IDEAS home Printed from https://ideas.repec.org/a/eee/riibaf/v74y2025ics0275531924005270.html
   My bibliography  Save this article

Green bond market stability and Russia Ukraine conflict: The role of green inclusive finance

Author

Listed:
  • Wang, Anqi
  • Ding, Shusheng
  • Cui, Tianxiang

Abstract

The military conflict between Russia and Ukraine in 2022 generated a profound influence on the global financial community. This paper takes the Russia Ukraine conflict as a geopolitical conflict example to explore the divergent responses of standard green bonds and green inclusive bonds to conflict-related risks. In order to construct the VAR model, a novel Russia Ukraine conflict risk (RUCR) index has been developed by employing the data from the China Green Bond Index (GB) as well as the Green Inclusive Finance Theme Finance Bond Select Index (GIB). Our findings indicate that the Russia Ukraine conflict jeopardized both bond markets, while the green inclusive bond market exhibits stronger resilience in resisting the shocks compared with the conventional green bond market. Specifically, green inclusive bonds suffer a negative effect on returns in a low level manner, exhibiting lower volatility in response to identical geopolitical risk shocks. On this basis, salient research implications for policymakers and investors can be extracted from our study.

Suggested Citation

  • Wang, Anqi & Ding, Shusheng & Cui, Tianxiang, 2025. "Green bond market stability and Russia Ukraine conflict: The role of green inclusive finance," Research in International Business and Finance, Elsevier, vol. 74(C).
    • Handle: RePEc:eee:riibaf:v:74:y:2025:i:c:s0275531924005270
    DOI: 10.1016/j.ribaf.2024.102734
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0275531924005270
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ribaf.2024.102734?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Green Inclusive Bond; Russia Ukraine Conflict; VAR model; Geopolitical risk;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:74:y:2025:i:c:s0275531924005270. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ribaf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.