气候变化领域集成服务门户(CCPortal): CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?

CCPortal

DOI	10.1142/S0217590824470039
	CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?
	Su, Chi wei; Li, Kun; Tao, Ran; Qin, Meng; Umar, Muhammad
发表日期	2024
ISSN	0217-5908
EISSN	1793-6837
英文摘要	The severe challenges posed by the environmental crisis and climate change have stimulated the development of the green bonds (GB) market aimed at providing bridging financing for carbon reduction. This investigation employs the wavelet-based quantile-on-quantile method to probe the asymmetric impacts among economic policy uncertainty (EPU), climate policy uncertainty (CPU) and GB. The empirical findings demonstrate that EPU and CPU have time-varying impacts on GB across different time scales. In the short term, the negative effects of EPU and CPU predominantly influence the GB market. In the long term, EPU and CPU have positive effects on the GB market during bullish market conditions but negative effects during bearish market conditions. These outcomes indicate that GB cannot always be deemed a diversifier for EPU and CPU shocks. These outcomes deviate from the Intertemporal Capital Asset Pricing Model (ICAPM) model's conclusions, which emphasize uncertainties' positive influence on the GB market. Policymakers can incorporate these findings into policy design to mitigate risks stemming from uncertainty and promote the GB market growth. Furthermore, investors should consider the effects of uncertainty to optimize their investment strategy and obtain higher returns.
英文关键词	Green bonds; economic policy uncertainty; climate policy uncertainty; wavelet-based quantile on quantile approach
语种	英语
WOS研究方向	Business & Economics
WOS类目	Economics
WOS记录号	WOS:001184624500001
来源期刊	SINGAPORE ECONOMIC REVIEW
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/294363
作者单位	Qingdao University; West University of Timisoara; Lebanese American University; West University of Timisoara; Qingdao University; West University of Timisoara
推荐引用方式 GB/T 7714	Su, Chi wei,Li, Kun,Tao, Ran,et al. CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?[J],2024.
APA	Su, Chi wei,Li, Kun,Tao, Ran,Qin, Meng,&Umar, Muhammad.(2024).CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?.SINGAPORE ECONOMIC REVIEW.
MLA	Su, Chi wei,et al."CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?".SINGAPORE ECONOMIC REVIEW (2024).