Quantifying the hedge and safe-haven properties of bond markets for cryptocurrency indices

Karim, Sitara; Naeem, Muhammad Abubakr; Mirza, Nawazish; Paule-Vianez, Jéssica

doi:10.1108/jrf-09-2021-0158

Cited by 116 publications

(33 citation statements)

References 48 publications

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“…On the whole, the results indicate that there exists a countercyclical relationship between business cycles and healthcare expenditure. In short, this means that the faster-emerging economies develop, the lower the healthcare expenditure will be (46). One possible explanation for this lies in the fact that during times of economic boom, there is an improvement in the overall living standards, therefore positively contributing to the health of the masses.…”

Section: Resultsmentioning

confidence: 99%

Economic Boom and Busts Lead to Human Capital Changes? Evidence From Health Expenditure Changes in Emerging Economies

Zhang

Deng²,

Afzal³

et al. 2022

Front. Public Health

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This paper assesses data from 16 emerging economies between 2000-and 2020 to assess the relationship between business cycles and healthcare expenditure alongside other control variables. Using the Gaussian mixture model, this study analyses the relationship between healthcare spending and business cycles, urbanization, population age, environmental quality, and the gender ratio. The paper finds that there exists a counter-cyclical relationship between economic booms/recessions and healthcare expenditure such that spending decreases during booms and goes up during recessions. The study also finds evidence that environmental quality plays a vital role in influencing healthcare expenditure.

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Section: Resultsmentioning

confidence: 99%

Economic Boom and Busts Lead to Human Capital Changes? Evidence From Health Expenditure Changes in Emerging Economies

Zhang

Deng²,

Afzal³

et al. 2022

Front. Public Health

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“…The conclusions highlighted the positive impact of green financing on the profitability of wind energy projects. In a recent study, Karim et al (2022) underscored the importance of green finance and its impact on cryptocurrencies using an econometric model. They found that the GB market is a useful and safe financing tool in times of economic uncertainty.…”

Section: Literature Reviewmentioning

confidence: 99%

Analyzing the green financing and energy efficiency relationship in ASEAN

Quang

Thao

2022

JRF

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PurposeThe need to improve energy efficiency as an essential factor for achieving the Sustainable Development Goals (SDGs) through green financing is one of the most important issues worldwide. It is even more important for ASEAN (Association of Southeast Asian Nations) countries because of their potential for economic growth and the challenge of their environmental problems. This paper therefore addresses the question of whether and how green finance (with the proxy of issued green bonds [GBs]) promotes energy efficiency (with the proxy of energy intensity) in the ASEAN member countries.Design/methodology/approachThe paper runs a two-stage generalized method of moments (GMM) system model for the quarterly data over the period 2017–2020. It also uses a linear interaction model to explore how the pandemic may affect the relationship between green finance and energy efficiency in this region.FindingsThe main results only demonstrate the short-term negative impact of GBs on energy intensity. Furthermore, per capita income, economic integration and renewable energy supply can be used as potential variables to reduce energy intensity, while modernization in ASEAN increases energy intensity. Establishment of digital green finance, long-term planning of a green finance market, trade liberalization and policies to mitigate the negative impacts of COVID-19 are recommended as golden policy implications.Research limitations/implicationsThe present study has several limitations. First, it accounts for explanatory variables by following a number of previous studies. This may lead to omissions or errors. Second, the empirical estimates were conducted for 160 observations due to the repositioning of GBs in ASEAN, which is not bad but not good for an empirical study.Originality/valueTo the best of authors' knowledge, there has not been any in-depth study focusing on the relationship between energy efficiency and green financing for the case of ASEAN economies.

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“…However, there are limited studies that have examined the above relationship. In addition, the studies have only explored the symmetric impact of cryptocurrencies on green bond markets [14,15]. The literature, on the other hand, suggests that the relationship between explanatory and outcome variables can be both symmetric and asymmetric [16].…”

Section: Introductionmentioning

confidence: 99%

Is There an Asymmetric Relationship between Economic Policy Uncertainty, Cryptocurrencies, and Global Green Bonds? Evidence from the United States of America

et al. 2022

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The environmental degradation and the concern for sustainable development have garnered extensive attention from researchers to evaluate the prospects of green bonds over other traditional assets. Against this backdrop, the current study measures the asymmetric relationship between green bonds, U.S. economic policy uncertainty (EPU), and bitcoins by employing the Nonlinear Autoregressive Distribution Lag (NARDL) estimation technique recently developed by Shin et al., (2014). The outcome of the empirical analysis confirms an asymmetric cointegration between EPU, bitcoins, the clean energy index, oil prices, and green bonds. The NARDL estimation substantiates that positive shock in EPU exerts a negative impact on green bonds, whereas a negative shock in EPU increases the performance of green bonds. It implies, in the long run, a 1 percent increase (decrease) in EPU decreases (increases) the performance of green bonds by 0.22 percent and 0.11 percent, respectively. Likewise, the study also confirms a bidirectional relationship between bitcoins and green bonds. A positive shock in bitcoin increases the performance of green bonds and vice versa. In addition, our study also reveals a direct co-movement between clean energy, oil prices, and green bonds. This outcome implies that green bonds are not a different asset class, and they mirror the performance of other asset classes, such as clean energy, oil prices, and bitcoins. The findings offer several implications to understand the hedging and diversification properties of bitcoins, and assist in understanding the role of U.S. economic policy uncertainty on green bonds.

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Quantifying the hedge and safe-haven properties of bond markets for cryptocurrency indices

Cited by 116 publications

References 48 publications

Economic Boom and Busts Lead to Human Capital Changes? Evidence From Health Expenditure Changes in Emerging Economies

Economic Boom and Busts Lead to Human Capital Changes? Evidence From Health Expenditure Changes in Emerging Economies

Analyzing the green financing and energy efficiency relationship in ASEAN

Is There an Asymmetric Relationship between Economic Policy Uncertainty, Cryptocurrencies, and Global Green Bonds? Evidence from the United States of America

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