This study builds on the fiscal decentralization and promotion tournament theories. Utilizing 12 years of panel data from 108 cities in the Yangtze River Economic Belt, we measure the urban carbon productivity index through a super-efficient SBM model that incorporates undesired outputs. We then analyze the effect of local land finance strategy interaction on urban carbon productivity and its mechanism using a spatial self-lagging model. Our key findings reveal: (1) Local governments exhibit mimetic spatial strategy interactions in land finance behavior, both from a geographical distance perspective and when combining economic development levels with geographical distance factors; (2) the interactive behavior of local land finance strategy has a significant inhibitory effect on urban carbon productivity, thereby leading to a loss of urban carbon productivity; (3) the local land finance strategy interaction causes a reduction in urban carbon productivity by changing the cross-city foreign direct investment strategy interaction, environmental regulation strategy interaction, and industrial structure strategy interaction. To achieve these goals, China should foster healthy competition among cities regarding land finance and promote âthree-way synergyâ between opening up, environmental protection, and industrial upgrading. These coordinated efforts aim to boost urban carbon productivity in the Yangtze Basin while offering developing countries a fresh approach to watershed governance focused on carbon reduction goals.
⢠Wavelet coherence reveals Bitcoinâs persistent link with climate policy uncertainty ⢠Green cryptos show context-dependent coherence with climate policy uncertainty ⢠Partial decoupling of green cryptos from Bitcoin emerges at medium-term scales ⢠Twofold framework uncovers time-scale responses of crypto to policy uncertainty ⢠Emphasizes need for stable climate regulations to curb crypto market volatility As global climate policy uncertainty (CPU) intensifies, understanding its intersection with emerging financial technologies becomes increasingly urgent. This study, therefore, investigates the dynamic relationship between CPU and the cryptocurrency market, focusing on Bitcoin and eight leading green cryptocurrencies (Algorand, Cardano, EOS, Hedera, IOTA, Nano, Stellar, and Tezos) using a wavelet coherence analysis. Specifically, the study employs a twofold framework: first, assessing the responsiveness of Bitcoin and green cryptocurrencies to climate policy uncertainty across time scales; second, examining Bitcoin's interaction with green cryptocurrencies to determine their potential stabilizing or decoupling effects amid regulatory uncertainty. The analysis spans from November 2017 to March 2025, capturing multiple phases of regulatory evolution and market transformation. The findings reveal that Bitcoin exhibits a structurally embedded and persistent coherence with CPU, especially over longer investment horizons. This persistent linkage highlights Bitcoinâs role in exacerbating regulatory volatility due to its significant environmental footprint. Conversely, green cryptocurrencies demonstrate more sporadic and context-dependent coherence, often aligning with major climate policy announcements or periods of regulatory scrutiny. While positioned as sustainable alternatives, these assets remain influenced by Bitcoinâs dominance and broader market sentiment, particularly at medium-term investment scales. The partial synchronization observed across key periods suggests an incomplete decoupling from both CPU and Bitcoin. These results highlight the importance of clear and stable climate regulations to reduce market uncertainty and support innovation in sustainable blockchain technologies.
This study presents a comprehensive ten-year (2015â2024) evaluation of renewable energy development in Cameroon, emphasizing its intersection with Sustainable Development Goals (SDGs) and broader cross-sectoral development outcomes. Combining time-series analysis of national capacity data, policy content evaluation, and SDG-aligned simulation modeling, the paper assesses both technical and institutional trajectories of the energy transition. Key findings reveal a substantial increase in off-grid installations in underserved regions and a notable rise in grid-connected solar capacityâfrom 0 MW in 2015 to 63 MW by 2024âdriven largely by post-2017 policy decentralization. Hydropower remains the dominant source, but the solar sector exhibited accelerated growth, contributing to enhanced rural electrification and public health infrastructure, with 27 % of rural health institutions now electrified. The renewable energy sector generated an estimated 3500 new jobs over the decade. An SDG alignment index applied across five targets indicates moderate but uneven progress, particularly for Goals 7 (affordable and clean energy), 3 (good health and well-being), and 13 (climate action). Scenario-based simulations underscore that policies promoting decentralized innovation and integrated energy planning significantly enhance rural energy access and socio-economic resilience. However, persistent financing barriers and institutional fragmentation constrain broader impact. The study offers a replicable analytical framework for data-driven, SDG-oriented assessment of energy transitions in Sub-Saharan Africa, contributing actionable insights for sustainable energy policy design in low-resource contexts. ⢠Renewable energy in Cameroon grew steadily between 2015 and 2024. ⢠Off-grid solar access expanded, boosting rural electrification progress. ⢠Policy reforms accelerated decentralized energy access and regulation. ⢠RE growth improved health, jobs, and equity across sectors. ⢠A roadmap aligns RE planning with SDG targets for Cameroon.
This study employs a theoretical, system designâbased methodology to propose the Palm GreenChain frameworkâa blockchain-based platform aimed at enhancing traceability, transparency, financial coverage, and accountability in green bond financing for sustainable palm oil production in Malaysia. The methodology integrates Ethereum-compatible smart contracts, ESG oracles, IPFS-based data storage, and DAO (Decentralized Autonomous Organization) governance to structure a digital green bond lifecycle. Rather than relying on empirical data collection, the framework is conceptualized through the development of a multi-layered blockchain architecture and validated via comparative analysis with analogous blockchain applications in agriculture. The proposed system is designed to enable real-time traceability of green bond disbursements, automate ESG compliance verification using satellite and IoT data, and strengthen accountability and access to climate finance for smallholder farmers. By embedding performance-based returns within smart contracts, the model aligns financial incentives with conservation goals. Leveraging Malaysiaâs advanced land administration infrastructure and digital capabilities, the framework presents a scalable, open-source solution to reduce greenwashing, expand financial inclusion in underserved agricultural communities, and enhance transparency and investor confidence in sustainable agricultural finance. By directly linking green finance to verifiable sustainability outcomes, Palm GreenChain addresses key limitations in conventional green bond mechanisms. Its applicability across diverse agricultural sectors positions it as a replicable blueprint for broader sustainable development. The framework is openly available via its GitHub repository.
Abstract The role of central banks in advancing sustainable (âgreenâ) digital finance is becoming increasingly significant, positioning them as both facilitators and key actors. This chapter begins by examining how climate-related financial risks may require adjustments to the operational frameworks of central bank policy tools, and highlights recent initiatives undertaken by central banks in response. It then reviews specific cases of sustainable digital finance in the central banking context, including: (1) the BISâs Project Genesis, which integrates the green bond market and carbon markets through digital technologies; and (2) the collaboration between the Bank of Korea (BOK) and the Korea Exchange (KRX) to explore the application of distributed ledger technology and central bank digital currency (CBDC) in carbon trading.
Danqi Chen, Yicheng Wang, Ahmed Muneeb Mehta, Muhammad Asif ¡ 6 authors
Decentralization has become a central theme in debates on economic growth, governance effectiveness, and sustainable development. This study undertakes a bibliometric analysis of 1,322 articles published between 2005 and 2024, retrieved from the Web of Science (WoS) and Scopus databases. Using VOSviewer and Bibliometrix (R-package), the analysis maps research productivity, collaboration networks, and thematic clusters. The results reveal two dominant clusters: fiscal decentralization and its socio-economic and environmental impacts and determinants of decentralization and economic growth . High-ranked journals such as Sustainability and Environmental Science and Pollution Research emerge as leading outlets, while the most productive countries include the China and United States . The findings highlight underexplored areas such as decentralizationâs role in renewable energy transitions and green finance. Framed within fiscal federalism and endogenous growth theory, this study contributes by identifying emerging trends, regional gaps, and policy implications for designing decentralization strategies that foster inclusive and sustainable economic growth. However, as a bibliometric study, it is limited in capturing case-specific or contextual details, which could be addressed in future qualitative or mixed-method research.
This study analyzes the time-varying interactions among assets in the digital financial asset market. Within the scope of the study, 1,820 daily observations from the 2020â2025 period for Ethereum, Ripple, Binance Coin, Cardano, Stellar, IOTA, Stacks, and Chainlink are examined using the Generalized R² method proposed by Balli et al. (2023). This approach reveals both contemporaneous and lagged interconnectedness between assets, thereby enabling an understanding of how dynamic relationships evolve over time. The results indicate that market interconnectedness is not stable over time and that the transmission of shocks tends to intensify particularly during periods of uncertainty. The findings show that Ethereum maintained a central role throughout the analysis period, while Cardano, STX, LINK, and IOTA were more exposed to shocks. These results underscore the necessity of policy frameworks that address not only individual asset risks but also contagion risks to promote market stability. From an investorâs perspective, it is recommended that portfolio compositions consider both contemporaneous and lagged effects.
Atul Kumar Singh, Nishanth Rao Dugyala, Farzad Pour Rahimian, Faris Elghaish ¡ 5 authors
Existing ESG reporting tools in construction organizations often lack transparency and accountability, presenting significant challenges in effectively managing and reporting ESG data. This research addresses the gap in current reporting practices by proposing and validating a hybrid blockchain solution aimed at enhancing ESG reporting in the Architecture, Engineering, and Construction (AEC) industry. The primary objective is to develop a blockchain-based solution that automates ESG reporting, addressing issues such as data fragmentation, lack of verification, and inefficiencies. Adopting a design science approach, the study develops a conceptual framework that combines Ethereum and Hyperledger Fabric to create a hybrid blockchain model for the prototype. The comprehensive literature review highlights key challenges in ESG practices and emphasizes the potential of blockchain technology to overcome these barriers. The findings show that the hybrid blockchain model successfully automates the ESG reporting process, ensuring transparency, immutability, and accountability. The prototype, validated through a case study involving two construction organizations, demonstrates the feasibility of combining Ethereum and Hyperledger Fabric to manage ESG data, reducing errors, preventing manipulation, and enabling real-time reporting. This research enriches the theoretical understanding of blockchain applications in ESG practices. It provides practical implications by offering a tangible, blockchain-based solution that ensures transparent, reliable, and accountable ESG reporting in the construction industry, ultimately contributing to more sustainable practices.
The current study undertakes a bibliometric examination to analyze the emerging intersection of green finance and environmental monitoring, two critical areas that are driving the global agenda for sustainability. Based on evidence from the Scopus database and visualization using VOSviewer, the study investigates 20 years of scholarly articles to identify major authors, institutions, countries, and thematic groups. The findings of the research pinpoint a discernible chronological developmentâearly research into pollution detection and environmental monitoring systems giving way to subsequent emphasis on financial tools such as green bonds, sustainable development investments, and decentralized finance. Keyword co-occurrence and overlay visualization show how environmentally pertinent data increasingly is being made part of financial decision-making and policy-making. In addition, the study reveals Chinese, American, Indian, and certain European country regional leadership in terming the story. Findings reveal theoretical and empirical contributions through the convergence of environmental science and financial innovation, as well as discovering limitations towards database scope and metrics by citation. Lastly, the study provides a strategic model for scholars, investors, and policymakers seeking to align environmental intelligence with sustainable finance practice.
ABSTRACT Despite the universal acknowledgment of financial profit expectations as an investment driver, environmental concern has been suggested as a factor influencing investors' decisions to purchase cryptocurrency. In this sense, this study investigates the impact of environmental information on investment allocation decisions to purchase different types of cryptocurrencies with different levels of environmental impacts (i.e., cryptocurrencies using ProofâofâWork (Bitcoin) and ProofâofâStake (Ether) consensus algorithms). This study used an online survey involving 199 respondents in experimental groups (receiving environmental information before allocating decision) and control groups (receiving no environmental information before allocating decision) to split an imaginary fund into Bitcoin and Ether. No significant difference in allocating capital was found between the groups regardless of investment horizon, time of affiliation as a cryptocurrency investor, education level of the respondents, and perceived importance of environmental impacts. Possible explanations for this insensitivity are widespread prior knowledge about the environmental impact of Bitcoin, psychological reactance towards environmental information, and the assessed overall low perceived importance of environmental impact for investment decisions in cryptocurrencies. The lack of significant impact found in such an experimental study implies that environmental education alone cannot be sufficient to shift investor preferences. The findings offer initial insights into the impact of environmental awareness on cryptocurrency investment motivations and provide empirical evidence to understand cryptocurrency investment behaviors in the current research scene. The results suggest researchers and policymakers investigate further investors' motives while coming up with more restrictive policy instruments to mitigate the negative environmental impact of cryptocurrencies.
With the global emphasis on sustainable development, green finance has emerged as a critical driver for balancing economic growth and environmental protection. Decentralized financial instruments (DeFi), leveraging unique technological advantages and operational mechanisms, are reshaping the traditional risk transfer logic of banks in the green finance sector. This paper explores the core characteristics of decentralized green financial instruments and their applications in green bonds, carbon trading, and other domains. Through a combination of theoretical analysis and case studies, it details how these instruments reconstruct traditional risk transfer pathways, alter risk-sharing models, and influence banks' risk management systems and financial market stability. By providing insights for banks to optimize risk management strategies in the new financial ecosystem, this study highlights the transformative role of decentralized green financial instruments in reshaping the landscape of financial risk management and their promising future developments.
Amid growing global urgency for climate action, innovative financial mechanisms are critical for advancing renewable energy transitions in developing economies. This study investigates the role of financial technology (fintech), with a focus on foreign portfolio investment (FPI), in influencing renewable energy investment (REINV) across 54 developing countries in Africa, Asia, and Latin America from 2010 to 2023. Employing a multi-method empirical approach, comprising Spatial Durbin Models (SDM), Quantile Regression (QR), Stochastic Frontier Analysis (SFA), and Spatial Quantile Regression (SQR), the research captures spatial dependencies, distributional heterogeneity, and efficiency dynamics. The SDM results indicate that FPI significantly increases REINV both directly (1.112) and indirectly through spillover effects (0.445), supported by significant spatial autocorrelation (0.334). Economic development and institutional quality also play key roles, with GDP per capita and institutional quality exerting positive and significant direct effects. Quantile regression reveals that FPI has a stronger influence at higher quantiles of REINV, with coefficients rising from 0.745 to 1.445, highlighting distributional inequality in fintech impact. SFA results show that FPI also enhances technical efficiency (0.912), though diminishing marginal returns are evident. Greater financial depth and electricity access reduce inefficiency, while inflation worsens it. Spatial quantile regression further confirms that regional spillovers are more pronounced among high-investment countries, underscoring the role of spatial dynamics in clean energy financing. The findings suggest that fintech can be a catalyst for renewable energy growth, especially in countries with higher institutional and financial capacity. Policy recommendations include strengthening digital infrastructure, enhancing regulatory coordination, and ensuring macroeconomic stability to fully leverage fintech's potential. Future research should explore emerging fintech tools such as decentralized finance and blockchain-based green bonds.
This study investigates the relationship between gas consumption and value transferred in Ethereum smart contracts, offering insights into resource utilization and efficiency within the blockchain ecosystem. Analyzing a dataset of 1,000 smart contracts, a moderate positive correlation r=0.45,p<0.05 was observed, indicating that higher gas consumption generally corresponds to larger financial transactions. The average gas consumption per contract was found to be 58,451,329.47 units, with a standard deviation of 20,123,456.89, highlighting significant variability in computational resource usage. Similarly, the average value transferred was 7,851.47 ETH, ranging from 0.001 ETH to over 100,000 ETH, showcasing the diverse financial applications of smart contracts. Efficiency analysis, measured as the ratio of value transferred to gas consumed, revealed an average efficiency of 0.00013 ETH per unit of gas, with some contracts achieving up to 0.01 ETH per unit of gas and others as low as 0.000007 ETH per unit of gas, reflecting varying levels of optimization. Outliers with disproportionately high gas consumption relative to value transferred were identified, suggesting inefficiencies or unique use cases. These findings underscore the importance of optimizing smart contract design to minimize gas costs and improve performance. Future research directions include functionality-specific analyses, anomaly detection, comparative studies across blockchain platforms, and exploring the economic implications of gas consumption. This work provides actionable insights for developers, researchers, and policymakers aiming to enhance the efficiency and sustainability of decentralized systems.
This paper examines the interconnection and wavelet coherence between the green cryptocurrency market and the green conventional market, utilizing daily data. The research period covers 1 July 2020 to 30 September 2024. Employing the time-varying parametric vector autoregression (TVP-VAR) model and wavelet coherence analysis, we capture both short- and long-term spillovers across markets. The results show that cryptocurrencies, particularly Binance and Litecoin, act as dominant transmitters of volatility and return shocks, while green conventional indices function mainly as receivers with strong self-dependence. Spillover intensity is highly time-varying, with peaks during periods of systemic stress, particularly during the COVID-19 pandemic, and troughs indicating diversification opportunities. These findings advance the literature on systemic risk and portfolio design by showing that crypto assets can simultaneously amplify vulnerabilities and enhance diversification when combined with green finance instruments. For policy, the results highlight the need for regulatory frameworks that integrate sustainability taxonomies, mandate environmental disclosures for digital assets, and incentivize energy-efficient blockchain adoption to align crypto markets with sustainable finance objectives. This research enhances our understanding of the interrelationship between green investments and cryptocurrencies, providing valuable insights for investors and policymakers on risk management and diversification strategies in an increasingly sustainable financial landscape.
Emma VerĂłnica Ramos Farroùån, Gary Christiam FarfĂĄn Chilicaus, LuĂs Edgardo Cruz Salinas, Liliana Correa Rojas ¡ 8 authors
This systematic review synthesizes evidence on economic instruments that mobilize renewable-energy investment in emerging economies, analyzing 50 peer-reviewed studies published between 2015 and 2025 under PRISMA 2020. We advance an Institutional Capacity Integration Framework that ties instrument efficacy to regulatory, market, and coordination capabilities. Green bonds have mobilized roughly USD 500 billion yet work only where robust oversight and liquid markets exist, offering limited gains for decentralized access. Direct subsidies cut renewable electricity costs by 30â50% and connect 45 million people across varied contexts, but pose fiscalâsustainability risks. Carbon pricing schemes remain rare given their administrative complexity, while multilateral climate funds show moderate effectiveness (coefficients 0.3â0.8) dependent on national coordination strength. Bibliometric mapping with Bibliometrix reveals three fragmented paradigmsâmarket efficiency, state intervention, and international cooperationâand highlights geographic gaps: sub-Saharan Africa represents just 16% of studies despite acute financing barriers. Sixty-eight percent of articles employ descriptive designs, constraining causal inference and reflecting tensions between SDG 7 (affordable energy) and SDG 13 (climate action). Our framework rejects one-size-fits-all prescriptions, recommending phased, context-aligned pathways that progressively build capacity. Policymakers should tailor instrument mixes to institutional realities, and researchers must prioritize causal methods and underrepresented regions through focused initiatives for equitable global progress.
CÄtÄlin Gheorghe, Oana Panazan, Hind Alnafisah, Ahmed Jeribi
This study investigates the asymmetric responses of AI and ESG Exchange Traded Funds (ETFs) to geopolitical and financial uncertainty, with a focus on resilience across market regimes. The NASDAQ-100 and MSCI ESG Leaders indices are used as proxies for thematic ETFs, and their dynamic interlinkages are examined in relation to volatility indicators (VIX, GPR), alternative assets (Bitcoin, Ethereum, gold, oil, natural gas), and safe-haven currencies (CHF, JPY). A daily dataset spanning the 2016â2025 period is analyzed using Quantile-on-Quantile Regression (QQR) and Wavelet Coherence (WCO), enabling a granular assessment of nonlinear, regime-dependent behaviors across quantiles. Results reveal that ESG ETFs demonstrate stronger downside resilience under extreme uncertainty, maintaining stability even during periods of elevated geopolitical and financial risk. In contrast, AI-themed ETFs tend to outperform under moderate-risk conditions but exhibit greater vulnerability during systemic stress, reflecting differences in asset composition and investor risk perception. The findings contribute to the literature on ETF resilience and cross-asset contagion by highlighting differential behavior patterns under varying uncertainty regimes. Practical implications emerge for investors and policymakers seeking to enhance portfolio robustness through thematic diversification during market turbulence.
ABSTRACT This study aims to conduct an inâdepth analysis of the complex nonlinear dependence relationships between cryptocurrencies and gold within the stocks of BRICS countries. The study employs a GARCHâEVTâVineâCopula and wavelet coherence models to evaluate the interconnectedness, tail risk and Coâmovement pattern of these assets before and after the outbreak of COVIDâ19. The findings reveal that, prior to COVIDâ19, significant tail dependence existed between China's stock market, the cryptocurrency index, and the indices of India and Russia, while other indices exhibited only weak dependence. However, after the outbreak of COVIDâ19, the tail dependence among variables became more pronounced. The South African stock market appears to have emerged as the center of extreme lowerâtail risk spillovers among the studied variables. During the COVIDâ19 outbreak, cryptocurrency markets demonstrated stronger coherence with global stock markets than gold, especially in the US market, potentially compromising their diversification effectiveness. Furthermore, our empirical results were validated by the Kupiec test and the Christoffersen test. The results of this study not only enhance the theoretical understanding of risk management in emerging markets during periods of extreme market crises but also provide valuable insights for policymakers in formulating strategies to ensure financial market stability.
Yasir Habib, Noor Raida Abd Rahman, Shujahat Haider Hashmi, Minhaj Ali
Carbon neutrality and sustainable development goals have become globally imperative, as evidenced by the Paris Agreement, and the Nationally Determined Contributions mechanism. At the recently ended COP28 climate summit, the majority of the participating countries encountered these challenges through financial commitments to attain their objectives of carbon neutrality for sustainable development. Green finance and environmental decentralization play key roles in realizing these targets. The core focus of this study is to demystify the impacts of green finance and environmental decentralization on sustainable development by employing a panel dataset comprising 44 OECD countries, spanning 1995-2022. Ecological footprint serves as an indicator of sustainable development. Financial investment directed towards climate change mitigation and climate change adaptation technologies with alternative output-input green finance indicators are used as measures for green finance. A new index was devised that incorporates multiple indicators of environmental decentralization to gauge its influence on sustainable development. Using OLS, Oster coefficient stability, Lewbel 2SLS, and Kiviet instrumental variable techniques, our findings demonstrate that green finance significantly enhances sustainable development across countries. The empirical findings reveal that green finance and environmental decentralization exhibit a positive, statistically significant influence on sustainable development in OECD countries, while also playing a mitigating role in the reduction of environmental degradation. Considering these findings, it is imperative that OECD countries formulate and implement policies that foster green financing and empower local governments. This formulation and authorization are crucial for reducing pollution through the stimulation of innovation in climate change mitigation and adaptation technologies. In doing so, these policies will substantially reinforce the achievement of the United Nations' Sustainable Development Goals 9 and 12.
This paper explores the causal relationship between the U.S. trade policy uncertainty and cryptocurrency returns using the quantile Granger causality test. Unlike traditional approaches that focus on average effects, this method captures asymmetric causal dynamics across the entire conditional distribution. The analysis employs two established indices of trade policy uncertainty developed by Caldara et al. (2020) and by Baker et al. (2016), ensuring robustness and mitigating potential biases from relying on a single measure. The empirical results indicate that changes in cryptocurrency prices consistently Granger cause movements in trade policy uncertainty across most quantiles, suggesting that cryptocurrencies may serve as early indicators of shifts in economic policy sentiment. In contrast, the effect of trade policy uncertainty on cryptocurrency returns is most pronounced in the tails of the distribution, highlighting a stronger influence during periods of extreme market conditions. These findings highlight the importance of accounting for nonlinear and asymmetric effects in assessing the interaction between economic policy uncertainty and cryptocurrency markets.
Green bonds have rapidly emerged as a transformative financial instrument within sustainable finance, channelling capital toward projects with explicit environmental benefits such as renewable energy, clean infrastructure, and climate adaptation. This paper provides a comprehensive investigation into the growth trajectory and impact of green bonds on sustainable finance, synthesizing evidence from empirical studies, systematic literature reviews, and industry analyses. The findings reveal that green bonds significantly enhance access to funding for environmentally friendly investments and contribute to market stability and transparency by requiring clear reporting and third-party verification of environmental outcomes. The issuance of green bonds is positively associated with factors such as renewable energy capacity and economic growth, while higher interest rates and market saturation in emission reductions can temper issuance growth. Sovereign green bonds, in particular, act as catalysts, fostering the expansion and quality of private green bond markets by setting benchmarks and improving green verification standards. Despite their promise, challenges persist, including risks of green washing and the lack of globally consistent certification standards. The integration of green bonds with innovative technologies such as decentralized finance (DeFi) is also explored as a means to further democratize and enhance the efficiency of sustainable finance. This research offers actionable insights for investors, policymakers, and academics seeking to leverage green bonds for the global transition to a green economy
This research examines the dynamic interaction between conventional financial assets, namely the US dollar, the S&P 500 index, gold and crude oil, and ten major green cryptocurrencies, focusing on their spillover linkages and hedging capacities during major global economic and geopolitical shocks. The study analyses daily data to uncover spillover effects using the innovative Quantile-Vector Autoregressive methodology developed by Cunado et al. (2023) . Results indicate that green cryptocurrencies significantly interact with other examined instruments. Algorand, Cardano, IOTA, TRON and Powerledger demonstrate the largest interactive effects, with the latter standing out as a consistent transmitter of influence across both crises, demonstrating that this sub-class of cryptocurrency is exhibiting elevated maturity. Traditional assets predominantly act as receivers of such risk dynamics from more speculative asset classes, with gold identified as an effective absorber of spillovers, especially in bear markets. Conversely, the US dollar and crude oil are identified as large transmitters of spillover impacts, a result found to be particularly influential in periods of geopolitical conflict. The study further reveals that green cryptocurrencies promoting trust, innovation, and renewable energy are more effectively connected with traditional investments than those focusing on financial services or business accessibility, presenting diversification opportunities during crises.
This study investigates the heterogeneous responses of Bitcoin (BTC), gold (GOLD), and green bonds (GBOND) to geopolitical risk (GPR) shocks across different market regimes and investment horizons. Using a triadic empirical framework that encompasses wavelet quantile-on-quantile regression (QQR), wavelet cross-quantilogram (WCQ), and advanced portfolio optimization strategies, our analysis captures asymmetric dependence, tail risks, and time-frequency dynamics from January 2015 to December 2024. Our results show that BTC consistently has strong hedging potential at lower quantiles, particularly during short-term stress, whereas GOLD and GBOND offer greater stability over medium- and long-term horizons. Conditional expected shortfall (CES) and extreme downside correlation (EDC) analyses highlight BTCâs resilience to extreme downside risks, whereas GOLD and GBOND serve primarily as long-term defensive assets. Portfolio optimization confirms BTCâs critical role in diversification under minimum correlation and connectedness strategies, and GBOND dominates variance-minimizing portfolios. These findings offer practical guidance for constructing robust, adaptive portfolios under geopolitical uncertainty.
This study applied the Spatial Durbin model (SDM) to examine the regional impact of fiscal federalism on green financing and environmental quality in China between 2000 and 2020. Using principal component analysis (PCA) in STATA, the environmental quality index and green financing (GF) model were created. The fully modified ordinary least squares (FMOLS) and dynamic panel ordinary least squares (DOLS) approaches were used to assess the baseline modelâs robustness. The findings indicate that there is a beneficial and noteworthy impact on environmental quality from the decentralization of fiscal expenditure and GF. Moreover GF is positively and significantly correlated with green technological innovation (GTI) and fiscal decentralization (FD), both of which are identified as GF accelerators. The association between the environment and the interaction impact of GF and green technology (GT) is favorable and noteworthy. Based on this study, the Chinese Government should expedite the decentralization process to improve GF and, eventually, environmental quality. Fiscal expenditure decentralization (F.DE) and GT play a significant role in promoting environmentally friendly technologies, optimal energy use, and innovations in the effort to create the least polluting economy.
Hanen Ben Ameur, Fouad Jamaani, Mohammed N. Abu-Alfoul
This study investigates the co-movements between prominent financial assets-crude oil, natural gas, gold, and Bitcoin-and uncertainty indices, including the Infectious Disease Equity Market Volatility Tracker (IDEMV) and the Geopolitical Risk Index (GPR), from January 2017 to January 2023. By employing advanced wavelet techniques-Wavelet Power Spectrum (WPS), Bi-Wavelet Coherence (WCA), Multiple Wavelet Coherence (MWC), and Partial Wavelet Coherence (PWC)-we analyze their time- and frequency-dependent responses to market shocks. The results reveal that Bitcoin and WTI exhibit time-varying sensitivity to IDEMV, particularly at short- and medium-term frequencies, highlighting their vulnerability to health-related crises like COVID-19. In contrast, gold and natural gas respond more strongly to GPR, with gold demonstrating a long-term leading role during geopolitical uncertainties, while Bitcoin and WTI lead in health-related shocks. The Russia-Ukraine conflict further amplified GPR's impact on Bitcoin and increased natural gas's vulnerability to geopolitical disruptions. These findings underscore the need for tailored strategies to address health and geopolitical risks. Policymakers should enhance crisis-response frameworks for Bitcoin and crude oil, while investors can reduce uncertainty by diversifying portfolios with resilient assets like gold and natural gas.