School of Public Administration, Xi'an University of Architecture and Technology, Xi'an, 710000, China.
Department of Economics, University of Haripur, Khyber Pakhtunkhwa, Haripur, Pakistan.
Environ Sci Pollut Res Int. 2021 Nov;28(43):61554-61567. doi: 10.1007/s11356-021-15067-y. Epub 2021 Jun 28.
The novel coronavirus disease-2019 (COVID-19) is a deadly disease that increases global healthcare sufferings. Further, it affects the financial and natural resource market simultaneously, as both are considered complementary goods. The volatility in the oil prices deteriorates the global financial market to substantiate the "financial resource (oil) curse" hypothesis primarily filled with earlier studies. In contrast, this study moved forward and extended the given relationship during the COVID-19 pandemic in a panel of 81 different countries. The study's main objective is to examine the volatility in the domestic credit provided to the private sector due to oil shocks and the COVID-19 pandemic across countries. The study is essential to assess the healthcare vulnerability in the COVID-19 pandemic, leading to the damage of financial stability, causing deterioration in the oil rents to affect the global sustainability agenda. The study employed statistical techniques to get sound inferences of the parameter estimates, including robust least squares regression, seemingly unrelated regression, and innovation accounting matrix to get a variable estimate at the level and inter-temporal framework. The results confirmed the U-shaped relationship between oil rents and financial development during the COVID-19 pandemic. Thus, it verifies the "financial resource (oil) curse" hypothesis at the initial stage of the COVID-19 pandemic. Later down, it supports the capital market when economies are resuming their economic activities and maintaining the SOPs to restrain coronavirus at a global scale. The qualitative assessment confirmed the negative effect of financial development and oil shocks on environmental quality during the pandemic crisis. The innovation accounting matrix shows that the COVID-19 pandemic will primarily be the main factor that intervenes in the relationship between oil rents and financial development, which proceed towards the "resource curse" hypothesis during the following years' time period. Therefore, the need for long-term economic policies is highly desirable to support the financial and resource market under the suggested guidelines of restraining coronavirus worldwide.
新型冠状病毒病 2019（COVID-19）是一种致命疾病，增加了全球医疗保健的痛苦。此外，它同时影响金融和自然资源市场，因为这两者被认为是互补商品。油价波动恶化了全球金融市场，从而证实了早期研究为主的“金融资源（石油）诅咒”假说。相比之下，这项研究在 COVID-19 大流行期间在 81 个不同国家的面板中向前推进并扩展了这一关系。本研究的主要目的是检验由于石油冲击和 COVID-19 大流行，国内向私营部门提供的信贷的波动性。这项研究对于评估 COVID-19 大流行中的医疗保健脆弱性至关重要，导致金融稳定受损，石油租金恶化，从而影响全球可持续性议程。该研究采用统计技术对参数估计进行了稳健的推断，包括稳健最小二乘回归、似乎不相关回归和创新会计矩阵，以在水平和时变框架内获得变量估计。结果证实了 COVID-19 大流行期间石油租金与金融发展之间的 U 型关系。因此，它在 COVID-19 大流行的初始阶段验证了“金融资源（石油）诅咒”假说。后来，当经济恢复经济活动并在全球范围内维持 SOP 以遏制冠状病毒时，它为资本市场提供了支持。定性评估证实了金融发展和石油冲击对大流行期间环境质量的负面影响。创新会计矩阵显示，COVID-19 大流行将主要是干预石油租金与金融发展之间关系的主要因素，这在随后几年的时间内将朝着“资源诅咒”假说发展。因此，需要制定长期经济政策，根据全球范围内遏制冠状病毒的建议指导方针，为金融和资源市场提供支持。
