The roles of oil shocks and geopolitical uncertainties on China’s green bond returns

Economic Analysis and Policy - Tập 74 - Trang 494-505 - 2022
Chi‐Chuan Lee1, Huayun Tang2, Ding Li1
1School of Public Administration, Southwestern University of Finance and Economics, Chengdu, China
2Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, Chengdu, China

Tóm tắt

Từ khóa


Tài liệu tham khảo

Abhyankar, 2013, Oil price shocks and the stock market: evidence from Japan, Energy J., 34, 199, 10.5547/01956574.34.2.7

Ali, 2022, The impacts of COVID-19 crisis on spillovers between the oil and stock markets: evidence from the largest oil importers and exporters, Econ. Anal. Policy, 73, 345, 10.1016/j.eap.2021.11.009

Alqahtani, 2020, Predictability of GCC stock returns: the role of geopolitical risk and crude oil returns, Econ. Anal. Policy, 68, 239, 10.1016/j.eap.2020.09.017

Antonakakis, 2017, Geopolitical risks and the oil-stock nexus over 1899–2016, Financ. Res. Lett., 23, 165, 10.1016/j.frl.2017.07.017

Apergis, 2018, Does geopolitical risks predict stock returns and volatility of leading defense companies? Evidence from a nonparametric approach, Def. Peace Econ., 29, 684

Apergis, 2009, Do structural oil-market shocks affect stock prices?, Energy Econ., 31, 569, 10.1016/j.eneco.2009.03.001

Balcilar, 2018, Geopolitical risks and stock market dynamics of the BRICS, Econ. Syst., 42, 295, 10.1016/j.ecosys.2017.05.008

Basher, 2012, Oil prices, exchange rates and emerging stock markets, Energy Econ., 34, 227, 10.1016/j.eneco.2011.10.005

Bouiyour, 2019, What are the categories of geopolitical risks that could drive oil prices higher? acts or threats?, Energy Econ., 10.1016/j.eneco.2019.104523

Bouri, 2018, Geopolitical risks and movements in islamic bond and equity markets: a note, Def. Peace Econ., 30, 367, 10.1080/10242694.2018.1424613

Broadstock, 2019, Time-varying relation between black and green bond price benchmarks: Macroeconomic determinants for the first decade, Financ. Res. Lett., 29, 17, 10.1016/j.frl.2019.02.006

Caldara, 2018

Chiu, 2020, Effects of financial development on energy consumption: the role of country risks, Energy Econ., 90, 10.1016/j.eneco.2020.104833

Cunado, 2020, Time-varying impact of geopolitical risks on oil prices, Def. Peace Econ., 31, 692, 10.1080/10242694.2018.1563854

Demirer, 2020, Oil price shocks, global financial markets and their connectedness, Energy Econ., 88, 10.1016/j.eneco.2020.104771

Demirer, 2019, Geopolitical risks and the predictability of regional oil returns and volatility, OPEC Energy Rev., 43, 342, 10.1111/opec.12160

Ferrer, 2018, Time and frequency dynamics of connectedness between renewable energy stocks and crude oil prices, Energy Econ., 76, 1, 10.1016/j.eneco.2018.09.022

Filis, 2011, Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries, Int. Rev. Financ. Anal., 20, 152, 10.1016/j.irfa.2011.02.014

Hamilton, 1983, Oil and the macroeconomy since world war II, J. Polit. Econ., 22, 8

Hamilton, 2009, Causes and consequences of the oil shock of 2007–08, 215

Huang, 2021, Dynamic linkage between oil prices and exchange rates: new global evidence, Empir. Econ., 61, 719, 10.1007/s00181-020-01874-8

Inchauspe, 2015, The dynamics of returns on renewable energy companies: a state-space approach, Energy Econ., 48, 325, 10.1016/j.eneco.2014.11.013

Inkpen, 2011

Jones, 1996, Oil and the stock markets, J. Financ., 51, 463, 10.1111/j.1540-6261.1996.tb02691.x

Kang, 2017, Oil price shocks, policy uncertainty, and stock returns of oil and gas corporations, J. Int. Money Financ., 70, 344, 10.1016/j.jimonfin.2016.10.003

Kang, 2019, The asymmetric response of gasoline prices to oil price shocks and policy uncertainty, Energy Econ., 70, 344

Kang, 2013, Structural oil price shocks and policy uncertainty, Econ. Model., 35, 314, 10.1016/j.econmod.2013.07.025

Kang, 2013, Oil shocks, policy uncertainty and stock market return, J. Int. Financ. Mark. Inst. Money, 26, 305, 10.1016/j.intfin.2013.07.001

Kang, 2015, Oil shocks, policy uncertainty and stock returns in China, Econ. Tranait., 23, 657, 10.1111/ecot.12062

Kang, 2017, Oil price shocks and policy uncertainty: new evidence on the effects of US and non-US oil production, Energy Econ., 66, 536, 10.1016/j.eneco.2017.01.027

Kang, 2014, The impact of oil price shocks on U.S. bond market returns, Energy Econ., 44, 248, 10.1016/j.eneco.2014.04.009

Killian, 2009, Not all oil price shocks are alike: disentangling demand and supply shocks in the crude oil market, Am. Econ. Rev., 99, 1053, 10.1257/aer.99.3.1053

Killian, 2009, The impact of oil price shocks on the U.S. stock market, Int. Econ. Rev., 50, 1267, 10.1111/j.1468-2354.2009.00568.x

Lee, 2019, Oil price shocks and Chinese banking performance: Do country risks matter?, Energy Econ., 77, 46, 10.1016/j.eneco.2018.01.010

Lee, 2022, How does green finance affect green total factor productivity? evidence from China, Energy Econ., 107, 10.1016/j.eneco.2022.105863

Lee, 2022, The impact of FDI on income inequality: evidence from the perspective of financial development, Int. J. Financ. Econ., 27, 137, 10.1002/ijfe.2143

Lee, 2021, Oil price shocks, geopolitical risks, and green bond market dynamics, North Am. J. Econ. Financ., 55, 10.1016/j.najef.2020.101309

Lee, 2017, Dynamic relationship of oil price shocks and country risks, Energy Econ., 66, 571, 10.1016/j.eneco.2017.01.028

Lee, 2021, The impact of COVID-19 pandemic on hospitality stock returns in China, Int. J. Financ. Econ., 10.1002/ijfe.2508

Lee, 2021, Policy-related risk and corporate financing behavior: Evidence from China’s listed companies, Econ. Model., 94, 539, 10.1016/j.econmod.2020.01.022

Lee, 2021, Geopolitical risk and tourism: evidence from dynamic heterogeneous panel models, Int. J. Tour. Res., 23, 26, 10.1002/jtr.2389

Lee, 2022, The impact of energy security on income inequality: the key role of economic development, Energy, 248, 10.1016/j.energy.2022.123564

Li, 2021, Structural characteristics and determinants of an international green technological collaboration network, J. Clean. Prod., 324, 10.1016/j.jclepro.2021.129258

Marques, 2018, Have fossil fuels been substituted by renewables? an empirical assessment for 10 European countries, Energy Policy, 116, 257, 10.1016/j.enpol.2018.02.021

Mei, 2020, Geopolitical risk uncertainty and oil future volatility: evidence from MIDAS models, Energy Econ., 86, 10.1016/j.eneco.2019.104624

Mensi, 2022, Dynamic and frequency spillovers between green bonds, oil and G7 stock markets: implications for risk management, Econ. Anal. Policy, 73, 331, 10.1016/j.eap.2021.11.015

Nandha, 2008, Does oil move equity prices? A global view, Energy Econ., 30, 986, 10.1016/j.eneco.2007.09.003

Narayan, 2015, Has oil price predicted stock returns for over a century?, Energy Econ., 48, 18, 10.1016/j.eneco.2014.11.018

Noguera-Santaella, 2016, Geopolitics and the oil price, Econ. Model., 52, 301, 10.1016/j.econmod.2015.08.018

Oberndorfer, 2009, Energy prices, volatility, and the stock market: Evidence from the erozone, Energy Policy, 37, 5787, 10.1016/j.enpol.2009.08.043

Papapetrou, 2001, Oil price shocks, stock market, economic activity and employment in Greece, Energy Econ., 23, 511, 10.1016/S0140-9883(01)00078-0

Peng, 2022, What shapes the impact of environmental regulation on energy intensity? new evidence from enterprise investment behavior in China, Environ. Sci. Pollut. Res., 10.1007/s11356-022-19655-4

Plakandaras, 2019, Point and density forecasts of oil returns: the role of geopolitical risks, Resour. Policy, 62, 580, 10.1016/j.resourpol.2018.11.006

Qin, 2020, Asymmetric effects of geopolitical risks on energy returns and volatility under different market conditions, Energy Econ., 90, 10.1016/j.eneco.2020.104851

Reboredo, 2018, Green bond and financial markets: Co-movement, diversification and price spillover effects, Energy Econ., 74, 38, 10.1016/j.eneco.2018.05.030

Reboredo, 2020, Network connectedness of green bonds and asset classes, Energy Econ., 86, 10.1016/j.eneco.2019.104629

Sadorsky, 1999, Oil price shocks and stock market activity, Energy Econ., 21, 449, 10.1016/S0140-9883(99)00020-1

Sadorsky, 2012, Correlations and volatility spillovers between oil prices and the stock prices of clean energy and technology companies, Energy Econ., 34, 248, 10.1016/j.eneco.2011.03.006

Sun, 2019, How do fossil energy prices affect the stock prices of new energy companies? evidence from divisia energy price index in China’s market, Energy, 169, 637, 10.1016/j.energy.2018.12.032

Wen, 2014, How do the stock prices of new energy and fossil fuel companies correlate? evidence from China, Energy Econ., 41, 63, 10.1016/j.eneco.2013.10.018

Yang, 2021, Geopolitical risk and renewable energy stock markets: an insight from multiscale dynamic risk spillover, J. Clean. Prod., 279, 10.1016/j.jclepro.2020.123429

Yang, 2021, The impact of mixed-frequency geopolitical risk on stock market returns, Econ. Anal. Policy, 72, 226, 10.1016/j.eap.2021.08.008

Zhang, 2018, Energy finance: background, concept, and recent developments, Emerg. Mark. Financ. Trade, 54, 1687, 10.1080/1540496X.2018.1466524

Zhang, 2022, Systemic risk of China’s financial industry during the spread of the COVID-19 epidemic and the breakdown of crude oil negotiation, Emerg. Mark. Financ. Trade, 58, 56, 10.1080/1540496X.2021.1968824

Zhao, 2022, Riding the FinTech innovation wave: FinTech, patents and bank performance, J. Int. Money Financ., 122, 10.1016/j.jimonfin.2021.102552