• Energy Research

The recent outbreak of the coronavirus pandemic has made a significant impact on the global financial markets. The aim of this paper is to assess the short-term reaction of the Visegrad countries’ financial markets to the COVID-19 pandemic. The Visegrad Group is a political alliance of four Central European countries, namely Czechia, Hungary, Poland, and Slovakia. The financial assessment is based on the EUR/CZK, EUR/HUF, and EUR/PLN exchange rates and the major blue-chip stock market indices, that is Prague PX, Budapest BUX, Warsaw WIG20, and Bratislava SAX. It is evident that the ongoing pandemic has changed the expectations of the financial market participants about the future value of exchange rates in the Visegrad countries. This study indicates that, as a consequence of COVID-19, higher probability has been attached to the large depreciation of the Czech koruna (CZK), the Hungarian forint (HUF), and the Polish zloty (PLN) than to their large appreciation. Moreover, based on the TGARCH model, the positive and significant correlation between the number of reported COVID-19 cases and the exchange rates has been confirmed, implying that the ongoing pandemic has resulted in the depreciation of the Visegrad currencies. Additionally, the result of the TGARCH model reveals that there is a significant and negative link between the Visegrad stock market indices and the COVID-19 spread.

The recent outbreak of the coronavirus pandemic has made a significant impact on the global financial markets. The aim of this paper is to assess the short-term reaction of the Visegrad countries’ financial markets to the COVID-19 pandemic. The Visegrad Group is a political alliance of four Central European countries, namely Czechia, Hungary, Poland, and Slovakia. The financial assessment is based on the EUR/CZK, EUR/HUF, and EUR/PLN exchange rates and the major blue-chip stock market indices, that is Prague PX, Budapest BUX, Warsaw WIG20, and Bratislava SAX. It is evident that the ongoing pandemic has changed the expectations of the financial market participants about the future value of exchange rates in the Visegrad countries. This study indicates that, as a consequence of COVID-19, higher probability has been attached to the large depreciation of the Czech koruna (CZK), the Hungarian forint (HUF), and the Polish zloty (PLN) than to their large appreciation. Moreover, based on the TGARCH model, the positive and significant correlation between the number of reported COVID-19 cases and the exchange rates has been confirmed, implying that the ongoing pandemic has resulted in the depreciation of the Visegrad currencies. Additionally, the result of the TGARCH model reveals that there is a significant and negative link between the Visegrad stock market indices and the COVID-19 spread.

This paper examines the development of CO2 emissions in individual countries of the European Union (EU28) for the period between 2000 and 2017. Carbon footprint is monitored in four basic economic sectors of the EU28 countries—energy, other industries, agriculture, and waste management. The purpose of this paper is to conduct a structural analysis of the percentage contribution of individual sectors while determining the average conversion of emissions in tonnes per capita for individual countries, subsequently identifying the tendencies in the development of the detected rates. A cluster analysis for the EU28 that demonstrate similar carbon footprint values in the examined economic areas is conducted for the findings. The partial aim of the paper is to perform a comparison of the monitored countries and detect whether the differences between those striving for decarbonisation are diminishing. The energy industry is the most significant contributor to emission levels. The index analysis indicates that the level of emissions throughout the EU28 in all the monitored sectors has decreased, predominantly in waste management (by 40%,) which is followed by industry (17%), energy (by 16.2%), and agriculture (by 5%). The cluster analysis conducted for 2000 and 2017 has confirmed the convergence of the identified groups of the EU28. Individual clusters of the countries thus display minor differences and converge in general.

This paper examines the development of CO2 emissions in individual countries of the European Union (EU28) for the period between 2000 and 2017. Carbon footprint is monitored in four basic economic sectors of the EU28 countries—energy, other industries, agriculture, and waste management. The purpose of this paper is to conduct a structural analysis of the percentage contribution of individual sectors while determining the average conversion of emissions in tonnes per capita for individual countries, subsequently identifying the tendencies in the development of the detected rates. A cluster analysis for the EU28 that demonstrate similar carbon footprint values in the examined economic areas is conducted for the findings. The partial aim of the paper is to perform a comparison of the monitored countries and detect whether the differences between those striving for decarbonisation are diminishing. The energy industry is the most significant contributor to emission levels. The index analysis indicates that the level of emissions throughout the EU28 in all the monitored sectors has decreased, predominantly in waste management (by 40%,) which is followed by industry (17%), energy (by 16.2%), and agriculture (by 5%). The cluster analysis conducted for 2000 and 2017 has confirmed the convergence of the identified groups of the EU28. Individual clusters of the countries thus display minor differences and converge in general.