Innovating for a greener future: The role of green bonds in advancing energy innovation

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-01-01 DOI:10.1016/j.bir.2023.10.007

Tailong Wei , Marvin White , Xu Wen

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Abstract

The rise of climate change concerns and the need to transition to a low-carbon economy has led to a surge in the issuance of green bonds and the development of energy innovation. This study explores the asymmetric green bonds-energy innovation nexus in the top ten nations that issue green bonds. Previously, panel data methods were used to obtain consistent outcomes regarding these variables despite the fact that several economies could not illustrate such a relation individually. However, this research adopts the “Quantile-on-Quantile” approach that can examine time-series dependence in every economy by offering detailed and country-specific characteristics. The outcomes revealed a positive linkage between green bonds and energy innovation in most nations at particular quantiles. Furthermore, the analysis indicates that the rank of asymmetries between the variables changes from economy to economy, punctuating the significance of policymakers monitoring modifications in green finance and energy innovation.

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为更绿色的未来而创新：绿色债券在推动能源创新方面的作用

人们对气候变化的关注和向低碳经济转型的需求日益高涨，导致绿色债券的发行和能源创新的发展激增。本研究探讨了发行绿色债券最多的十个国家中绿色债券与能源创新之间的非对称关系。此前，尽管一些经济体无法单独说明这种关系，但我们使用面板数据方法获得了有关这些变量的一致结果。然而，本研究采用了 "Quantile-on-Quantile "方法，通过提供详细的特定国家特征来研究每个经济体的时间序列依赖性。研究结果表明，在大多数国家，绿色债券与能源创新之间在特定量级上存在正向联系。此外，分析表明，变量之间的不对称程度会随着经济体的不同而发生变化，这突出了政策制定者监测绿色金融和能源创新变化的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations