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This paper investigates the impact of recent financial crisis on six major stock markets during the three periods. To measure the impact of the crisis on different stock markets, we have applied a vector auto-regression (VAR) model and conducted Granger causality tests. The data used in this study, consists of time series of daily stock market indices at closing time, in terms of local currency units of the world's six major stock markets which were affected during the financial crisis, while the sample period was divided into several sub-periods. The main objectives of the research was to discover the degree of interdependence of the six stock markets and trace out the Granger causality relationships and dynamic responses of one market to in another in innovation, and to make a comparison on the degree of the co-movements in three periods, namely, the pre-crisis period, crisis period, and post-crisis periods. The results suggest that the financial crisis has reinforced the interdependence relationship of global stock markets. However, general co-movements of global stock markets persist even after the crisis and still remained stronger in some economies.

Environmental concerns have become one of the top inevitable issues the world has been facing nowadays. The key reason behind the environmental issues is carbon emissions, which are being generated from human activities (e.g., production and consumption). To limit carbon emissions, researchers, policymakers, and international organizations probe the drivers of carbon emissions.Although several socio-economic factors have been explored that affect the level of emissions, relatively less attention has been paid to geopolitical risk (GPR). Over the past few decades, the world has witnessed a significant rise in GPR with economic and environmental impacts.However, the existing body of literature on the GPR-environment nexus documents the contrasting conclusion, which might cause inconvenience while proposing environmental protection policies. Therefore, the present study reinvestigates the impact of GPR on carbon emissions at the global level. The findings document that, in the short-run, a 1% rise in GPR impedes emissions by 3.50% globally. On the contrary, a 13.24% rise in emissions is fostered by a 1% increase in GPR in the long-run. Also as was expected, we report that energy consumption leads to higher global emissions in both the short-and long run. Next, this study also validates the existence of the Environmental Kuznets Curve (EKC) hypothesis at the global level. Based on these aforementioned outcomes, we propose several policy recommendations to curb global carbon emissions via GPR accomplish, thus, a few Sustainable Development Goals.

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