Greenhouse gas emissions and the stability of equity markets

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-22 DOI:10.1016/j.intfin.2024.101952

David Y. Aharon , Ahmed S. Baig , Gady Jacoby , Zhenyu Wu

引用次数: 0

Abstract

We test the impact of GHG emissions on equity markets’ volatility. Our results confirm that CO₂ and other greenhouse gases emissions such as agricultural nitrous oxide, and methane emissions are associated with increased stock market volatility. This relationship holds across different measures of volatility, emissions, and specifications using nearly 30 years’ worth of index-level data from stock exchanges across 50 countries. These findings lend support to the notion that carbon risk is priced into financial markets, and that green finance could promote more stable global equity markets in the future and thereby foster a more sustainable economic system.

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温室气体排放与股票市场的稳定性

我们测试了温室气体排放对股票市场波动性的影响。我们的结果证实，较低的二氧化碳和其他温室气体排放（如农业氧化亚氮和甲烷排放）与股市波动性呈负相关。这种关系在不同的波动性测量、排放量和规格中都成立，我们使用了 50 个国家股票交易所近 30 年的指数级数据。这些发现支持了这样一种观点，即碳风险已被计入金融市场的价格中，绿色金融可促进未来全球股市更加稳定，从而促进更可持续的经济体系。

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

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.