The spillover effects between renewable energy tokens and energy assets

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-02-01 DOI:10.1016/j.ribaf.2024.102672

Yajie Yang , Longfeng Zhao , Lin Chen , Chao Wang , Gang-Jin Wang

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Abstract

This study employs a quantile-based approach to investigate the interconnectedness among renewable energy tokens, fossil fuels, and conventional renewable energy markets. The objective is to explore the dependence nexus under various market conditions, including the COVID-19 pandemic, cryptocurrency bubble, and Russia-Ukraine conflict. Findings reveal (i) spillovers among renewable energy tokens, fossil fuels, and conventional renewable energy markets are time-varying, intensifying during turbulent periods; (ii) the renewable energy tokens are weakly connected with the energy markets at the mean and median quantiles; (iii) at extreme quantiles, conventional renewable energy markets dominate the fossil fuels and renewable energy token markets, with spillovers from the latter to the fossil fuels. This suggests fossil fuel markets gradually lose dominance as clean energy markets advance. This research discloses the real landscape of financial spillover effects of energy markets, providing valuable insights for investors and policymakers in managing risk exposure and avoiding unexpected losses.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance