BITCOIN PRICE AND CHINESE GREEN BONDS: EVIDENCE FROM THE QARDL METHOD

【Author】 Wang, Kai-Hua; Wen, Cui-Ping; Zhang, Ze-Zhong; Qin, Meng; Chang, Tsangyao

【Source】TECHNOLOGICAL AND ECONOMIC DEVELOPMENT OF ECONOMY

【影响因子】5.656

【Abstract】This article primally explores the short-term fluctuation and long-term implications of the international Bitcoin price (BP) on the Chinese green bond (GB) market, within the sample period of 2014:M10-2023:M07. Bitcoin is the most important cryptocurrency and has a carbon -intensive feature, and its price suffers from great volatility and is closely related to the green finance market. Meanwhile, although China is the largest bitcoin mining state, it is pursuing a dual carbon target, which promotes its green bond market's development. Thus, it is valuable to investigate the influence of BP on GBs in China. Based on the quantile autoregressive distributed lag approach, this paper indicates that the positive and negative impacts of BP on the GB market are significant in the long-term but not apparent in the short-term. These results emphasize the importance for market participants to obtain a better understanding of how BP affects GB under various market circumstances. Implementing specific policies, such as regulatory mechanisms for Bitcoin trade, market-oriented reform for the bond market, and information disclosure, can alleviate shocks from BP and accelerate the development of the GB market.

【Keywords】bitcoin price; green bond index; quantile auto-regressive distributed lag model.

【发表时间】2024 2024 MAY 20

【收录时间】2024-07-06

【文献类型】实证数据

【主题类别】

区块链应用-虚拟经济-绿色金融