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Unravelling the impact of clean energy on the tourism sector of the stock market: Evidence from quantile granger causality and wavelet coherence analysis

Author

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  • Wang, Yiwei
  • Sun, Zhaoyang
  • Feng, Chao
  • Wu, Ran
  • Yan, Jiale

Abstract

The widespread use of clean energy is crucial to achieving sustainable development goal 7, while potentially impacting the tourism sector. This study aims to explore the influence of clean energy on tourism stock markets in China, Europe, and the United States. Based on the Quantile Granger Causality Test and wavelet coherence analysis, we investigate this relationship across different market conditions and time scales. Our findings reveal that the clean energy index significantly influences the tourism sectors in all three regions under most market conditions. Notably, during stable market periods, this influence remains significant only for China's tourism sector, highlighting the complex relationship between clean energy and tourism and the unique characteristics of the Chinese market. The wavelet coherence results further uncover a dynamic relationship between the clean energy index and tourism sectors, particularly during the COVID-19 pandemic. Strong but distinct correlation patterns are observed, followed by unique evolutionary paths across these markets, reflecting differences in regional economic recovery, energy policies, and market structures. These findings contribute to the understanding of the clean energy-tourism nexus and provide valuable insights for policymakers and investors in formulating strategies for sustainable tourism development and energy transition.

Suggested Citation

  • Wang, Yiwei & Sun, Zhaoyang & Feng, Chao & Wu, Ran & Yan, Jiale, 2025. "Unravelling the impact of clean energy on the tourism sector of the stock market: Evidence from quantile granger causality and wavelet coherence analysis," International Review of Economics & Finance, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:reveco:v:98:y:2025:i:c:s1059056024008244
    DOI: 10.1016/j.iref.2024.103832
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