The nexus between COVID-19, temperature and exchange rate in Wuhan city: New findings from partial and multiple wavelet coherence
Fecha
2020Autor
Iqbal, Najaf
Fareed, Zeeshan
Shahzad, Farrukh
He, Xin
Shahzad, Umer
Lina, Ma
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Resumen
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.
Palabras clave
COVID-19; Temperature; Wuhan; Partial and Multiple Wavelet Coherence; RMB exchange rateEnlace al recurso
https://doi.org/10.1016/j.scitotenv.2020.138916Colecciones
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