Abstract
We examine the impact of COVID-19 pandemic on oil prices, CO2 emissions, and stock market volatility. We demonstrate that although the increasing number of COVID-19 infections caused a decrease in the price of crude oil, the negative response of the oil market is short-lived. However, the response of economic activities as measured by CO2 emissions persists. Also, we find a stronger impact on equity market volatility than on crude oil prices and CO2 emissions. Lastly, the share of error variance in CO2 emissions is stronger than that of the energy and stock markets. Taken together, our findings shed light on the depth of the impact of COVID-19 on the environment, and the energy and financial markets.
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