Search

This paper investigates the time-frequency dependence and risk connectedness among oil and stock markets in oil-importing and oil-exporting countries using the wavelet coherence and BK frequency connectedness method. Those two methods allow us to capture the dynamics of the dependence and risk connectedness over time as well as across different frequency bands (i.e. 1–5 days, 5–22 days, and more than 22 days). The empirical results demonstrate that the dependence structures among oil and stock markets are stronger on long-term scales and the lead-lag associations among oil and stock markets are mixed and time-varying. The total risk spillovers among oil and stock markets are mainly transmitted in the long-run (i.e. more than 22 days). The oil market receives much more risk spillovers from the stock markets in the US, EU, Canada, and Russia. The dynamic risk spillovers at diverse frequency bands are time-varying and heterogeneous. Besides, the major international crisis events, such as the GFC, oil price collapse, and the COVID-19 pandemic have greatly intensified the risk spillover magnitude. The time-frequency dependence and risk spillover analysis can offer great benefits for those energy and financial market participants with multivariate time-horizons in asset allocation and risk management practices.

Energy cooperation plays an important role in One Belt One Road (OBOR) initiative, which has attracted global attentions since it was firstly announced by China. However, studies focused on China-Myanmar energy cooperation under OBOR has not been explored yet, Myanmar usually acts as a geo-strategic link along OBOR while its power grid construction benefits from OBOR to a large extent. This paper aims to close this gap and provide a comprehensive analysis on China-Myanmar energy cooperation under OBOR. Current status of the two countries’ respective energy systems is investigated to show their motivations for cooperation. Then, SWOT analysis and PEST analysis are integrated to uncover the roots of the past or ongoing successful and unsuccessful energy projects, and to provide invaluable insights about opportunities and challenges caused by the most up-to-date global issues, including COVID-19 and U.S.-China trade war. Lastly, practical suggestions are given with respect to political, economical, social and technological domains, such that stakeholders, engineers, researchers and investors can adapt to the post-crisis era.