Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach

This study attempts to empirically estimate the interdependence between COVID-19, tourism market, oil prices, and sustainable climate in United States. In doing so, we employ an advanced Morlet’s wavelet approach, namely, Wavelet coherence transform (WCT), Partial and Multiple Wavelet Coherence and...

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Autores principales:	Zhou Xuefeng, Asif Razzaq, Korhan K. Gokmenoglu, Faheem Ur Rehman
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	covid-19 tourism oil prices carbon emissions climate advance wavelet coherence Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388
Acceso en línea:	https://doaj.org/article/a75c6e6f517e4312bfe854e277e64802
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spelling	oai:doaj.org-article:a75c6e6f517e4312bfe854e277e648022021-11-04T15:00:41ZTime varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach1331-677X1848-966410.1080/1331677X.2021.1992642https://doaj.org/article/a75c6e6f517e4312bfe854e277e648022021-10-01T00:00:00Zhttp://dx.doi.org/10.1080/1331677X.2021.1992642https://doaj.org/toc/1331-677Xhttps://doaj.org/toc/1848-9664This study attempts to empirically estimate the interdependence between COVID-19, tourism market, oil prices, and sustainable climate in United States. In doing so, we employ an advanced Morlet’s wavelet approach, namely, Wavelet coherence transform (WCT), Partial and Multiple Wavelet Coherence and found a strong co-movement between variables, which is varied across the time scales, indicating the initial, peak, and after peak effect of COVID-19 on tourism market, oil prices, and carbon emissions using daily data from 6 March 2020 to 6 August 2020. The visuals of WCT exhibit a cyclic (anti-cyclic) relationship between tourism and oil prices, suggesting a strong positive (negative) co-movement in the shorter and longer (medium) period. Tourism and carbon emissions possess a strong positive co-movement across all periods except in the medium run; however, the intensity of this movement is higher in the very short-run compared to medium and longer-run. The results reveal an anti-cyclic association between COVID-19 and tourism, and COVID-19 is leading tourism with strong negative co-movements. Finally, the results describe that carbon emissions and COVID-19 are anti-cyclical and display a positive causality in the shorter run. These results offer valuable guidelines for all stakeholders.Zhou XuefengAsif RazzaqKorhan K. GokmenogluFaheem Ur RehmanTaylor & Francis Grouparticlecovid-19tourismoil pricescarbon emissionsclimateadvance wavelet coherenceEconomic growth, development, planningHD72-88Regional economics. Space in economicsHT388ENEkonomska Istraživanja, Vol 0, Iss 0, Pp 1-23 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	covid-19 tourism oil prices carbon emissions climate advance wavelet coherence Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388
spellingShingle	covid-19 tourism oil prices carbon emissions climate advance wavelet coherence Economic growth, development, planning HD72-88 Regional economics. Space in economics HT388 Zhou Xuefeng Asif Razzaq Korhan K. Gokmenoglu Faheem Ur Rehman Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
description	This study attempts to empirically estimate the interdependence between COVID-19, tourism market, oil prices, and sustainable climate in United States. In doing so, we employ an advanced Morlet’s wavelet approach, namely, Wavelet coherence transform (WCT), Partial and Multiple Wavelet Coherence and found a strong co-movement between variables, which is varied across the time scales, indicating the initial, peak, and after peak effect of COVID-19 on tourism market, oil prices, and carbon emissions using daily data from 6 March 2020 to 6 August 2020. The visuals of WCT exhibit a cyclic (anti-cyclic) relationship between tourism and oil prices, suggesting a strong positive (negative) co-movement in the shorter and longer (medium) period. Tourism and carbon emissions possess a strong positive co-movement across all periods except in the medium run; however, the intensity of this movement is higher in the very short-run compared to medium and longer-run. The results reveal an anti-cyclic association between COVID-19 and tourism, and COVID-19 is leading tourism with strong negative co-movements. Finally, the results describe that carbon emissions and COVID-19 are anti-cyclical and display a positive causality in the shorter run. These results offer valuable guidelines for all stakeholders.
format	article
author	Zhou Xuefeng Asif Razzaq Korhan K. Gokmenoglu Faheem Ur Rehman
author_facet	Zhou Xuefeng Asif Razzaq Korhan K. Gokmenoglu Faheem Ur Rehman
author_sort	Zhou Xuefeng
title	Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
title_short	Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
title_full	Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
title_fullStr	Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
title_full_unstemmed	Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach
title_sort	time varying interdependency between covid-19, tourism market, oil prices, and sustainable climate in united states: evidence from advance wavelet coherence approach
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/a75c6e6f517e4312bfe854e277e64802
work_keys_str_mv	AT zhouxuefeng timevaryinginterdependencybetweencovid19tourismmarketoilpricesandsustainableclimateinunitedstatesevidencefromadvancewaveletcoherenceapproach AT asifrazzaq timevaryinginterdependencybetweencovid19tourismmarketoilpricesandsustainableclimateinunitedstatesevidencefromadvancewaveletcoherenceapproach AT korhankgokmenoglu timevaryinginterdependencybetweencovid19tourismmarketoilpricesandsustainableclimateinunitedstatesevidencefromadvancewaveletcoherenceapproach AT faheemurrehman timevaryinginterdependencybetweencovid19tourismmarketoilpricesandsustainableclimateinunitedstatesevidencefromadvancewaveletcoherenceapproach
_version_	1718444790464380929

Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach

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