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Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies
Energy Economics ( IF 12.8 ) Pub Date : 2023-02-23 , DOI: 10.1016/j.eneco.2023.106594
Arshian Sharif, Mariem Brahim, Eyup Dogan, Panayiotis Tzeremes

Cryptocurrencies have been widely used as financial instruments over the past decade. Given the development of the cryptocurrency market and the increasing awareness of greener and more energy-efficient tokens, their connection to the green economy has become a popular topic for understanding economic and policy issues. However, the literature still lacks clear evidence on how cryptocurrencies interact with green economy indicators. Therefore, this study examines the correlations and spillover relationships between green economy indices, five black cryptocurrencies, and five clean cryptocurrencies for the U.S., Euro, and Asian markets. To this end, it applies the novel quantile spillover index approach of Ando et al. (2018) to daily data from November 9, 2017, to April 4, 2022. The empirical results show that the overall linkage is stronger for green economy indices and clean cryptocurrencies than for dirty cryptocurrencies. Moreover, green economy indices show net receiving behavior, while cryptocurrencies' results differ across variables, quantiles, and time. In addition, a notable point for clean cryptocurrencies is 2020, which was the start of the COVID-19 pandemic. The overall spillover effect is very high for all quantiles for the three markets, especially for Asia. This outcome signifies the safe harbor property for diversification purposes of the green economy. The results presented in this study are important for investors, regulators and, policymakers, cryptocurrency founders as they seek to be financially integrated and develop a more sustainable business.



中文翻译:

绿色经济、清洁和肮脏加密货币之间的溢出效应分析

在过去十年中,加密货币已被广泛用作金融工具。鉴于加密货币市场的发展以及对更绿色、更节能的代币意识的增强,它们与绿色经济的联系已成为了解经济和政策问题的热门话题。然而,文献仍然缺乏关于加密货币如何与绿色经济指标相互作用的明确证据。因此,本研究考察了美国、欧元和亚洲市场的绿色经济指数、五种黑色加密货币和五种清洁加密货币之间的相关性和溢出关系。为此,它应用了Ando 等人的新型分位数溢出指数方法。(2018)从 2017 年 11 月 9 日到 2022 年 4 月 4 日的每日数据。实证结果表明,绿色经济指数和清洁加密货币的整体联系强于肮脏的加密货币。此外,绿色经济指数显示净接收行为,而加密货币的结果因变量、分位数和时间而异。此外,清洁加密货币的一个值得注意的时间点是 2020 年,这是 COVID-19 大流行的开始。这三个市场的所有分位数的整体溢出效应都非常高,尤其是亚洲。这一结果标志着绿色经济多样化目的的安全港财产。本研究中提出的结果对投资者、监管机构和政策制定者很重要,

更新日期:2023-02-23
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