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Static and Dynamic Connectedness Between Green Bonds and Clean Energy Markets

In: The ESG Framework and the Energy Industry

Author

Listed:
  • Ayşe Nur Şahinler

    (Ankara Yıldırım Beyazıt University (AYBU))

  • Fatih Cemil Ozbugday

    (Ankara Yıldırım Beyazıt University (AYBU))

  • Sidika Basci

    (Ankara Yıldırım Beyazıt University (AYBU))

  • Tolga Omay

    (Atilim University)

Abstract

The green bond market has become one of the most promising mechanisms to raise financial sources for projects with environmental benefits that not only achieve carbon–neutral goals but also allow to diversify the risk and hedging. In this study, we examine the possible interdependence between the green bond market and seven energy markets, including Wilder Hill Clean Energy Index, S&P Global Clean Energy Index, Nasdaq Clean Edge Green Energy, Ardour Global Solar Energy Index, S&P Global Water Index, and MSCI Global Green Building Index using Diebold and Yilmaz's (2012) spillover framework. Our findings show that movements in the clean energy market have a spillover effect in the green bond market. Additionally, the spread of risk is asymmetrical.

Suggested Citation

  • Ayşe Nur Şahinler & Fatih Cemil Ozbugday & Sidika Basci & Tolga Omay, 2024. "Static and Dynamic Connectedness Between Green Bonds and Clean Energy Markets," Springer Books, in: James Thewissen & Özgür Arslan-Ayaydin & Wim Westerman & André Dorsman (ed.), The ESG Framework and the Energy Industry, pages 137-158, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-48457-5_8
    DOI: 10.1007/978-3-031-48457-5_8
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    More about this item

    Keywords

    Green bond; Green equity; Time connectedness;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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