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The nexus between COVID-19, temperature and exchange rate in Wuhan city: New findings from partial and multiple wavelet coherence.
Iqbal, Najaf; Fareed, Zeeshan; Shahzad, Farrukh; He, Xin; Shahzad, Umer; Lina, Ma.
  • Iqbal N; College of Economics and Management, Hunan University of Arts and Science, Changde, China; Wuhan University of Technology, Wuhan, Hubei, China.
  • Fareed Z; School of Business, Huzhou University, Huzhou, Zhejiang, China.
  • Shahzad F; School of Economics and Management, Guangdong University of Petrochemical Technology, Guangdong, China. Electronic address: farrukh.hailian@gmail.com.
  • He X; College of Economics and Management, Hunan University of Arts and Science, Changde, China.
  • Shahzad U; Institute of Guangdong Economy & Social Development, Guangdong University of Finance and Economics (GDUFE), 510320, Guangzhou, P.R. China; School of Economics, Shandong University, Jinan, Shandong Province, China. Electronic address: Shehzad-umer@hotmail.com.
  • Lina M; Wuhan University of Technology, Wuhan, Hubei, China.
Sci Total Environ ; 729: 138916, 2020 Aug 10.
Article in English | MEDLINE | ID: covidwho-102014
ABSTRACT
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.
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Full text: Available Collection: International databases Database: MEDLINE Main subject: Pneumonia, Viral / Coronavirus Infections / Pandemics / Betacoronavirus Limits: Humans Country/Region as subject: Asia Language: English Journal: Sci Total Environ Year: 2020 Document Type: Article Affiliation country: J.scitotenv.2020.138916

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Full text: Available Collection: International databases Database: MEDLINE Main subject: Pneumonia, Viral / Coronavirus Infections / Pandemics / Betacoronavirus Limits: Humans Country/Region as subject: Asia Language: English Journal: Sci Total Environ Year: 2020 Document Type: Article Affiliation country: J.scitotenv.2020.138916