Energy-Related Uncertainty and Tourism Stock Markets: New Insights from Time-Varying Relationship with TVP- VAR Approach

Authors

  • Zokir Mamadiyarov Department of Economics, Mamun University, Khiva, Uzbekistan
  • Otabek Saidov Department of Economics, Urgench State University, Urgench, Uzbekistan
  • Nargiza Abdurazakova Department of Finance, Alfraganus University, Tashkent, Uzbekistan
  • Samariddin Makhmudov Department of Finance and Tourism, Termez University of Economics and Service, Termez, Uzbekistan; & Center of the Engagement of International Ranking Agencies, Tashkent State University of Economics, Tashkent, Uzbekistan
  • Murod Nazarov Department of Translation Theory and Practice, Urgench State University, Home 14, Kh. Alimjan Str., 220100 Urgench, Uzbekistan
  • Nilufar Rajabova Urgench State Pedagogical Institute, Urgench, Uzbekistan
  • Mohamed AlShami University of Fujairah, Fujairah, UAE,
  • Iroda Ruzmetova Department of Economics, Urgench State University, Home 14, Kh. Alimjan Str., 220100 Urgench, Uzbekistan

DOI:

https://doi.org/10.32479/ijeep.20480

Keywords:

Energy-Related Uncertainty, Tourism Stocks, TVP-VAR

Abstract

In this study, a time-varying parameter vector autoregressive (TVP-VAR) model is estimated to examine the effects of energy-related uncertainty, geopolitical risk and global economic activity on tourism stock prices in the United States (US) over the period February 1996-September 2022. The time-varying responses reveal that tourism stocks are negatively affected by energy-related uncertainty, particularly during financial crisis and COVID-19. Moreover, geopolitical risk shocks also negatively influence tourism stocks. Global economic activity exhibits both positive and negative shocks in tourism stocks. The results highlight the importance of considering sector-specific dynamics of energy-related uncertainty on tourism stocks in US.

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Published

2025-06-25

How to Cite

Mamadiyarov, Z., Saidov, O., Abdurazakova, N., Makhmudov, S., Nazarov, M., Rajabova, N., … Ruzmetova, I. (2025). Energy-Related Uncertainty and Tourism Stock Markets: New Insights from Time-Varying Relationship with TVP- VAR Approach. International Journal of Energy Economics and Policy, 15(4), 730–737. https://doi.org/10.32479/ijeep.20480

Issue

Vol. 15 No. 4 (2025)

Section

Articles

License

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