Asymmetric nexus between pandemic uncertainty and public health spendings: Evidence from quantile estimation

The COVID-19 pandemic has brought significant challenges to healthcare systems worldwide, prompting governments to allocate substantial resources toward public health spendings (PHS). However, the uncertainties surrounding the pandemic have raised questions about the effectiveness and sustainability of such expenditures. This research analyzes the nonlinear link between pandemic uncertainty (PNU) and PHS in countries with highest PNU (USA, India, France, Germany, UK, Saudi Arabia, South Korea, Indonesia, Japan, and China). Previous studies have employed panel data methodologies to establish consistent findings regarding the relationship between pandemics and health spendings, regardless of the fact that several countries have not autonomously recognized this connection. In contrast, this current research adopts a distinctive tool called "quantile-on-quantile," which enables the examination of time series dependency within each economy, providing both international and country-specific perspectives on the relationship between the variables. The estimations indicate that PNU leads to an increase in PHS in the vast majority of economies chosen by us, focusing on definite segments of the data distribution. Moreover, the data demonstrates that there are differences in the asymmetry between the variables across various nations. This underscores the need for policymakers to take careful deliberation when formulating policies related to health spendings and addressing the challenges posed by pandemic uncertainty.

Revealing the energy paradox: Assessing the asymmetric impact of pandemic uncertainty on consumption of renewable and nonrenewable energy

Uncertainties have grown around the world during the last few decades. Pandemic uncertainty has a substantial impact on economic activities, which may have a big influence on energy consumption. The goal of this investigation is to appraise the asymmetric influence of pandemic uncertainty on nonrenewable and renewable energy consumption in the top 10 energy consumer economies of the European Union (Germany, Poland, Spain, Netherlands, France, Italy, Belgium, Sweden, Czech Republic, and Finland). Previously, panel data approaches were utilized to obtain reliable outcomes on the pandemic-energy consumption nexus, regardless of the fact that various nations did not autonomously exhibit similar relationship. This investigation, on the other hand, implements a special technique "Quantile-on-Quantile" that supports us to appraise time-series interdependence in each economy by providing international yet nation-specific perceptions of the connection among the variables. Estimates show that pandemic uncertainty reduces both nonrenewable and renewable energy consumption in most selected nations at stated quantiles of the data distribution. Nonrenewable energy consumption is much more influenced by pandemic uncertainty than renewable energy consumption. Furthermore, the rank of asymmetries across our variables differentiates by the economy, emphasizing the need for decisionmakers to pay much attention to pandemics-related uncertainty and the energy sector.

Does pandemic uncertainty spur public health expenditures? Evidence from European Union economies

This research intends to evaluate the asymmetric relationship between pandemic uncertainty and public health expenditures in selected European Union nations (Germany, France, Sweden, Belgium, Austria, Netherlands, Denmark, Spain, Finland, and Portugal). Earlier studies used panel data methodologies to get consistent results about the pandemic-health expenditures nexus, irrespective of the reality that numerous economies did not identify such a link independently. By contrast, the present research utilizes a unique technique, quantile-on-quantile, that explores time-series dependency in every nation by offering worldwide yet country-related insight into the linkage between the variables. Estimations reveal that pandemic uncertainty increases public health expenditures in most of the selected economies at specified quantiles of data. Additionally, the data indicate that the level of asymmetries among our variables varies by country, stressing the significance of policymakers paying special attention while executing policies concerning health expenditures and pandemic uncertainty.

Impact of Economic Policy Uncertainty and Pandemic Uncertainty on International Tourism: What do We Learn From COVID-19?

Uncertainty is an overarching aspect of life that is particularly pertinent to the present COVID-19 pandemic crisis; as seen by the pandemic's rapid worldwide spread, the nature and level of uncertainty have possibly increased due to the possible disconnects across national borders. The entire economy, especially the tourism industry, has been dramatically impacted by COVID-19. In the current study, we explore the impact of economic policy uncertainty (EPU) and pandemic uncertainty (PU) on inbound international tourism by using data gathered from Italy, Spain, and the United States for the years 1995-2021. Using the Quantile on Quantile (QQ) approach, the study confirms that EPU and PU negatively affected inbound tourism in all states. Wavelet-based Granger causality further reveals bi-directional causality running from EPU to inbound tourism and unidirectional causality from PU to inbound tourism in the long run. The overall findings show that COVID-19 has had a strong negative effect on tourism. So resilient skills are required to restore a sustainable tourism industry.

Nonlinear effects of pandemic uncertainty on depression, pandemic preventive behavior intentions, and positive life attitudes: Moderating effects of high and low uncertainty grouping

Backgrounds

COVID-19 is difficult to end in a short time and people are still facing huge uncertainties. Since people's lives are gradually returning to normal, the sense of control and intolerance of uncertainty, which were mainly focused by past studies, are not specific to COVID-19 and will be more influenced by some factors unrelated to the pandemic. Therefore, they may be difficult to accurately reflect the individuals' perceptions of uncertainty. Besides, past research just after the outbreak mainly investigated people in high levels of uncertainty, we don't know the impact of uncertainties on individuals' psychological states when people gradually recovered their sense of control. To solve these problems, we proposed the concept of "pandemic uncertainty" and investigated its impact on people's daily lives.

Methods

During October 20, 2021 to October 22, 2021, this study obtained data about uncertainty, depression, positive attitude, pandemic preventive behavior intentions, personality, and social support from 530 subjects using convenient sampling. The subjects were all college students from the Dalian University of Technology and Dalian Vocational and Technical College. According to the distribution of uncertainty, we divided the dataset into high and low groups. Subsequently, by using uncertainty as the independent variable, the grouping variable as the moderating variable, and other variables as the control variables, the moderating effects were analyzed for depression, positive attitude, and pandemic preventive behavior intentions, respectively.

Results

The results showed that the grouping variable significantly moderate the influence of uncertainty on positive attitude and pandemic preventive behavior intentions but had no significant effect on depression. Simple slope analysis revealed that high grouping uncertainty significantly and positively predicted positive attitude and pandemic preventive behavior intentions, while low grouping effects were not significant.

Conclusion

These results reveal a nonlinear effect of pandemic uncertainty on the pandemic preventive behavior intentions and positive life attitudes and enlighten us about the nonlinear relationship of psychological characteristics during a pandemic.

The COVID-19 pandemic uncertainty, investor sentiment, and global equity markets: Evidence from the time-frequency co-movements

We use daily data of the Google search engine volume index (GSVI) to capture the pandemic uncertainty and examine its effect on stock market activity (return, volatility, and illiquidity) of major world economies while controlling the effect of the Financial and Economic Attitudes Revealed by Search (FEARS) sentiment index. We use a time–frequency based wavelet approach comprising wavelet coherence and phase difference for our empirical assessment. During the early spread of the COVID-19, our results suggest that pandemic uncertainty, and FEARS sentiment strongly co-move, and increased pandemic uncertainty leads to pessimistic investor sentiment. Furthermore, our partial wavelet analysis results indicate a synchronization relationship between pandemic uncertainty and stock market activities across G7 countries and the world market. Our results are robust to the inclusion of alternative pandemic fear measure in the form of equity market volatility infectious disease tracker. The pandemic uncertainty and associated sentiment implications could be one plausible reason for increased volatility and illiquidity in the market, and hence, policymakers should look upon this issue for the financial market stability perspective.