IDEAS home Printed from https://ideas.repec.org/a/taf/reroxx/v35y2022i1p3337-3359.html
   My bibliography  Save this article

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

Author

Listed:
  • Zhou Xuefeng
  • Asif Razzaq
  • Korhan K. Gokmenoglu
  • Faheem Ur Rehman

Abstract

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.

Suggested Citation

  • Zhou Xuefeng & Asif Razzaq & Korhan K. Gokmenoglu & Faheem Ur Rehman, 2022. "Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 3337-3359, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3337-3359
    DOI: 10.1080/1331677X.2021.1992642
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1331677X.2021.1992642
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1331677X.2021.1992642?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gavurova, Beata & Skare, Marinko & Belas, Jaroslav & Rigelsky, Martin & Ivankova, Viera, 2023. "The relationship between destination image and destination safety during technological and social changes COVID-19 pandemic," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    2. Wei, Yi & Liu, Qing, 2023. "How does the travel and tourism industry contribute to sustainable resource management? The moderating role of ICT in highly resource-consuming countries," Resources Policy, Elsevier, vol. 82(C).
    3. Škare, Marinko & Porada-Rochoń, Małgorzata, 2023. "Are we making progress on decarbonization? A panel heterogeneous study of the long-run relationship in selected economies," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    4. Ahmed Samour & Omar Ikbal Tawfik & Magdalena Radulescu & Cristina Florentina Baldan, 2023. "Do Oil Price, Renewable Energy, and Financial Development Matter for Environmental Quality in Oman? Novel Insights from Augmented ARDL Approach," Energies, MDPI, vol. 16(12), pages 1-14, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3337-3359. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rero .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.