The Impact of Digital Finance on Clean Energy and Green Bonds through the Dynamics of Spillover
Urekeshova A. Rakhmetulina Z. Dubina I. Barykin S.E. Mottaeva A.B. Niyazbekova S.U.
24 March 2023Econjournals
International Journal of Energy Economics and Policy
2023#13Issue 2441 - 452 pp.
The primary objective of this research is to employ a novel time-varying causality test to establish the causal link between green technology, clean energy, digital finance, and environmental responsibility. The research study has used the time-varying Vector autoregression (VAR) method to analyze the relationship between digital finance on clean energy and green bonds through dynamic spillover in China from 2011 to 2019. In addition, for robustness, a spillover dynamic connectedness model is implemented. The empirical results show that the spillover shocks analysis comes from the clean energy to digital finance index (30.544%), followed by propagation from clean energy to green economic index (28.234%). Depending on economic events, the total connectedness across assets changes over time. Long-term Environmental costs are dramatically reduced by 0.68% with every 1% increase in clean energy consumption. However, the entire period from clean energy to digital finance is marked by heightened volatility and causal relevance. The study found that after the local economy and environmental governance, the institutional environment has the second-largest impact on the market expansion for green bonds. The findings add to our understanding of the risk profile of clean energy stocks and emphasize the need for stable, predictable laws to increase the marketability of pure energy stocks.
Clean Energy , Digital Finance , Green Bonds , Green Technology , TVP-VAR Technique
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L.N.Gumilyov Eurasian National University, Astana, Kazakhstan
N.Gumilyov Eurasian National University, Astana, Kazakhstan
Altai State University, Barnaul, Russian Federation
Graduate School of Service and Trade, Peter the Great St. Petersburg Polytechnic University, St. Petersburg, 195251, Russian Federation
Department of Management and Innovations, Financial University under the Government of the Russian Federation, Moscow, 125993, Russian Federation
Research and Education Center «Sustainable Development, Moscow Witte University, Moscow, 119454, Russian Federation
L.N.Gumilyov Eurasian National University
N.Gumilyov Eurasian National University
Altai State University
Graduate School of Service and Trade
Department of Management and Innovations
Research and Education Center «Sustainable Development
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