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The cryptocurrency environmental attention and green bond connectedness
Zaghum Umar1,2, Ahmed Bossman3, Najaf Iqbal4,5
1College of Business, Zayed University, PO, Box 144534, Abu Dhabi, United Arab Emirates.
Environmental Science and Pollution Research International
|October 13, 2023
Summary
Green bonds and cryptocurrency attention show dynamic connectedness. Increased environmental focus amplifies spillovers, highlighting investor activism and global market impacts during crises.
Area of Science:
- Environmental Finance
- Cryptocurrency Markets
- Financial Econometrics
Background:
- Growing investor interest in sustainable assets like green bonds.
- Increasing environmental scrutiny of cryptocurrencies.
- Need to understand interdependencies between these markets.
Purpose of the Study:
- To investigate the dynamic connectedness between green bonds and the cryptocurrency environmental attention index (ICEA).
- To analyze the drivers and directionality of financial spillovers between these markets.
- To provide insights for policymakers and market participants.
Main Methods:
- Time-Varying Parameter Vector Autoregression (TVP-VAR) methodology.
- Analysis of return and volatility spillovers.
- Examination of spillover effects during significant global events.
Main Results:
- Dynamic connectedness exists between green bonds and ICEA.
- Spillovers intensify with higher environmental attention, indicating cross-market investor activism.
- Significant spillover sources include Denmark, Euro area, Hong Kong, Australia, and the US.
- Japan, UK, and Switzerland are key recipients of spillovers.
- Return spillovers are more substantial than volatility spillovers.
- Spillovers strengthened during the COVID-19 pandemic and the Ukraine conflict.
Conclusions:
- Environmental attention is a key factor driving interconnectedness between green bonds and cryptocurrency markets.
- Geopolitical and health crises exacerbate these financial spillovers.
- Findings offer crucial implications for sustainable finance strategies and risk management.
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