In this paper, it has been aimed to reveal the possible effects of Covid-19 Coronavirus epidemic on stock markets. In the analysis using daily data between 23 January 2020 and 13 March 2020, possible effects on stock markets has been investigated with Maki (2012) cointegration test using both Covid-19 daily total death and Covid-19 daily total case. According to the results obtained, all stock markets examined with total death act together in the long run. It has been understood that total cases have cointegration relationship of SSE, KOSPI and IBEX35 and do not have cointegration relationship with FTSE MIB, CAC40, DAX30. In this regard, it is considered as one of the optimal option for investors to avoid investments in stock markets, turn to investment in gold markets, which is the safe investment port of each crisis period in long run. Also, considering the possibility of turning all life into an internet environment, turning to cryptocurrencies is seen as another alternative option for investors. In this direction, it will be the preference of investors to turn to derivative markets and to the stock markets of countries where Covid-19 is relatively rare to avoid risk.

Several researchers have focused on the environmental Kuznets curve (EKC) hypothesis to analyze environmental degradation using carbon dioxide (CO2) emissions and ecological footprint as dependent variables. However, analyzes based on these variables neglect the supply side of environmental sustainability. To address this shortcoming, this study aims to examine the determinants of the ecological footprint pressure index (EFPI) in the context of the EKC hypothesis. The EFPI provides a more detailed picture of environmental issues by considering both ecological footprint and biocapacity. Thus, the study aims to add scientific value to the existing literature by analyzing the EFPI under the EKC hypothesis for the first time. Building on this, our research investigates the effects of economic complexity (ECX), per capita income, and renewable energy consumption (REC) on the EFPI by adopting a novel econometric approach. The results of the Fourier autoregressive distributed lag (ARDL) method show a cointegration relationship between income, ECX, renewable energy and EFPI in Germany, Switzerland and Sweden. The long-term elasticities indicate that ECX reduces the EFPI in Germany and Switzerland, while renewable energy mitigates environmental pressure in Switzerland and Sweden. Our findings also confirm the validity of the EKC hypothesis for Germany and Sweden. Based on these findings, the study suggests that ECX, renewable energy and economic growth can all be used as policy instruments to reduce environmental pressure in the three member states of the European Union.

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