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| DOI | 10.1142/S0217590824470039 |
| CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY? | |
| 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/294362 |
| 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 | . CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?[J],2024. |
| APA | (2024).CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?.SINGAPORE ECONOMIC REVIEW. |
| MLA | "CAN GREEN BONDS DIVERSIFY ECONOMIC AND CLIMATE POLICY UNCERTAINTY?".SINGAPORE ECONOMIC REVIEW (2024). |
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