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Climate policy uncertainty and the green bond market: fresh insights from the QARDL model

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  • Xiaohang Ren
  • Yiying Li
  • Qiang Ji
  • Pengxiang Zhai

Abstract

Using a QARDL technique, this article explores the short- and long-term effects of climate policy uncertainty on the green bond market while controlling the impacts of shocks from the fossil fuel market and the conventional bond market. We find that in the short run, the crude oil price and treasury interest rates are more influential than climate policy uncertainty, whereas in the long run, the positive influence of climate policy uncertainty outweighs the effects of other driving factors. Our findings hold great implications for firms, bond investors, and policymakers to manage the increasing climate-related policy risk.

Suggested Citation

  • Xiaohang Ren & Yiying Li & Qiang Ji & Pengxiang Zhai, 2025. "Climate policy uncertainty and the green bond market: fresh insights from the QARDL model," Applied Economics Letters, Taylor & Francis Journals, vol. 32(4), pages 464-469, February.
    • Handle: RePEc:taf:apeclt:v:32:y:2025:i:4:p:464-469
    DOI: 10.1080/13504851.2023.2275643
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