Dependence between the GCC energy equities, global clean energy and emission markets: Evidence from wavelet analysis
使用小波多尺度方法，分析了全球清洁能源生产、油价和碳排放价格对沙特、阿联酋和科威特三国能源股票市场的影响，发现三者呈弱正相关，且油价调节作用更强。
In the context of the debate on energy transition and its implication for the energy-export-dependent GCC region, this study developed a dependence structure using a multiscale approach of wavelets to investigate the impact of global clean energy production, oil price and CO2 emission prices on the energy stock markets of the largest three oil exporters in the GCC region: Saudi, UAE and Kuwait. Our key findings indicate that the three global energy markets are weakly and positively correlated with the GCC energy stock prices at lower frequencies (higher scales). Besides, at the same level of frequencies, we found that changes in the global clean energy production index and CO2 emission price positively influence the three GCC energy stock prices. Oil price is a stronger moderator for the three GCC energy equities at lower frequencies relative to other variables, especially for Kuwait's energy stock price. We also discover that the Abu Dhabi energy index is more sensitive to swings in the three perspective markets compared to Saudi and Kuwait energy markets. These findings carry important implications and guidelines for policymakers, portfolio managers and scholars who attempt to understand the dynamic nexus between GCC energy sectors stock, global transition to clean energy and pricing emissions.