稀土元素（ree）能对冲金融风险吗？能源市场背景下的溢出效应与投资组合分析

IF 10.2 2区经济学 0 ENVIRONMENTAL STUDIES

Resources Policy Pub Date : 2025-06-09 DOI:10.1016/j.resourpol.2025.105612

Marco Tedeschi

{"title":"稀土元素（ree）能对冲金融风险吗？能源市场背景下的溢出效应与投资组合分析","authors":"Marco Tedeschi","doi":"10.1016/j.resourpol.2025.105612","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the role of Rare Earth Elements (REEs) as financial hedging instruments in energy markets, analyzing the volatility and returns transmission across series with daily data spanning 2013–2024. Our findings indicate that while REEs initially acted as effective hedges — particularly before the Russia–Ukraine conflict — their ability to mitigate financial risk has weakened due to increased market volatility and geopolitical instability. These results suggest that investors relying on REEs for risk management should reassess their strategies, and policymakers should consider alternative resources to stabilize the clean energy supply chain. The diminishing hedging potential of REEs underscores the need for a diversified strategy in portfolio management and policy frameworks.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"107 ","pages":"Article 105612"},"PeriodicalIF":10.2000,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do Rare Earth Elements (REEs) hedge financial risk? A spillover and portfolio analysis in the context of the energy market\",\"authors\":\"Marco Tedeschi\",\"doi\":\"10.1016/j.resourpol.2025.105612\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the role of Rare Earth Elements (REEs) as financial hedging instruments in energy markets, analyzing the volatility and returns transmission across series with daily data spanning 2013–2024. Our findings indicate that while REEs initially acted as effective hedges — particularly before the Russia–Ukraine conflict — their ability to mitigate financial risk has weakened due to increased market volatility and geopolitical instability. These results suggest that investors relying on REEs for risk management should reassess their strategies, and policymakers should consider alternative resources to stabilize the clean energy supply chain. The diminishing hedging potential of REEs underscores the need for a diversified strategy in portfolio management and policy frameworks.</div></div>\",\"PeriodicalId\":20970,\"journal\":{\"name\":\"Resources Policy\",\"volume\":\"107 \",\"pages\":\"Article 105612\"},\"PeriodicalIF\":10.2000,\"publicationDate\":\"2025-06-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Resources Policy\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0301420725001540\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"0\",\"JCRName\":\"ENVIRONMENTAL STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Resources Policy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0301420725001540","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"0","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了稀土元素（ree）作为金融对冲工具在能源市场中的作用，分析了2013-2024年每日数据的波动性和收益传递。我们的研究结果表明，虽然稀土最初起到了有效的对冲作用，特别是在俄罗斯-乌克兰冲突之前，但由于市场波动加剧和地缘政治不稳定，它们减轻金融风险的能力已经减弱。这些结果表明，依赖ree进行风险管理的投资者应该重新评估他们的策略，政策制定者应该考虑替代资源来稳定清洁能源供应链。稀土资源对冲潜力的减少强调了在投资组合管理和政策框架方面需要多样化的战略。

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

Do Rare Earth Elements (REEs) hedge financial risk? A spillover and portfolio analysis in the context of the energy market

This paper investigates the role of Rare Earth Elements (REEs) as financial hedging instruments in energy markets, analyzing the volatility and returns transmission across series with daily data spanning 2013–2024. Our findings indicate that while REEs initially acted as effective hedges — particularly before the Russia–Ukraine conflict — their ability to mitigate financial risk has weakened due to increased market volatility and geopolitical instability. These results suggest that investors relying on REEs for risk management should reassess their strategies, and policymakers should consider alternative resources to stabilize the clean energy supply chain. The diminishing hedging potential of REEs underscores the need for a diversified strategy in portfolio management and policy frameworks.

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

Resources Policy ENVIRONMENTAL STUDIES-

CiteScore

13.40

自引率

23.50%

发文量

602

审稿时长

69 days

期刊介绍： Resources Policy is an international journal focused on the economics and policy aspects of mineral and fossil fuel extraction, production, and utilization. It targets individuals in academia, government, and industry. The journal seeks original research submissions analyzing public policy, economics, social science, geography, and finance in the fields of mining, non-fuel minerals, energy minerals, fossil fuels, and metals. Mineral economics topics covered include mineral market analysis, price analysis, project evaluation, mining and sustainable development, mineral resource rents, resource curse, mineral wealth and corruption, mineral taxation and regulation, strategic minerals and their supply, and the impact of mineral development on local communities and indigenous populations. The journal specifically excludes papers with agriculture, forestry, or fisheries as their primary focus.