 Oil and renewable energy stock markets: Unique role of extreme shocksYue Xi, Qing Zeng, Xinjie Lu and Toan L.D. Huynh Energy Economics, 2022, vol. 109, issue C Abstract: Various environmental issues and destructive disasters have driven the attention of renewable energy sources to an unprecedented level. Based on extreme shocks, this paper mainly examines the causal relations of oil and renewable energy markets from the perspectives of time and frequency domains. We find the causal relations of Wilder Hill Clean Energy index (NEX) and West Texas Intermediate oil futures nearly do not exist in normal shocks but mainly exist among the extreme shocks, especially during the long-term and short-term horizons. These results are robust considering alternative oil futures benchmark and alternative renewable energy stocks. Interestingly, during the COVID-19 pandemic, we find that significant causal relations mainly exist among the extreme shocks of NEX and WTI, but the relations are weaker. Our paper aims to disclose new insights into oil and renewable energy stock markets, which are of vital importance to related enterprises, market participants, policy makers, and scholars. Keywords: Renewable energy stock market; Extreme shocks; Oil market; Casual relations; COVID-19 pandemic (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:109:y:2022:i:c:s0140988322001670 DOI: 10.1016/j.eneco.2022.105995 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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