Return Transmission among Fossil Energy Commodities, Clean Energy Stocks, Green Bonds, and Energy Cryptocurrency

Pinar Evrim Mandacı; Birce Tedik Kocakaya; Efe Çağlar Çağlı

Makale detayları

Return Transmission among Fossil Energy Commodities, Clean Energy Stocks, Green Bonds, and Energy Cryptocurrency

Yazarlar:

Pinar Evrim Mandacı | Birce Tedik Kocakaya | Efe Çağlar Çağlı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Environment and Climate Finance | Finance | Financial Markets and Institutions

Dergi:

Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty Vol.12 Issue 3, pp.882-899

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001359645

pISSN:

2149-1658

Anahtar kelimeler:

Özet:

 This paper investigates return transmission among fossil energy commodities crude oil, natural gas, gas oil, unleaded gasoline, and heating oil, clean energy stocks, green bonds, and energy cryptocurrency markets. We consider Bloombergs fossil energy subindices to proxy various energy commodities. We use the WilderHill Clean Energy Index ECO and Solactive Green Bond Index GB as proxies for clean energy stocks and green bonds. In addition, the Powerledger POWR coin is used to proxy energy cryptocurrency. We employ the TVP-VAR frequency connectedness technique for the period from November 12, 2017, to September 28, 2023. Our findings indicate a moderate level of interdependence with an apparent increase observed during the COVID-19 pandemic. Notably, short-term factors play a significant role in shaping this connectedness. Furthermore, the analysis identifies clean energy stocks, green bonds and energy cryptocurrencies as recipients, while all fossil energy commodities other than natural gas and gasoline are identified as transmitters. These conclusions have important implications for investors and policymakers.

 This paper investigates return transmission among fossil energy commodities crude oil, natural gas, gas oil, unleaded gasoline, and heating oil, clean energy stocks, green bonds, and energy cryptocurrency markets. We consider Bloombergs fossil energy subindices to proxy various energy commodities. We use the WilderHill Clean Energy Index ECO and Solactive Green Bond Index GB as proxies for clean energy stocks and green bonds. In addition, the Powerledger POWR coin is used to proxy energy cryptocurrency. We employ the TVP-VAR frequency connectedness technique for the period from November 12, 2017, to September 28, 2023. Our findings indicate a moderate level of interdependence with an apparent increase observed during the COVID-19 pandemic. Notably, short-term factors play a significant role in shaping this connectedness. Furthermore, the analysis identifies clean energy stocks, green bonds and energy cryptocurrencies as recipients, while all fossil energy commodities other than natural gas and gasoline are identified as transmitters. These conclusions have important implications for investors and policymakers.

 This paper investigates return transmission among fossil energy commodities crude oil, natural gas, gas oil, unleaded gasoline, and heating oil, clean energy stocks, green bonds, and energy cryptocurrency markets. We consider Bloombergs fossil energy subindices to proxy various energy commodities. We use the WilderHill Clean Energy Index ECO and Solactive Green Bond Index GB as proxies for clean energy stocks and green bonds. In addition, the Powerledger POWR coin is used to proxy energy cryptocurrency. We employ the TVP-VAR frequency connectedness technique for the period from November 12, 2017, to September 28, 2023. Our findings indicate a moderate level of interdependence with an apparent increase observed during the COVID-19 pandemic. Notably, short-term factors play a significant role in shaping this connectedness. Furthermore, the analysis identifies clean energy stocks, green bonds and energy cryptocurrencies as recipients, while all fossil energy commodities other than natural gas and gasoline are identified as transmitters. These conclusions have important implications for investors and policymakers.

 This paper investigates return transmission among fossil energy commodities crude oil, natural gas, gas oil, unleaded gasoline, and heating oil, clean energy stocks, green bonds, and energy cryptocurrency markets. We consider Bloombergs fossil energy subindices to proxy various energy commodities. We use the WilderHill Clean Energy Index ECO and Solactive Green Bond Index GB as proxies for clean energy stocks and green bonds. In addition, the Powerledger POWR coin is used to proxy energy cryptocurrency. We employ the TVP-VAR frequency connectedness technique for the period from November 12, 2017, to September 28, 2023. Our findings indicate a moderate level of interdependence with an apparent increase observed during the COVID-19 pandemic. Notably, short-term factors play a significant role in shaping this connectedness. Furthermore, the analysis identifies clean energy stocks, green bonds and energy cryptocurrencies as recipients, while all fossil energy commodities other than natural gas and gasoline are identified as transmitters. These conclusions have important implications for investors and policymakers.

Makale detayları

Return Transmission among Fossil Energy Commodities, Clean Energy Stocks, Green Bonds, and Energy Cryptocurrency

Yazarlar:

Pinar Evrim Mandacı | Birce Tedik Kocakaya | Efe Çağlar Çağlı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Environment and Climate Finance | Finance | Financial Markets and Institutions

Dergi:

Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty Vol.12 Issue 3, pp.882-899

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001359645

pISSN:

2149-1658

Green markets

Energy market

Energy cryptocurrency

COVID-19 pandemic

TVP-VAR

Sayı

Makale detayları

Return Transmission among Fossil Energy Commodities, Clean Energy Stocks, Green Bonds, and Energy Cryptocurrency

Yazarlar: Pinar Evrim Mandacı | Birce Tedik Kocakaya | Efe Çağlar Çağlı

Yayıncı: Burdur Mehmet Akif Ersoy University

Ana Başlıklar: Environment and Climate Finance | Finance | Financial Markets and Institutions

Dergi: Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty Vol.12 Issue 3, pp.882-899

Belge Tipi: Makale

Yayın Tarihi: 9/2025

Belge Dili: İngilizce

Document ID (Org No.): 2001359645

pISSN: 2149-1658

Green markets

Energy market

Energy cryptocurrency

COVID-19 pandemic

TVP-VAR

Sayı

Yazarlar:

Pinar Evrim Mandacı | Birce Tedik Kocakaya | Efe Çağlar Çağlı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Environment and Climate Finance | Finance | Financial Markets and Institutions

Dergi:

Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty Vol.12 Issue 3, pp.882-899

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001359645

pISSN:

2149-1658