Transforming the COVID-19 Threat into an Opportunity: The Pandemic as a Stage to the Sustainable Economy

Ionica Oncioiu, Ioana Duca, Mirela Anca Postole, Georgiana Camelia Georgescu (Crețan), Rodica Gherghina and Robert-Adrian Grecu
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Ionica Oncioiu: Faculty of Finance-Banking, Accountancy and Business Administration, Titu Maiorescu University, 040051 Bucharest, Romania
Mirela Anca Postole: Faculty of Finance-Banking, Accountancy and Business Administration, Titu Maiorescu University, 040051 Bucharest, Romania
Georgiana Camelia Georgescu (Crețan): The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania
Rodica Gherghina: The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania
Robert-Adrian Grecu: The Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010374 Bucharest, Romania
Authors registered in the RePEc Author Service: Georgiana Camelia Cretan

Sustainability, 2021, vol. 13, issue 4, 1-18

Abstract: The aim of this research is to assess the impact of the economic shocks of supply and demand generated by the COVID-19 crisis on the climate sphere at the level of the Member States of the European Union. In this respect, a macroeconomic model was used to obtain firstly an estimate of the measure of demand shock and secondly an estimate of the supply of the economy. These milestones were eventually used to estimate the impact of the two economic shocks on the level of greenhouse gas emissions. The obtained results show that both the shock from the aggregate demand area and that from the aggregate supply area had the effect of decreasing the level of greenhouse gases, leading to a positive effect on the environment. From a quantitative point of view, the model estimates show that, as a result of the manifestation of the two cumulative shocks, the level of greenhouse gas emissions could decrease by about 10%.

Keywords: green economy; COVID-19; pandemic; economic shock; economic crisis; sustainable development; greenhouse gas emissions (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:4:p:2088-:d:499956

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