0引用数: 0
h-index: 0
机构:
Montpellier Business Sch, Montpellier, France
South Ural State Univ, Chelyabinsk, RussiaSouthern Illinois Univ Edwardsville, Dept Econ & Finance, Edwardsville, IL 62026 USA