Zeppelin University, Friedrichshafen, Germany.
East-European Center for Research in Economics and Business (ECREB), West University of Timisoara, Timișoara, Romania.
Environ Sci Pollut Res Int. 2023 Feb;30(10):25836-25850. doi: 10.1007/s11356-022-23903-y. Epub 2022 Nov 8.
We explore the global interactions between oil and renewable energy returns during the Covid-19 pandemic between July 2019 and June 2020. Moreover, we reflect on market stress and global economic activity. In order to deal with challenges generated by exogenous shocks coming from financial, economic or pandemic areas, a battery of advanced time-frequency domain methods is applied, ranging from wavelet transformation and wavelet coherency to wavelet cohesion. The main finding shows that pandemic disease is veritable glue for the oil energy-renewable energy nexus, validating their coupling effect. Additionally, the emerging connection between renewable and financial developments is evidenced during the pandemic crisis, although the connection between oil and financial developments is still stronger. Finally, both renewable energy and oil markets have comparably strong relationships with the general global economic activity. The policy implications should follow direct adjustments in the renewable energy area, and subsidiary to cover the behaviour of agents on the capital markets.
我们探讨了 2019 年 7 月至 2020 年 6 月期间新冠疫情期间石油和可再生能源收益之间的全球互动关系，同时还考虑了市场压力和全球经济活动。为了应对金融、经济或大流行领域外来冲击带来的挑战，应用了一系列先进的时频域方法，包括小波变换、小波相干性和小波凝聚性。主要发现表明，大流行病是石油能源-可再生能源关系的真正纽带，验证了它们的耦合效应。此外，在大流行危机期间，可再生能源和金融发展之间出现了新兴联系，尽管石油和金融发展之间的联系仍然更强。最后，可再生能源和石油市场与全球总体经济活动都有较强的关系。政策影响应该直接调整可再生能源领域，并涵盖资本市场上参与者的行为。
