NAVIGATING US CLIMATE POLICY UNCERTAINTY: NOVEL EVIDENCE FROM CARBON MARKETS, CRYPTOCURRENCY (DeFi), AND RENEWABLE ENERGY INNOVATIONS

Cengizhan Karaca

Makale detayları

NAVIGATING US CLIMATE POLICY UNCERTAINTY: NOVEL EVIDENCE FROM CARBON MARKETS, CRYPTOCURRENCY (DeFi), AND RENEWABLE ENERGY INNOVATIONS

Yazarlar:

Cengizhan Karaca

Yayıncı:

Dokuz Eylul University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 2, pp.811-843

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001341650

pISSN:

1308-0911

Anahtar kelimeler:

Özet:

 The aim of this study is to reveal the dynamics between climate policy uncertainty CPU and SP Global Carbon Credit Index CARBON, SP Cryptocurrency DeFi Index DeFi, and WilderHill New Energy Global Innovation Index NEX using data from December 2017 to March 2024 in the US. Fourier Bootstrap ARDL, Fourier Bootstrap quantile causality, and KRLS methods are used in the study. The findings reveal that there is a negative relationship between the CARBON and the CPU index in the long term. Although the DeFi does not have a statistically significant effect in the long term, it reveals that it has a negative effect on the CPU index in the short term. In contrast, the NEX has a positive relationship with the CPU index in both the short and long term. Moreover, there is a U-shaped non-linear relationship between the NEX and the CPU index, which weakens in moderate climate uncertainties and strengthens again in high uncertainty. Considering the causality results, there exists a causality from CARBON to CPU in the 2nd, 3rd, and 4th quantiles, and from CPU to CARBON in the 2nd and 3rd quantiles. Additionally, there is a causality from DeFi to CPU in the 8th quantile and from CPU to DeFi in the 1st quantile. Finally, there is a causal relationship from NEX to CPU in the 2nd, 3rd, 4th, and 5th quantiles and from CPU to NEX in the 9th quantile.

 The aim of this study is to reveal the dynamics between climate policy uncertainty CPU and SP Global Carbon Credit Index CARBON, SP Cryptocurrency DeFi Index DeFi, and WilderHill New Energy Global Innovation Index NEX using data from December 2017 to March 2024 in the US. Fourier Bootstrap ARDL, Fourier Bootstrap quantile causality, and KRLS methods are used in the study. The findings reveal that there is a negative relationship between the CARBON and the CPU index in the long term. Although the DeFi does not have a statistically significant effect in the long term, it reveals that it has a negative effect on the CPU index in the short term. In contrast, the NEX has a positive relationship with the CPU index in both the short and long term. Moreover, there is a U-shaped non-linear relationship between the NEX and the CPU index, which weakens in moderate climate uncertainties and strengthens again in high uncertainty. Considering the causality results, there exists a causality from CARBON to CPU in the 2nd, 3rd, and 4th quantiles, and from CPU to CARBON in the 2nd and 3rd quantiles. Additionally, there is a causality from DeFi to CPU in the 8th quantile and from CPU to DeFi in the 1st quantile. Finally, there is a causal relationship from NEX to CPU in the 2nd, 3rd, 4th, and 5th quantiles and from CPU to NEX in the 9th quantile.

 The aim of this study is to reveal the dynamics between climate policy uncertainty CPU and SP Global Carbon Credit Index CARBON, SP Cryptocurrency DeFi Index DeFi, and WilderHill New Energy Global Innovation Index NEX using data from December 2017 to March 2024 in the US. Fourier Bootstrap ARDL, Fourier Bootstrap quantile causality, and KRLS methods are used in the study. The findings reveal that there is a negative relationship between the CARBON and the CPU index in the long term. Although the DeFi does not have a statistically significant effect in the long term, it reveals that it has a negative effect on the CPU index in the short term. In contrast, the NEX has a positive relationship with the CPU index in both the short and long term. Moreover, there is a U-shaped non-linear relationship between the NEX and the CPU index, which weakens in moderate climate uncertainties and strengthens again in high uncertainty. Considering the causality results, there exists a causality from CARBON to CPU in the 2nd, 3rd, and 4th quantiles, and from CPU to CARBON in the 2nd and 3rd quantiles. Additionally, there is a causality from DeFi to CPU in the 8th quantile and from CPU to DeFi in the 1st quantile. Finally, there is a causal relationship from NEX to CPU in the 2nd, 3rd, 4th, and 5th quantiles and from CPU to NEX in the 9th quantile.

 Bu çalışmanın amacı, ABDde Aralık 2017 ile Mart 2024 arasındaki verileri kullanarak iklim politikası belirsizliği CPU ile SP Küresel Karbon Kredi Endeksi CARBON, SP Kripto Para DeFi Endeksi DeFi ve WilderHill Yeni Enerji Küresel İnovasyon Endeksi NEX arasındaki dinamikleri ortaya koymaktır. Çalışmada Fourier Bootstrap ARDL, Fourier Bootstrap kantil nedensellik ve KRLS yöntemleri kullanılmıştır. Bulgular, CARBON ile CPU endeksi arasında uzun vadede negatif bir ilişki olduğunu ortaya koymaktadır. DeFinin uzun vadede istatistiksel olarak anlamlı bir etkisi olmasa da, kısa vadede CPU endeksi üzerinde negatif bir etkisi olduğunu ortaya koymaktadır. Buna karşılık, NEXin hem kısa hem de uzun vadede CPU endeksi ile pozitif bir ilişkisi vardır. Ayrıca, NEX ile CPU endeksi arasında ılımlı iklim belirsizliklerinde zayıflayan ve yüksek belirsizlikte tekrar güçlenen U şeklinde doğrusal olmayan bir ilişki vardır. Nedensellik sonuçlarını göz önünde bulundurarak, 2., 3. ve 4. kantillerde CARBONdan CPUya ve 2. ve 3. kantillerde CPUdan CARBONa bir nedensellik vardır. Ek olarak, 8. kantilde DeFiden CPUya ve 1. kantilde CPUdan DeFiye bir nedensellik bulunmaktadır. Son olarak, 2., 3., 4. ve 5. kantillerde NEXten CPUya ve 9. kantilde CPUdan NEXe doğru bir nedensellik ilişkisi bulunmaktadır.

Makale detayları

NAVIGATING US CLIMATE POLICY UNCERTAINTY: NOVEL EVIDENCE FROM CARBON MARKETS, CRYPTOCURRENCY (DeFi), AND RENEWABLE ENERGY INNOVATIONS

Yazarlar:

Cengizhan Karaca

Yayıncı:

Dokuz Eylul University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 2, pp.811-843

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001341650

pISSN:

1308-0911

Climate Policy Uncertainty

Decentralized Finance (DeFi)

Renewable Energy

Carbon Creditİklim Politika Belirsizliği

Merkeziyetsiz Finans (DeFi)

Yenilenebilir Enerji

Karbon Kredileri

Sayı

Makale detayları

Yazarlar: Cengizhan Karaca

Yayıncı: Dokuz Eylul University

Ana Başlıklar: Makro İktisat (Diğer)

Dergi: Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 2, pp.811-843

Belge Tipi: Makale

Yayın Tarihi: 6/2025

Belge Dili: İngilizce

Document ID (Org No.): 2001341650

pISSN: 1308-0911

Sayı

Yazarlar:

Cengizhan Karaca

Yayıncı:

Dokuz Eylul University

Ana Başlıklar:

Makro İktisat (Diğer)

Dergi:

Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 2, pp.811-843

Belge Tipi:

Makale

Yayın Tarihi:

6/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001341650

pISSN:

1308-0911