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The use of non-renewable resources emits a high quantity of CO 2 into environment, leading to a greenhouse effect, to reduce CO 2 emissions all countries have shifted to use renewable energy sources. Therefore, this study re-examines the effect of renewable energy consumption on economic growth across 38 renewable-energy-consuming countries from 1990 to 2018. The dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS) and heterogeneous non-causality approaches are applied. The empirical analysis confirms the presence of a long-run relationship between renewable energy consumption and economic growth. Further, we noted that renewable energy, nonrenewable energy, capital and labor have positive impact on economic growth, particularly, renewable energy consumption has a positive impact on economic growth for 58% of the sample countries. The empirical results suggest that international cooperation agencies, energy organizers, governments, and associated bodies must act together in increasing renewable energy investment for low carbon growth in most of these economies.

This paper examines the impacts of COVID-19 on the multifractality of gold and oil prices based on upward and downward trends. We apply the Asymmetric Multifractal Detrended Fluctuation Analysis (A-MF-DFA) approach to 15-min interval intraday data. The results show strong evidence of asymmetric multifractality that increases as the fractality scale increases. Moreover, multifractality is especially higher in the downside (upside) trend for Brent oil (gold), and this excess asymmetry has been more accentuated during the COVID-19 outbreak. Before the outbreak, the gold (oil) market was more inefficient during downward (upward) trends. During the COVID-19 outbreak period, we see that the results have changed. More precisely, we find that gold (oil) is more inefficient during upward (downward) trends. Gold and oil markets have been inefficient, particularly during the outbreak. The efficiency of gold and oil markets is sensitive to scales, market trends, and to the pandemic outbreak, highlighting the investor sentiment effect.

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This paper assesses the role of gold as a safe haven or hedge against crude oil price risks. We employ the asymmetric VARMA-GARCH model, using daily data from January 2016 to August 2020. To account for the impact of COVID-19 pandemic, we partitioned the data into two to reflect the periods before and during the pandemic. Our empirical results find gold as a significant safe haven against oil price risks. The optimal portfolio and hedging analyses conducted also validate the hedging effectiveness of gold against risk associated with oil. The robustness of our results is further confirmed using three other prominent precious metals - silver, platinum, and palladium. In sum, our results are useful for investors and portfolio managers that are desirous of using gold and other precious metals as portfolio rebalancing tools to minimize or circumvent risks associated with volatile oil returns.

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