Financial contagion of the tourism services market from the energy market during the COVID-19 pandemic

Abstract

Subject. The article considers the financial contagion of the tourism services market from the energy market during the COVID-19 pandemic. Objectives. The aim is a fixation of financial contagion from the energy market to the tourism services market through exchange trading channels during the crisis caused by the COVID-19 pandemic. Methods. The study employs general scientific research methods. Results. We analyzed literature on the impact of coronavirus pandemic on the tourism industry in general and on the profitability of financial assets in particular, recorded the transmission of financial contagion from the oil (hypothesis 1) and gas (hypothesis 2) markets to the tourism markets, using special tests. The information base of the study included daily exchange trading data on the price of futures for WTI crude oil and natural gas, and stock quotes of 15 international companies in the tourism industry. The novelty of the research approach consists in fixing and explaining the processes of transmission of financial contagion in relation to the tourism industry during the pandemic shock. Conclusions. The findings may be useful for participants of exchange trading to understand and analyze links between the energy market and the tourism services market.