Special Issue "The Impact of COVID-19 on Economy, Energy, and Environment"

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Energy and Environment: Economics, Finance and Policy".

Deadline for manuscript submissions: 31 January 2022.

Special Issue Editor

Dr. Kentaka Aruga
E-Mail Website
Guest Editor
Graduate School of Humanities and Social Sciences, Saitama University, 255 Shimo-Okubo, Sakura-ku, Saitama City, Japan
Interests: agricultural and seafood markets; oil market; natural gas market; coal market; energy transition; energy security; environmental Kuznets curve; time series analysis
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Special Issue Information

Dear Colleagues,

As the human impact on the natural environment has reduced after the COVID-19 related lockdown was imposed in various countries, it is becoming crucial to learn the indirect effects of the COVID-19 pandemic on the environment from diminished economic activities. It is known that the level of energy consumption decreased during the lockdowns in several countries, and this led to lower levels of greenhouse gas emissions. This Special Issue aims to collect studies providing useful information to discover such impacts of the COVID-19 on the economy, energy, and environment.

We would like to welcome to this Special Issue various topics revealing how the COVID-19 pandemic is influencing economic activities, and how changes in such activities have an influence on the energy sector (including impacts on energy markets), and how shifts in energy use have mitigated the human impact on the environment. The Special issue invites submissions on diverse topics relevant but not limited to the following areas:

  • Effects of lockdown on global/local economies, energy sectors, and the environment;
  • COVID-19 and its effect on energy markets;
  • COVID-19 and its impact on the financial sector;
  • COVID-19 and changes in environmental pollution (including greenhouse gas emissions).

Dr. Kentaka Aruga
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1200 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • COVID-19 
  • Lockdown 
  • Economic shock 
  • Structural change 
  • Risk and uncertainty 
  • Energy market 
  • Economic impact 
  • Investment decision 
  • Health industry 
  • Consumption 
  • Environmental impact

Published Papers (4 papers)

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Research

Article
Investigating the Causal Linkages among Inflation, Interest Rate, and Economic Growth in Pakistan under the Influence of COVID-19 Pandemic: A Wavelet Transformation Approach
J. Risk Financial Manag. 2021, 14(6), 277; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14060277 - 18 Jun 2021
Cited by 2 | Viewed by 928
Abstract
This research is the earliest attempt to understand the impact of inflation and the interest rate on output growth in the context of Pakistan using the wavelet transformation approach. For this study, we used monthly data on inflation, the interest rate, and industrial [...] Read more.
This research is the earliest attempt to understand the impact of inflation and the interest rate on output growth in the context of Pakistan using the wavelet transformation approach. For this study, we used monthly data on inflation, the interest rate, and industrial production from January 1991 to May 2020. The COVID-19 pandemic has affected economies around the world, especially in view of the measures taken by governmental authorities regarding enforced lockdowns and social distancing. Traditional studies empirically explored the relationship between these important macroeconomic variables only for the short run and long run. Firstly, we employed the autoregressive distributed lag (ARDL) cointegration test and two causality tests (Granger causality and Toda–Yamamoto) to check the cointegration properties and causal relationship among these variables, respectively. After confirming the long-run causality from the ARDL bound test, we decomposed the time series of growth, inflation, and the interest rate into different time scales using wavelet analysis which allows us to study the relationship among variables for the very short run, medium run, long run, and very long run. The continuous wavelet transform (CWT), the cross-wavelet transform (XWT), cross-wavelet coherence (WTC), and multi-scale Granger causality tests were used to investigate the co-movement and nature of the causality between inflation and growth and the interest rate and growth. The results of the wavelet and multi-scale Granger causality tests show that the causal relationship between these variables is not the same across all time horizons; rather, it is unidirectional in the short-run and medium-run but bi-directional in the long-run. Therefore, this study suggests that the central bank should try to maintain inflation and the interest rate at a low level in the short run and medium run instead of putting too much pressure on these variables in the long-run. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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Article
Effects of the 2008 Financial Crisis and COVID-19 Pandemic on the Dynamic Relationship between the Chinese and International Fossil Fuel Markets
J. Risk Financial Manag. 2021, 14(5), 207; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14050207 - 05 May 2021
Cited by 3 | Viewed by 1015
Abstract
This study examines whether the dynamic relationship between the Chinese and international fossil markets changed during the 2008 financial crisis and is changing during the COVID-19 pandemic. The impact of the crises are analyzed by including the periods affected by the crises as [...] Read more.
This study examines whether the dynamic relationship between the Chinese and international fossil markets changed during the 2008 financial crisis and is changing during the COVID-19 pandemic. The impact of the crises are analyzed by including the periods affected by the crises as dummy variables in the VAR and VECM models. Monthly data for the 2000:1–2020:12 period were used in the study. Our results suggest that the effects of the COVID-19 on the linkages between the Chinese and international fossil fuel markets are not as evident compared to the 2008 financial crisis. The study identifies that the effects of the 2008 financial crisis and the COVID-19 pandemic on the linkages are mostly driven by the impacts of these crises on the Chinese fossil fuel markets. The study indicates the importance of controlling the risk involved in the Chinese fossil fuel market when events like the 2008 financial crisis and the COVID-19 pandemic are changing the linkages between the Chinese and international fossil fuel markets. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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Article
Gold against Asian Stock Markets during the COVID-19 Outbreak
J. Risk Financial Manag. 2021, 14(4), 186; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14040186 - 20 Apr 2021
Cited by 6 | Viewed by 1355
Abstract
This study examines the safe-haven and hedging roles of gold against thirteen Asian stock markets during the COVID-19 outbreak. During the COVID-19 sub-period, gold is shown to be a strong hedge (diversifier) for the majority (minority) of Asian stock markets; it exhibits the [...] Read more.
This study examines the safe-haven and hedging roles of gold against thirteen Asian stock markets during the COVID-19 outbreak. During the COVID-19 sub-period, gold is shown to be a strong hedge (diversifier) for the majority (minority) of Asian stock markets; it exhibits the property of a strong safe-haven in China, Indonesia, Singapore, and Vietnam, and a weak safe-haven in Pakistan and Thailand. The optimal weights of all stock-gold portfolios are lower during the COVID-19 sub-period than the pre COVID-19 sub-period, suggesting that portfolio investors should increase their investment in gold during the COVID-19 sub-period. The hedging effectiveness for most Asian stock markets is higher during the COVID-19 sub-period. Further analyses show that the hedge portfolio returns in many cases are mostly driven by gold implied volatility and inflation expectations in both sub-periods. Our findings have useful implications for market participants holding investments in Asian stocks during stressful periods. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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Article
Changes in Human Mobility under the COVID-19 Pandemic and the Tokyo Fuel Market
J. Risk Financial Manag. 2021, 14(4), 163; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14040163 - 05 Apr 2021
Cited by 2 | Viewed by 989
Abstract
The study identifies the impact of the changes in human mobility due to the announcement of the state of emergency to cope with the COVID-19 pandemic on the Tokyo gasoline, diesel, and kerosene markets. Indices reflecting the movements in the visits to transit [...] Read more.
The study identifies the impact of the changes in human mobility due to the announcement of the state of emergency to cope with the COVID-19 pandemic on the Tokyo gasoline, diesel, and kerosene markets. Indices reflecting the movements in the visits to transit stations and workplaces were used to capture the changes in human mobility from February 2020 to February 2021. The linear and nonlinear ARDL (NARDL) models were applied to investigate the relationship between the changes in human mobility indices and fuel prices. Although only the kerosene price received an impact from the human mobility changes in the linear ARDL model, the NARDL model revealed that when human mobility was increasing, the fuel price was affected positively and the negative shocks in the mobility had an adverse influence on the fuel price. The results of the study imply the importance of providing subsidies when a state of emergency reduces fuel demands due to the decline in human mobility and negatively affects the fuel retail industry. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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