Journal
INTERNATIONAL JOURNAL OF ENERGY RESEARCH
Volume 45, Issue 8, Pages 11510-11525Publisher
WILEY
DOI: 10.1002/er.6421
Keywords
contagion tests; Fukushima nuclear accident; nuclear energy policy; nuclear phaseout; nuclear power markets
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Funding
- Macau SAR Government Higher Education Fund
- FDCT-NSFC Join Fund by the National Natural Science Foundation of China
- Macao Science and Technology Development Fund [0037/2018/AFJ]
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This study found that the Fukushima nuclear accident had the most significant impact on the global nuclear energy markets, followed by the Korean nuclear expansion, while the German, Korean, and French nuclear phase-out policies had the least pervasive contagion. Nonlinear dependence tests detected more evidence of contagion than linear dependence tests, indicating that both asymmetric and extremal dependences are important dimensions in measuring risk contagion in nuclear energy markets.
This paper investigates the contagion effects of five regional nuclear accidents, nuclear expansions, or nuclear phase-out events or policies from 2007 to 2017 on the stock markets of the global nuclear energy markets. Contagion tests based on correlation and higher order comoments are applied to determine how these events or policy shocks affect global nuclear energy stock prices. The empirical results show that the Fukushima nuclear accident had the most significant impact on global nuclear energy markets, followed by the Korean nuclear expansion, while the German, Korean, and French nuclear phase-out policies had the least pervasive contagion. The nonlinear dependence test detected more evidence of contagion than did the linear dependence test, indicating that both asymmetric and extremal dependences are important dimensions of measuring risk contagion in nuclear energy markets.
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