The investment of renewable energy: Is green bond a safe-haven to hedge US monetary policy uncertainty?
被引:6
|
作者:
Cao, Fangzhi
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机构:
Qingdao Univ, Sch Econ, Qingdao, Peoples R ChinaYunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
Cao, Fangzhi
[3
]
Su, Chi-Wei
论文数: 0引用数: 0
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机构:
Yunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
Univ Antonio Nebrija, Nebrija, Spain
Qingdao Univ, Sch Econ, Qingdao, Peoples R China
78 Kedazhi Rd, Qingdao, Shandong, Peoples R ChinaYunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
Su, Chi-Wei
[1
,2
,3
,7
]
Qin, Meng
论文数: 0引用数: 0
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机构:
Qingdao Univ, Sch Marxism, Qingdao, Peoples R China
West Univ Timisoara, Fac Econ, Doctoral Sch Econ & Business Adm, Timisoara, RomaniaYunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
Qin, Meng
[4
,5
]
Moldovan, Nicoleta-Claudia
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机构:
West Univ Timisoara, Finance Dept, Timisoara, RomaniaYunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
Moldovan, Nicoleta-Claudia
[6
]
机构:
[1] Yunnan Univ Finance & Econ, Sch Finance, Kunming 650221, Peoples R China
[2] Univ Antonio Nebrija, Nebrija, Spain
[3] Qingdao Univ, Sch Econ, Qingdao, Peoples R China
[4] Qingdao Univ, Sch Marxism, Qingdao, Peoples R China
[5] West Univ Timisoara, Fac Econ, Doctoral Sch Econ & Business Adm, Timisoara, Romania
[6] West Univ Timisoara, Finance Dept, Timisoara, Romania
[7] 78 Kedazhi Rd, Qingdao, Shandong, Peoples R China
Green bond;
US monetary policy uncertainty;
Time-varying causal relationship;
D O I:
10.1016/j.energy.2024.132651
中图分类号:
O414.1 [热力学];
学科分类号:
摘要:
This paper uses the bootstrap rolling-window Granger causality test to investigate the relationship between U.S. monetary policy uncertainty and green bond. The method addresses the limitations of ignoring the instability of coefficients and the time-varying relationship between the variables in previous literature. The results find both insignificant and significant relationship in the full period. One explanation of the insignificant relationship is that the changes of investor sentiment influence their judgment regarding to the monetary policy uncertainty and green bond, and thus the significance of the relationship between the variables. Besides, this paper finds the significant inter-relationship is time-varying. Specifically, in the sub-period when the market sentiment is low, the rising monetary policy uncertainty influences green bond price negatively. Meanwhile, the unexpected changes of green bond may also have both positive and negative effects on monetary policy uncertainty in different sub-periods. Thus, this paper proposes that the impact mechanism between the variables is effective when the investors are irrational. Furthermore, the findings may provide valuable implications for investors and governments, including adjusting investment strategy when the monetary policy is unclear, increasing monetary policy transparency, and monitoring speculative activity in green bond market. In addition, it is necessary to emphasize that the validity of the findings is limited to the U.S. and the period when investors' sentiment experience large fluctuations. Finally, future research may consider expand the analysis to the green stock, as it is another important channel for renewable energy investment.
机构:
Univ Western Australia, Business Sch, 8716 Hackett Dr, Crawley, WA 6009, AustraliaUniv Western Australia, Business Sch, 8716 Hackett Dr, Crawley, WA 6009, Australia
Husain, Shaiara
Sohag, Kazi
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机构:
Ural Fed Univ, Grad Sch Econ & Management, 19 Yekaterinburg, Ekaterinburg 620002, Oblast, RussiaUniv Western Australia, Business Sch, 8716 Hackett Dr, Crawley, WA 6009, Australia
Sohag, Kazi
Wu, Yanrui
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机构:
Univ Western Australia, Business Sch, 8716 Hackett Dr, Crawley, WA 6009, AustraliaUniv Western Australia, Business Sch, 8716 Hackett Dr, Crawley, WA 6009, Australia
机构:
China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
He, Lingyun
Wu, Meng
论文数: 0引用数: 0
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机构:
China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
Wu, Meng
Zhong, Zhangqi
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机构:
Zhejiang Univ Finance & Econ, Sch Econ, Hangzhou 310018, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
Zhong, Zhangqi
Xia, Yufei
论文数: 0引用数: 0
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机构:
Jiangsu Normal Univ, Business Sch, Xuzhou 221116, Jiangsu, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
Xia, Yufei
Yu, Jiaru
论文数: 0引用数: 0
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机构:
China Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
Yu, Jiaru
Jiang, Yunying
论文数: 0引用数: 0
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机构:
Ctr Bank China, Xuzhou Branch, Xuzhou 221000, Jiangsu, Peoples R ChinaChina Univ Min & Technol, Sch Management, Xuzhou 221116, Jiangsu, Peoples R China
机构:
Southwestern Univ Finance & Econ, Sch Publ Adm, Chengdu, Peoples R ChinaSouthwestern Univ Finance & Econ, Sch Publ Adm, Chengdu, Peoples R China
Fang, Yuzhu
Lee, Chi-Chuan
论文数: 0引用数: 0
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机构:
Southwestern Univ Finance & Econ, Sch Publ Adm, Chengdu, Peoples R China
Minist Educ, Big Data Lab Financial Secur & Behav, Lab Philosophy & Social Sci, SWUFE, Chengdu, Peoples R ChinaSouthwestern Univ Finance & Econ, Sch Publ Adm, Chengdu, Peoples R China
Lee, Chi-Chuan
Li, Xinghao
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机构:
Minist Educ, Big Data Lab Financial Secur & Behav, Lab Philosophy & Social Sci, SWUFE, Chengdu, Peoples R China
Southwestern Univ Finance & Econ, Res Inst Digital Econ & Interdisciplinary Sci, 555 Liutai Ave, Chengdu, Peoples R ChinaSouthwestern Univ Finance & Econ, Sch Publ Adm, Chengdu, Peoples R China