Green finance markets;
Traditional energy markets;
Information spillovers;
Dependency structure;
QVAR-MST model;
IMPULSE-RESPONSE ANALYSIS;
MULTIVARIATE;
CONNECTEDNESS;
D O I:
10.1016/j.enpol.2024.114263
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
Green finance investments have greatly promoted the low-carbon transition of the traditional energy industry. This work investigates the spillovers and dependency between green finance (clean energy, ESG, green bond, green technology and carbon markets) and traditional energy (coal, crude oil and natural gas) markets under normal and extreme market conditions. To this end, we use the quantile-based connectedness measures and on this basis develop the quantile vector autoregression-minimum spanning tree (QVAR-MST) method. Our results show that: (i) clean energy and ESG markets are the main net transmitters and the natural gas market is a net receiver under different market conditions, while other markets act as either net transmitters or net receivers in the system depending on market conditions. (ii) Compared to normal market conditions, the spillovers between green finance and traditional energy markets are higher under extreme market conditions; (iii) the ESG market is the most central node at different quantiles around the Russia-Ukraine conflict; and (iv) the dependency between green finance and traditional energy markets is diminished, while the dependency between traditional energy markets is enhanced at different quantiles after the Russia-Ukraine conflict. These insights provide valuable implications for policymakers and investors.
机构:
Cent South Univ, Sch Business, Changsha 410083, Peoples R ChinaCent South Univ, Sch Business, Changsha 410083, Peoples R China
Zhang, Hua
Chen, Jinyu
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机构:
Cent South Univ, Sch Business, Changsha 410083, Peoples R China
Cent South Univ, Inst Met Resources Strategy, Changsha 410083, Peoples R ChinaCent South Univ, Sch Business, Changsha 410083, Peoples R China
Chen, Jinyu
Shao, Liuguo
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机构:
Cent South Univ, Sch Business, Changsha 410083, Peoples R China
Cent South Univ, Inst Met Resources Strategy, Changsha 410083, Peoples R ChinaCent South Univ, Sch Business, Changsha 410083, Peoples R China
机构:
Univ Econ Ho Chi Minh City, Inst Business Res, 59C Nguyen Dinh Chieu St,Dist 3, Ho Chi Minh City, Vietnam
South Ural State Univ, 76 Lenin Prospekt, Chelyabinsk, RussiaUniv Econ Ho Chi Minh City, Inst Business Res, 59C Nguyen Dinh Chieu St,Dist 3, Ho Chi Minh City, Vietnam
Rehman, Mobeen Ur
Xuan Vinh Vo
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h-index: 0
机构:
Univ Econ Ho Chi Minh City, Inst Business Res, 59C Nguyen Dinh Chieu St,Dist 3, Ho Chi Minh City, Vietnam
Univ Econ Ho Chi Minh City, CFVG Ho Chi Minh City, Ho Chi Minh City, VietnamUniv Econ Ho Chi Minh City, Inst Business Res, 59C Nguyen Dinh Chieu St,Dist 3, Ho Chi Minh City, Vietnam
机构:
Univ Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Inst Low Carbon Operat Strategy Beijing Enterprise, Beijing, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Yang, Zhiming
Wang, Yiru
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h-index: 0
机构:
Univ Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Wang, Yiru
Li, Xiang
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机构:
Univ Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Acad Mil Sci, Inst Def Sci & Technol Innovat, Beijing, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Li, Xiang
Li, Jing
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h-index: 0
机构:
Nanchang Univ, Ctr Cent China Econ & Social Dev Res, Nanchang, Jiangxi, Peoples R China
Nanchang Univ, Sch Econ & Management, Nanchang, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Li, Jing
Fu, Lifu
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h-index: 0
机构:
Zhejiang Gongshang Univ, Sch TaiLong Finance, Hangzhou, Zhejiang, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
Fu, Lifu
Qiao, Lei
论文数: 0引用数: 0
h-index: 0
机构:
Asset Management Dept, Yuecheng Sr Living, Beijing, Peoples R ChinaUniv Sci & Technol Beijing, Sch Econ & Management, Beijing, Peoples R China
机构:
German Jordanian Univ, Business Sch, Amman 11180, Jordan
Gulf Univ Sci & Technol, Coll Business Adm, Mubarak Al Abdullah 32093, KuwaitGerman Jordanian Univ, Business Sch, Amman 11180, Jordan
Alomari, Mohammed
El Khoury, Rim
论文数: 0引用数: 0
h-index: 0
机构:
Lebanese Amer Univ, Adnan Kassar Sch Business, Byblos, LebanonGerman Jordanian Univ, Business Sch, Amman 11180, Jordan
El Khoury, Rim
Mensi, Walid
论文数: 0引用数: 0
h-index: 0
机构:
Sultan Qaboos Univ, Coll Econ & Polit Sci, Dept Econ & Finance, Muscat, Oman
Univ Econ Ho Chi Minh City, Inst Business Res, Ho Chi Minh City, VietnamGerman Jordanian Univ, Business Sch, Amman 11180, Jordan
Mensi, Walid
Vo, Xuan Vinh
论文数: 0引用数: 0
h-index: 0
机构:
Univ Econ Ho Chi Minh City, Inst Business Res, Ho Chi Minh City, Vietnam
Univ Econ Ho Chi Minh City, CFVG, Ho Chi Minh City, VietnamGerman Jordanian Univ, Business Sch, Amman 11180, Jordan
Vo, Xuan Vinh
Kang, Sang Hoon
论文数: 0引用数: 0
h-index: 0
机构:
Pusan Natl Univ, Dept Business & Adm, Pusan, South Korea
Univ South Australia, UniSA Business Sch, Adelaide, SA, AustraliaGerman Jordanian Univ, Business Sch, Amman 11180, Jordan