Green bonds and clean energy stocks: Safe havens against global uncertainties? A wavelet quantile-based examination

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2025-01-01 DOI:10.1016/j.najef.2024.102310

Chaker Aloui , Sami Mejri , Hela Ben Hamida , Ramazan Yildirim

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引用次数: 0

Abstract

The renewable energy sector has seen rapid investment growth over the last decade, with Green Bonds (GB) and Clean Energy Stocks (CLE) emerging as critical components of sustainable finance. Using daily data from 2013 to 2023, this study investigates the diverse roles of GB and CLE as potential safe havens under Geopolitical Risks (GEO) and Economic Policy Uncertainty (ECU). Applying an advanced Wavelet Quantile Regression (WQR) approach, we assess their effectiveness across different time horizons and risk conditions. The findings reveal that GB consistently offer stronger protection against economic risks, particularly in the short to mid-term, while CLE are more effective in shielding against geopolitical risks. Over longer periods, GB maintain their safe haven status, while CLE’s protective capabilities diminish. The results also highlight that GB and CLE behave differently across quantiles, with GB showing stability across extreme market conditions, making it a more reliable hedge overall. This study offers valuable policy insights for key stakeholders. Policymakers are encouraged to integrate GB and CLE into sustainable finance strategies, investors can mitigate risk by blending these assets, and portfolio managers should adjust allocations dynamically based on evolving market conditions. The results underscore the importance of green assets as hedges in times of global uncertainty, contributing to the growing literature on sustainable finance.

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绿色债券和清洁能源股：全球不确定性的避风港？基于小波分位数的检测

在过去十年中，可再生能源领域的投资增长迅速，绿色债券（GB）和清洁能源股票（CLE）成为可持续金融的重要组成部分。本研究利用2013 - 2023年的日常数据，探讨了地缘政治风险（GEO）和经济政策不确定性（ECU）下，国库线和中央银行作为潜在避风港的不同作用。采用先进的小波分位回归（WQR）方法，我们评估了它们在不同时间范围和风险条件下的有效性。研究结果表明，国库券对经济风险的防范能力持续增强，尤其是在中短期，而CLE对地缘政治风险的防范能力更强。在较长时期内，国债保持其避险地位，而CLE的保护能力则减弱。结果还强调，GB和CLE在分位数上表现不同，GB在极端市场条件下表现稳定，使其成为更可靠的对冲。这项研究为关键利益相关者提供了有价值的政策见解。鼓励政策制定者将国库券和债务抵押贷款纳入可持续金融战略，投资者可以通过混合这些资产来降低风险，投资组合经理应该根据不断变化的市场情况动态调整配置。研究结果强调了绿色资产在全球不确定性时期作为对冲工具的重要性，为可持续金融的文献越来越多做出了贡献。

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

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.