Pai Chai University, 302735, Daejeon, Republic of Korea.
Department of Economics, University of Lakki Marwat, Lakki Marwat, Pakistan.
Environ Sci Pollut Res Int. 2023 Jul;30(31):77605-77621. doi: 10.1007/s11356-023-27870-w. Epub 2023 Jun 1.
There is growing importance of green finance as a means to finance sustainable projects and reduce carbon emissions. Green bonds have emerged as an important financing tool in this context, and there is a need to understand how they are interconnected with other components of the green finance ecosystem, such as renewable energy and carbon markets. This study investigates the interconnectivity of green finance by analyzing the dynamic spillover effects among green bonds, renewable energy stocks, and carbon markets. Using daily data spanning from January 2010 to December 2020, vector autoregressive models and time-varying parameter models are applied to examine the transmission channels of shocks among these assets. The results reveal significant dynamic spillover effects between green bonds and renewable energy stocks, as well as between carbon markets and renewable energy stocks. Additionally, the findings suggest a complementary relationship between green bonds and carbon markets. This study provides insights into the interdependence of different green financial instruments and their role in promoting sustainable development. The outcomes of the research can guide policymakers, investors, and other stakeholders in making informed decisions regarding green finance.
随着绿色金融作为为可持续项目提供资金和减少碳排放的手段的重要性日益增加，绿色债券已成为这一背景下的一个重要融资工具，因此有必要了解它们如何与绿色金融生态系统的其他组成部分（如可再生能源和碳市场）相互关联。本研究通过分析绿色债券、可再生能源股票和碳市场之间的动态溢出效应来研究绿色金融的关联性。使用 2010 年 1 月至 2020 年 12 月的日度数据，应用向量自回归模型和时变参数模型来检验这些资产之间冲击的传递渠道。结果表明，绿色债券和可再生能源股票之间，以及碳市场和可再生能源股票之间存在显著的动态溢出效应。此外，研究结果还表明绿色债券和碳市场之间存在互补关系。本研究深入了解了不同绿色金融工具的相互依存关系及其在促进可持续发展方面的作用。研究结果可以为政策制定者、投资者和其他利益相关者在绿色金融方面做出明智决策提供参考。
