Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2023.2177703
How do global financial markets affect the green bond markets? Evidence from different estimation techniques
Kutay Gozgor
Mesut Karakas
Sažetak
The green bond market has significantly improved in recent years
thanks to the development of financial instruments and the rising
climate change concerns. Given this backdrop, this paper investigates
the effects of returns in different financial markets, i.e. the
United States Treasury Bonds, the Standard & Poor’s stock market,
the United States Dollar, Gold, Crude Oil, and Bitcoin on the Green
Bond returns (the Standard & Poor’s Green Bond Index) from
September 17, 2014, to September 1, 2022. The results from the
robust linear and machine learning estimators indicate that the
returns of the United States Treasury Bonds and the United States
Dollar are negatively related to the Green Bond returns. Meanwhile,
Gold returns positively affect Green Bond returns. The quantile
regression estimations of Machado–Santos Silva also show that
these findings are valid in different quantiles. The paper also discusses
policy implications related to climate change and the development
of financial instruments to promote green investments
Ključne riječi
Green bond markets; financial markets; financial development; climate change; machine learning estimations; quantile regression estimations
Hrčak ID:
306853
URI
Datum izdavanja:
30.4.2023.
Posjeta: 394 *