A clean, green haven?-Examining the relationship between clean energy, clean and dirty cryptocurrencies

【Author】 Ren, Boru; Lucey, Brian

【Source】ENERGY ECONOMICS

【影响因子】9.252

【Abstract】Is clean energy a safe haven for cryptocurrencies, or vice versa? In this paper, we investigate the hedge and safe haven property of a wide range of clean energy indices against two distinct types of cryptocurrencies based on their energy consumption levels, termed "dirty"and "clean". Statistical evidence shows that clean energy is not a direct hedge for either of types. However, it serves as at least a weak safe haven for both in extreme bearish markets. Moreover, clean energy is more likely to be a safe haven for dirty cryptocurrencies than clean cryptocurrencies during increased uncertainty. We further study the spillover patterns among clean energy, cryptocurrency, stock, and gold markets. Weak connectedness is found between clean energy and cryptocurrencies which implies the potential use of clean energy as a hedge and diversification tool for cryptocurrencies in the future.

【Keywords】Cryptocurrencies; Clean energy; Safe haven; Spillovers; Connectedness; DCC-GARCH

【发表时间】2022 MAY

【收录时间】2022-06-03

【文献类型】实证性文章

【主题类别】

区块链应用-虚拟经济-金融领域