Denmark has achieved remarkable success in renewable energy generation over the last several decades. However, the country's goals of meeting its 50% energy demand from renewable by 2030 and becoming ...independent of fossil fuel by 2050 are currently in jeopardy due to the COVID-19 pandemic, which emerged at the end of December 2019 in the Chinese city of Wuhan. This study, therefore, tries to see how COVID-19 affects renewable electricity generation in Denmark using the advanced econometric framework. Several nonlinear estimation techniques such as Fourier ADL cointegration analysis and Markov Switching regression are used to estimate the relationship between the three channels of COVID-19 and renewable electricity generation. The result from the Markov Switching regression reveals that renewable electricity production in Denmark is adversely affected by the enforced lockdown as captured via the stringency index, economic support provided to tackle the pandemic, and daily confirmed deaths of COVID-19. Moreover, the causality test shows that the stringency index and daily confirmed deaths of COVID-19 are important predictors of renewable electricity, but the economic support index has weak causality with renewable electricity. The study finally presents some crucial policy suggestions for Denmark which can help the country achieve its renewable production goals.
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•The relationship between COVID-19 and renewable electricity production in Denmark is investigated.•Non-linear estimation techniques are used.•COVID-19 has a multiplier and negative effect on renewable generation.•Denmark requires strategic actions to maintain its process of becoming fossil fuel free in the post-COVID world.
•Seasonal performance and reduction of primary energy consumption of PEMFC and SOFC.•Use of energy storage to reduce the dependence on the grid.•Techno-economic analysis on the basis of different ...modulation strategies.•Analysis of electrical and thermal led operation for single-family buildings.•Economic analysis of different support schemes and focus on market risk.
This work has the aim to carry on a techno-economic analysis to verify the performance of PEMFC and SOFC based micro combined heat and power systems, analyzing the seasonal performance of the device on the basis of the thermal and electrical 1-minute-averaged user load profiles. A Matlab® program has been written to build the annual profiles and to perform the energy evaluation of the system, considering the fuel cell production and the user demand and including a thermal and electrical storage. Four kinds of operation have been considered in order to evaluate the system behavior with different modulation strategies. Because the fuel cell needs a certain time to adapt its output power to steep load changes, a sensitivity analysis on the ramp rate has been made, in order to consider the impact of the speed of the cell in following the load requests. The calculation has been implemented both for the electrical led and thermal led operations, for single-family buildings. The economic analysis (based on the current prices of the technologies involved) has the aim to analyze different support schemes aimed at facilitating the technology competitiveness in the market, giving a general view of the possible technology applications in the near future.
•We study the effect of policy responses to the COVID-19 pandemic on bond market volatility.•We examine data from 31 developed and emerging markets during the coronavirus outbreak.•Government ...interventions substantially reduce local sovereign bond volatility.•The effect is driven by economic support policies.•The containment and closure or health regulations play no major role.
Effective government policies may reduce uncertainty in sovereign bond markets. Can policy responses help to curb bond market volatility during the COVID-19 pandemic? To answer this, we examine data from 31 developed and emerging markets during the coronavirus outbreak in 2020. We demonstrate that government interventions substantially reduce local sovereign bond volatility. The effect is mainly driven by economic support policies; the containment and closure regulations and health system interventions play no major role.
The pandemic caused by SARS-COV 2 virus represented an economic shock at global level. In Romania, like in the case of many other member states, this shock was felt, but during this period it proved ...to be resistant, also being supported by the aid measures which were crucial for reducing the effects of the pandemic. The support granted under EU Recovery and resilience facility is a unique opportunity to stimulate investments in the member states. The European Investment Bank under this programme brought their contribution to financing investments for sustainable growth.
As the impact of the COVID-19 pandemic on the stock market returns has received much attention from researchers and practitioners, the evidence on the government invention on stock market returns in ...frontier markets in the Asia-Pacific is very scanty. This study first revisits the relationship between COVID-19 and stock market returns using large data from 23/01/2020 to 28/05/2021. Second, this study examines how the Vietnamese stock market reacts to government actions during the COVID-19 outbreaks. Using the fixed effects model, the findings show stock market returns are negatively affected by the COVID-19 pandemic. Although most sectors face a sharp decline in returns, positive returns are found in some sectors such as Energy, Healthcare, and Utilities, which is the opportunities for investors amid the pandemic. When observing the effect of government intervention, the stock market reacts to it negatively. The same is true for the announcements of social distancing and economic support measures. However, the stock market responds to containment and health measures with positive returns. More importantly, social distancing policy measures further enlarge the negative impact of COVID-19 on stock market returns – thus the government should take these measures with caution. The results also emphasize that economic support policy measures benefit indirectly via the channel of decreasing new infections. As a whole, the study offers some suggestions for the best and most proactive policy actions that governments, market participants, and investors in other emerging markets with similar financial institutions to Vietnam’s should use in the event of exogenous shocks like the COVID-19.
One of the most important responsibilities of social workers is economic support of the needy patients based on professional evaluation and diagnosis. The present research is a qualitative ...contractual content analysis. Data was collected from 18 social workers of the headquarters, universities of medical sciences, and medical centers, following focused group discussion (FGD) method with multiple-question design. The findings obtained from analyzing the codes, subcategories, and themes/category were grouped as poor intra-organizational cooperation and collaboration and irresponsible inter-organizational challenges influential on the discount topic. The inter-organizational dimension involved topics such as the weakness of hospital HIS system, interference of others in recording the discounts, poor instructions, occupation of social work posts by graduates of other majors, poor documentation, lack of personnel and facilities, lack balance between the authorities and responsibilities, and the unfamiliarity of health workers with the nature of social work. The inter-organizational dimension included the poor performance of other supporting organizations, growing social paths and undocumented immigrants, insurance role, lack of attention to some of the vulnerable groups, imposed expenses, growing visits to public hospitals, and the culture of using public resources. According to the findings of the study, different factors influence the amount and type of the economic support that the social workers provide for the needy patients and this fact imposes a great expense into the healthcare system of the country. On the other hand, it has deprofessionalized the social work profession and created a negative and low level perception towards it in the society.
To address the economic losses caused by the COVID-19 pandemic, countries have implemented, together with policies aimed at stopping the spread of the virus, a mixture of fiscal and monetary ...measures. This work investigates the effect of containment policies and economic support measures on economic growth in the short run, investigating a time window of six quarters in a cross country perspective. Our results confirm the existence of a negative effect of stringency measures on GDP; we also detect a positive effect from economic support measures. Moreover, looking at the interaction between these two kinds of interventions, our findings suggest that up to a relatively low level of stringency policies, economic support measures are able to positively counterbalance the negative impact of containment and closure policies. When the level of closures became more severe, however, the economic support measures that countries adopt are not able to completely recoup, in the short run, the economic losses due to stringency policies. Results suggest that in order to have a positive net effect, policymakers should take into account the level of stringency measures implemented before investing in economic support.
•Containment policies are negatively correlated with economic growth in the short run.•Economic support measures seem to be effective at mitigating the economic cost of lockdown measures.•When stringency measures become more severe, economic support measures do not fully restore the economic costs of lockdown.
This research examines the shock of a government response to COVID-19 on the stock prices of 30 international energy enterprises spanning from January 1, 2020 to December 31, 2020. Overall, the ...empirical results denote that a government response stringency index, containment and health index, and economic support index all have a statistically significant negative impact on their stock prices. The negative impact from the containment and health index is especially the greatest, implying that a government's stringent responses have great negative effect on the stock prices of most energy enterprises.
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