Does financial stress wreak havoc on banking, insurance, oil, and gold markets? New empirics from the extended joint connectedness of TVP-VAR model

This study explores the dynamic and time-varying connectedness between the US stocks, financial sector, oil and gold markets, broad market volatilities, and financial stress. We examine if the traditional association between financial stress and its important factors and strategic commodities such as oil and gold has changed during the last decade, especially after the COVID-19. We use daily data set from July 2011 to June 2021, and employ the extended joint connectedness approach of Balcilar et al. (2021), which has several advantages over traditional connectedness models. Our findings show that traditional determinants of US financial stress are dynamic and change in response to the monetary injections in late 2019 more as compared with the COVID-19. In spite of the importance of COVID-19, our analysis points towards the enhanced significance of US monetary injections in driving joint connectedness between financial stress and its prominent factors and strategic commodities. Further, gold and oil show diversification potential in a portfolio of US stocks, financial sector and broad market volatilities. Therefore, important policy and investor implications are discussed for financial stability and portfolio choices.

Climate indicators and COVID-19 recovery: A case of Wuhan during the lockdown.

The world needs to get out of the COVID-19 pandemic smoothly through a thorough socio-economic recovery. The first and the foremost step forward in this direction is the health recovery of the people infected. Our empirical study addresses this neglected point in the recent research on COVID-19 and specifically aims at exploring the impact of the environment on health recovery from COVID-19. The sample data are taken during the lockdown period in Wuhan, i.e., from 23rd January 2020 to 8th April 2020. The recently developed econometric technique of Quantile-on-Quantile regression, proposed by Shin and Zhu (2016) is employed to capture the asymmetric association between environmental factors (TEMP, HUM, PM2.5, PM10, CO, SO2, NO2, and O3) and the number of recovered patients from COVID-19. We observe significant heterogeneity in the association among variables across various quantiles. The findings suggest that TEMP, PM2.5, PM10, CO, NO2, and O3 are negatively related to the COVID-19 recovery, while HUM and SO2 show a positive association at most quantiles. The study recommends that maintaining a safe and comfortable environment for the patients may increase the chances of recovery from COVID-19. The success story of Wuhan, the initial epicenter of the novel coronavirus in China, can serve as an important case study for other countries to bring the outbreak under control. The current study could be conducive for the policymakers of those countries where the COVID-19 pandemic is still unrestrained.

A Framework for Malicious Traffic Detection in IoT Healthcare Environment.

The Internet of things (IoT) has emerged as a topic of intense interest among the research and industrial community as it has had a revolutionary impact on human life. The rapid growth of IoT technology has revolutionized human life by inaugurating the concept of smart devices, smart healthcare, smart industry, smart city, smart grid, among others. IoT devices' security has become a serious concern nowadays, especially for the healthcare domain, where recent attacks exposed damaging IoT security vulnerabilities. Traditional network security solutions are well established. However, due to the resource constraint property of IoT devices and the distinct behavior of IoT protocols, the existing security mechanisms cannot be deployed directly for securing the IoT devices and network from the cyber-attacks. To enhance the level of security for IoT, researchers need IoT-specific tools, methods, and datasets. To address the mentioned problem, we provide a framework for developing IoT context-aware security solutions to detect malicious traffic in IoT use cases. The proposed framework consists of a newly created, open-source IoT data generator tool named IoT-Flock. The IoT-Flock tool allows researchers to develop an IoT use-case comprised of both normal and malicious IoT devices and generate traffic. Additionally, the proposed framework provides an open-source utility for converting the captured traffic generated by IoT-Flock into an IoT dataset. Using the proposed framework in this research, we first generated an IoT healthcare dataset which comprises both normal and IoT attack traffic. Afterwards, we applied different machine learning techniques to the generated dataset to detect the cyber-attacks and protect the healthcare system from cyber-attacks. The proposed framework will help in developing the context-aware IoT security solutions, especially for a sensitive use case like IoT healthcare environment.

Assessing Public Willingness to Wear Face Masks during the COVID-19 Pandemic: Fresh Insights from the Theory of Planned Behavior.

Face masks are considered an effective intervention in controlling the spread of airborne viruses, as evidenced by the 2009's H1N1 swine flu and 2003's severe acute respiratory syndrome (SARS) outbreaks. However, research aiming to examine public willingness to wear (WTW) face masks in Pakistan are scarce. The current research aims to overcome this research void and contributes by expanding the theoretical mechanism of theory of planned behavior (TPB) to include three novel dimensions (risk perceptions of the pandemic, perceived benefits of face masks, and unavailability of face masks) to comprehensively analyze the factors that motivate people to, or inhibit people from, wearing face masks. The study is based on an inclusive questionnaire survey of a sample of 738 respondents in the provincial capitals of Pakistan, namely, Lahore, Peshawar, Karachi, Gilgit, and Quetta. Structural equation modeling (SEM) is used to analyze the proposed hypotheses. The results show that attitude, social norms, risk perceptions of the pandemic, and perceived benefits of face masks are the major influencing factors that positively affect public WTW face masks, whereas the cost of face masks and unavailability of face masks tend to have opposite effects. The results emphasize the need to enhance risk perceptions by publicizing the deadly effects of COVID-19 on the environment and society, ensure the availability of face masks at an affordable price, and make integrated and coherent efforts to highlight the benefits that face masks offer.

Asymmetric nexus between COVID-19 outbreak in the world and cryptocurrency market

In the wake of recent pandemic of COVID-19, we explore its unprecedented impact on the cryptocurrencies' market. Specifically, we check how the changing intensity of the COVID-19 represented by the daily addition in new infections worldwide affects the daily returns of the top 10 cryptocurrencies according to the market capitalization. The results from Quantile-on-Quantile Regression (QQR) approach reveal that the changing intensity levels of the COVID-19 affect the Bearish and the Bullish market scenarios of cryptocurrencies differently (asymmetric impact). Additionally, there are differences between these currencies in their responses to the changing levels of this pandemic's intensity. Most of the currencies absorbed the small shocks of COVID-19 by registering positive gains but failed to resist against the huge changes except Bitcoin, ADA, CRO, and up to some extent Ethereum also. Our results reveal new and asymmetric dynamics of this emerging asset class against an extremely stressful and unpredictable event (COVID-19). Moreover, these results are robust to the use of alternative proxy (COVID-19 deaths) for pandemic intensity. Our findings help to improve investors and policymakers' understanding of the cryptocurrencies' market dynamics, especially in the times of extremely stressful and unseen events.

Impact of novel coronavirus (COVID-19) on daily routines and air environment: evidence from Turkey.

Turkish people are facing several problems because of the novel coronavirus (COVID-19), as the pandemic has brought about drastic changes to their daily routines. This study mainly investigates the impact of this pandemic on the daily routines of Turkish. It also unveils how COVID-19 affects the air environment. The adopted methods for data collection are based on open-ended questions and Facebook interviews as per recommended by QSR-International (2012). The sample of this study comprises of Turkish students as well as professional workers. The findings of the research show that there are eighteen different results of COVID-19 that have been identified according to the Turkish people's daily routines. Results reveal that increasing unemployment, decrease in air contamination, high stress and depression, a slowdown in the economic growth, and the tourism industry are profoundly affected due to the COVID-19 in Turkey. Furthermore, on the one hand, the consequences of the pandemic are segregated into social problems and psychological issues in daily routines. On the other hand, they have shown a positive impact on the air environment. This study concludes that, amid the COVID-19 pandemic, the lives of the people in Turkey are subject to deterioration, while the air environment of Turkey is gradually improving.

Effects of climatological parameters on the outbreak spread of COVID-19 in highly affected regions of Spain.

The coronavirus (COVID-19) pandemic is infecting the human population, killing people, and destroying livelihoods. This research sought to explore the associations of daily average temperature (AT) and air quality (PM2.5) with the daily new cases of COVID-19 in the top four regions of Spain (Castilla y Leon, Castilla-La Mancha, Catalonia, and Madrid). To this end, the authors employ Pearson correlation, Spearman correlation, and robust panel regressions to quantify the overall co-movement between temperature, air quality, and daily cases of COVID-19 from 29 February to 17 July 2020. Overall empirical results show that temperature may not be a determinant to induce COVID-19 spread in Spain, while the rising temperature may reduce the virus transmission. However, the correlation and regression findings illustrate that air quality may speed up the transmission rate of COVID-19. Our findings are contrary to the earlier studies, which show a significant impact of temperature in raising the COVID-19 spread. The conclusions of this work can serve as an input to mitigate the rapid spread of COVID-19 in Spain and reform policies accordingly.

Co-variance nexus between COVID-19 mortality, humidity, and air quality index in Wuhan, China: New insights from partial and multiple wavelet coherence.

The worldwide outbreak of COVID-19 disease has caused immense damage to our health and economic and social life. This research article helps to determine the impact of climate on the lethality of this disease. Air quality index and average humidity are selected from the family of climate variables, to determine its impact on the daily new cases of COVID-19-related deaths in Wuhan, China. We have used wavelet analysis (wavelet transform coherence (WTC), partial (PWC), and multiple wavelet coherence (MWC), due to its advantages over traditional time series methods, to study the co-movement nexus between our selected data series. Findings suggest a notable coherence between air quality index, humidity, and mortality in Wuhan during a recent outbreak. Humidity is negatively related to the COVID-19-related deaths, and bad air quality leads to an increase in this mortality. These findings are important for policymakers to save precious human lives by better understanding the interaction of the environment with the COVID-19 disease.

Asymmetric nexus between temperature and COVID-19 in the top ten affected provinces of China: A current application of quantile-on-quantile approach.

The present study examines the asymmetrical effect of temperature on COVID-19 (Coronavirus Disease) from 22 January 2020 to 31 March 2020 in the 10 most affected provinces in China. This study used the Sim & Zhou' quantile-on-quantile (QQ) approach to analyze how the temperature quantities affect the different quantiles of COVID-19. Daily COVID-19 and, temperature data collected from the official websites of the Chinese National Health Commission and Weather Underground Company (WUC) respectively. Empirical results have shown that the relationship between temperature and COVID-19 is mostly positive for Hubei, Hunan, and Anhui, while mostly negative for Zhejiang and Shandong provinces. The remaining five provinces Guangdong, Henan, Jiangxi, Jiangsu, and Heilongjiang are showing the mixed trends. These differences among the provinces can be explained by the differences in the number of COVID-19 cases, temperature, and the province's overall hospital facilitations. The study concludes that maintaining a safe and comfortable atmosphere for patients while COVID-19 is being treated may be rational.

The nexus between COVID-19, temperature and exchange rate in Wuhan city: New findings from partial and multiple wavelet coherence.

This study attempts to document the nexus between weather, COVID-19 outbreak in Wuhan and the Chinese economy. We used daily average temperature (hourly data), daily new confirmed cases of COVID-19 in Wuhan, and RMB (Chinese currency) exchange rate to represent the weather, COVID-19 outbreak and the Chinese economy, respectively. The methodology of Wavelet Transform Coherence (WTC), Partial Wavelet Coherence (PWC) and Multiple Wavelet Coherence (MWC) is employed to analyze the daily data collected from 21st January 2020 to 31st March 2020. The results have revealed a significant coherence between the series at different time-frequency combinations. The overall results suggest the insignificance of an increase in temperature to contain or slow down the new COVID-19 infections. The RMB exchange rate and the COVID-19 showed an out phase coherence at specific time-frequency spots suggesting a negative but limited impact of the COVID-19 outbreak in Wuhan on the Chinese export economy. Our results are contrary to many earlier studies which suggest a significant role of temperature in slowing down the COVID-19 spread. These results can have important policy implications for the containment of COVID-19 spread and macro-economic management with respect to changes in the weather.