This study analyzes the dynamic interdependence between tourism activity, energy transition variables, and macroeconomic uncertainty in Spain from 2019 to 2024. Using a Quantile Connectedness Approach based on a Quantile Vector Autoregression (QVAR) model, it captures asymmetric and state-dependent spillovers among tourism emissions, jet fuel and carbon prices, inflation, and uncertainty indicators. Results show that the tourism–energy nexus forms a highly interconnected system whose intensity varies across market regimes. During crises, energy and uncertainty variables dominate as shock transmitters, while in recovery phases, air tourism regains influence, supporting system reactivation. Jet fuel and carbon prices are key transmission channels linking tourism and macroeconomic volatility, with inflation and policy uncertainty amplifying effects. Carbon pricing evolves from a volatility source to a stabilizing mechanism as transition expectations consolidate. The findings highlight asymmetric resilience in tourism and provide insights into policies aligning tourism recovery with energy transition and climate goals.

This paper examines whether global monetary conditions are embedded in the spillover structure of sovereign credit risk across emerging markets and whether that role changes across market states. Using monthly data for 15 emerging-market 5-year sovereign CDS series from March 2008 to February 2026, we construct a World Interest Rate (WIR) from the common component of shadow or policy rates in the United States, the euro area, Japan, the United Kingdom, Switzerland, and Canada. The empirical analysis is based on a rolling quantile vector autoregression connectedness framework applied to transformed CDS and WIR series. The results show that sovereign CDS spillovers are strongly state dependent. Total connectedness is already high at the center of the distribution, but rises markedly in both tails, producing a clear U-shaped quantile profile. The WIR is clearly integrated into the network, although not as a uniformly dominant transmitter. In central and intermediate quantiles it behaves mainly as a net receiver of spillovers, while in more stressed upper-tail conditions it becomes less absorbent and can occasionally shift into a mild transmitting role. These findings suggest that global monetary conditions matter within the sovereign CDS network, but in a conditional rather than uniform way.

This study delved into the determinants of the financial performance of energy firms in both developed and prominent emerging markets, employing a comparative lens. By examining companies within the electric power generation, transmission, and distribution sectors in BRICS and G7 markets throughout the years 2018–2022, including the disruptive COVID-19 period, we leveraged the dual multiple factor analysis (DMFA) technique. Our analysis uncovered four key dimensions—asset-to-debt ratios, operational profitability, liquidity, and the interplay between growth and financial stability—providing clarity on over 65% of the sector’s financial dynamics. Our primary findings underscore discernible heterogeneity and emphasize the heightened resilience demonstrated by G7 firms, particularly during the pandemic era. The implications of these disparities carry significant economic and financial ramifications for both groups, influencing their response and recovery mechanisms in the face of disruptive shocks.