绿色债券和美国页岩气价格:来自一个新的时间变化的因果关系的证据
Jiawen Wu1, Jing-Ping Li1, Chi-Wei Su2,3
1School of Finance, Shanxi University of Finance and Economics, Taiyuan, Shanxi, China.
Heliyon
|October 9, 2023
概括
这项研究揭示了绿色债券指数 (GBI) 和美国页岩气价格 (SGPI) 之间的动态关系. 虽然较高的SGPI可以促进绿色债券,但能源危机带来了复杂性,GBI也预测了SGPI的变化.
科学领域:
- 环境经济学环境经济学
- 金融市场 金融市场
- 能源市场 能源市场
背景情况:
- 绿色债券市场 (GBI) 和美国页岩气价格 (SGPI) 是可持续金融和能源经济学的关键指标.
- 对于投资者,监管机构和政策制定者来说,了解它们的相互关系对于导航市场波动和能源转型至关重要.
研究的目的:
- 调查绿色债券指数 (GBI) 和美国页岩气价格 (SGPI) 之间的因果关系和时间变化的动态.
- 将一种新的因果关系测试方法应用于绿色债券市场,以分析市场相互依赖.
主要方法:
- 使用了引导子样本滚动因果关系测试,这是检查绿色债券市场的新应用程序.
- 分析了SGPI和GBI之间的时间变化的因果关系,以捕捉不断变化的市场影响.
主要成果:
- 页岩气价格 (SGPI) 对绿色债券指数 (GBI) 产生了正面和负面影响.
- 积极的SGPI冲击可以增加对绿色项目的需求,加速GBI增长,尽管能源危机可能会使这种效应复杂化.
- 绿色债券市场 (GBI) 也对预测页岩气价格 (SGPI) 产生了积极影响.
结论:
- 这项研究证实了SGPI和GBI之间的显著,时间变化的联系,与一般平衡模型相一致.
- 双向因果关系表明,绿色债券市场的见解可以为页岩气价格预测提供信息.
- 调查结果对市场参与者,包括发行商,监管机构和两个行业的投资者都有实际影响.
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