Solar Weather Dynamics and the US Economy: A Comprehensive GVAR Perspective

Theodoros Daglis, Konstantinos Konstantakis, Panos Xidonas, Panayotis Michaelides and Areistidis Samitas
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Theodoros Daglis: University of the Aegean
Panos Xidonas: ESSCA École de Management
Areistidis Samitas: National and Kapodistrian University of Athens

Review of Quantitative Finance and Accounting, 2024, vol. 63, issue 3, No 6, 955-977

Abstract: Abstract This work examines the direct impact of solar events on the financial sector of the United States, while also investigating their indirect effects on other sectors of the US economy. The study introduces a cutting-edge methodology based on the Global Vector Autoregressive (GVAR) model, utilizing a comprehensive dataset, to estimate indirect global impulse response functions. By putting forward this approach, the study highlights the significant contribution of solar events on financial and insurance activities, establishing a clear connection to the broader US economy. Moreover, it quantifies and demonstrates the direct and indirect influence of solar events on the US economy, paving the way for future in-depth investigations in this field.

Keywords: GVAR; GIRF; Finance; Insurance; Indirect spillover; Solar events (search for similar items in EconPapers)
JEL-codes: C22 C51 C58 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11156-024-01282-4

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