Navigating China's green bonds: Insights from cryptocurrency price, oil price, and economic policy uncertainty

Abstract

This study examines the impacts of bitcoin price (BTP), crude oil price (COP), and economic policy uncertainty (EPU) on China’s green bonds (GBs) in a period from 2014: M10 to 2024: M04 using the quantile autoregressive distributed lag model. Results demonstrate that BTP and EPU positively and negatively affect GBs in the long-term across all quartiles, respectively, while COP enhibits insignificance. In the short-term, all variables positively affect GBs and are concentrated in the low quantiles. This study constructs a multivariate framework to explore financial linkages across markets and examines variable interactions, enriching the theoretical framework of the GB market.