揭示不同加密货币类别与气候变化问题之间的时频联系

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-03-18 DOI:10.1016/j.iref.2025.104064

Inzamam Ul Haq , Muhammad Abubakr Naeem , Chunhui Huo , Walid Bakry

{"title":"揭示不同加密货币类别与气候变化问题之间的时频联系","authors":"Inzamam Ul Haq , Muhammad Abubakr Naeem , Chunhui Huo , Walid Bakry","doi":"10.1016/j.iref.2025.104064","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the interlinkages among diverse cryptocurrency classes and their multiscale relationship with media climate change concerns to examine how cryptocurrency returns respond to rising climate change concerns. The analysis includes 11 cryptocurrencies classified as dirty, gold-backed, energy, and sustainable and their behavior regarding media climate change concerns, including transition and physical risks. Using squared wavelet coherence and partial wavelet coherence (PWC) on daily data from January 1, 2014 to June 29, 2024, this study shows time-frequency-dependent market integration among cryptocurrency pairs. During rising climate change concerns, returns decrease for some cryptocurrencies while increasing for XRP, implying higher investors' trust in sustainable cryptocurrencies. PWC analysis reveals significant influence of climate change concerns on pairwise returns connectedness among various cryptocurrency classes. This study highlights the need for cryptocurrency traders to incorporate media climate change information into their investment decisions, contributing insights into using diverse crypto-assets for risk management.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104064"},"PeriodicalIF":4.8000,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Unveiling time-frequency linkages among diverse cryptocurrency classes and climate change concerns\",\"authors\":\"Inzamam Ul Haq , Muhammad Abubakr Naeem , Chunhui Huo , Walid Bakry\",\"doi\":\"10.1016/j.iref.2025.104064\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study examines the interlinkages among diverse cryptocurrency classes and their multiscale relationship with media climate change concerns to examine how cryptocurrency returns respond to rising climate change concerns. The analysis includes 11 cryptocurrencies classified as dirty, gold-backed, energy, and sustainable and their behavior regarding media climate change concerns, including transition and physical risks. Using squared wavelet coherence and partial wavelet coherence (PWC) on daily data from January 1, 2014 to June 29, 2024, this study shows time-frequency-dependent market integration among cryptocurrency pairs. During rising climate change concerns, returns decrease for some cryptocurrencies while increasing for XRP, implying higher investors' trust in sustainable cryptocurrencies. PWC analysis reveals significant influence of climate change concerns on pairwise returns connectedness among various cryptocurrency classes. This study highlights the need for cryptocurrency traders to incorporate media climate change information into their investment decisions, contributing insights into using diverse crypto-assets for risk management.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"99 \",\"pages\":\"Article 104064\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2025-03-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1059056025002278\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056025002278","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究考察了不同加密货币类别之间的相互联系及其与媒体气候变化问题的多尺度关系，以研究加密货币回报如何应对日益严重的气候变化问题。该分析包括11种被归类为肮脏、黄金支持、能源和可持续的加密货币，以及它们在媒体气候变化问题上的行为，包括过渡和物理风险。利用平方小波相干性和部分小波相干性（PWC）对2014年1月1日至2024年6月29日的每日数据进行分析，本研究显示了加密货币对之间的时间频率依赖性市场整合。在气候变化担忧加剧的情况下，一些加密货币的回报率下降，而瑞波币的回报率上升，这意味着投资者对可持续加密货币的信任度更高。普华永道的分析显示，气候变化问题对各种加密货币类别之间的成对回报连通性产生了重大影响。这项研究强调了加密货币交易者将媒体气候变化信息纳入其投资决策的必要性，为使用各种加密资产进行风险管理提供了见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Unveiling time-frequency linkages among diverse cryptocurrency classes and climate change concerns

This study examines the interlinkages among diverse cryptocurrency classes and their multiscale relationship with media climate change concerns to examine how cryptocurrency returns respond to rising climate change concerns. The analysis includes 11 cryptocurrencies classified as dirty, gold-backed, energy, and sustainable and their behavior regarding media climate change concerns, including transition and physical risks. Using squared wavelet coherence and partial wavelet coherence (PWC) on daily data from January 1, 2014 to June 29, 2024, this study shows time-frequency-dependent market integration among cryptocurrency pairs. During rising climate change concerns, returns decrease for some cryptocurrencies while increasing for XRP, implying higher investors' trust in sustainable cryptocurrencies. PWC analysis reveals significant influence of climate change concerns on pairwise returns connectedness among various cryptocurrency classes. This study highlights the need for cryptocurrency traders to incorporate media climate change information into their investment decisions, contributing insights into using diverse crypto-assets for risk management.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.