Abstract
Numerous economic and financial crises, particularly the present crisis in the healthcare sector, have pushed major shock spillover channels over stock marketplaces. This research studied how the shock spillover system is affected by three significant factors: Bitcoins, unpredictability, and the China stock market between 2014 and 2021. While much earlier empirical research has looked at risk dispersion in different financial markets, this article will zero in on green markets. This investigation seeks to accomplish something that has never been done before: determine whether or not green commodities, Bitcoin, and uncertainty impact the performance of the China stock market. The following are significant results based on a quantile vector autoregressive (VAR) connection. (i) A static spillover system indicates that information was widely shared across markets during intense market circumstances. (ii) The global green economy and clean energy marketplaces are the primary sources of knowledge spillover in adverse market conditions. This research elucidates the asymmetrical influence of green products, Bitcoin, and market volatility in China. This is vital due to the dynamic nature of international and regional connections. Recent studies have shown that shock spillovers are excellent for cryptocurrencies such as Bitcoin (BTC), uncertainty indices, and global carbon indexes, but bad for most eco-friendly products.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Data availability
The datasets used in this study are available from the corresponding author on reasonable request.
References
Adebayo TS, Kirikkaleli D, Adeshola I, Oluwajana D, Akinsola GD, Osemeahon OS (2021) Coal consumption and environmental sustainability in South Africa: the role of financial development and globalization. Int J Renew Energy Dev 10(3):527–536. https://doi.org/10.14710/ijred.2021.34982
Aftab J, Abid N, Sarwar H, Veneziani M (2022) Environmental ethics, green innovation, and sustainable performance: exploring the role of environmental leadership and environmental strategy. J Clean Prod 378(September):134639. https://doi.org/10.1016/j.jclepro.2022.134639
Al Mamun M, Boubaker S, Nguyen DK (2022) Green finance and decarbonization: evidence from around the world. Financ Res Lett 46(PB):102807. https://doi.org/10.1016/j.frl.2022.102807
Anu, Singh AK, Raza SA, Nakonieczny J, Shahzad U (2023) Role of financial inclusion, green innovation, and energy efficiency for environmental performance? Evidence from developed and emerging economies in the lens of sustainable development. Struct Change Econ Dyn 64(October 2022):213–224. https://doi.org/10.1016/j.strueco.2022.12.008
Barykin SY, Kapustina IV, Sergeev SM, Yadykin VK (2020) Algorithmic foundations of economic and mathematical modeling of network logistics processes. J Open Innov: Technol Market Complex 6(4):1–16. https://doi.org/10.3390/joitmc6040189
Bithas K, Latinopoulos D (2021) Managing tree-crops for climate mitigation. An economic evaluation trading-off carbon sequestration with market goods. Sustain Prod Consump 27:667–678. https://doi.org/10.1016/j.spc.2021.01.033
Chang L, Chen K, Saydaliev HB, Faridi MZ (2022a) Asymmetric impact of pandemics-related uncertainty on CO2 emissions: evidence from top-10 polluted countries. Stoch Env Res Risk Assess 36(12):4103–4117. https://doi.org/10.1007/s00477-022-02248-5
Chang L, Gan X, Mohsin M (2022b) Studying corporate liquidity and regulatory responses for economic recovery in COVID-19 crises. Econ Anal Policy 76:211–225. https://doi.org/10.1016/j.eap.2022.07.004
Chang L, Lu Q, Ali S, Mohsin M (2022) How does hydropower energy asymmetrically affect environmental quality? Evidence from quantile-based econometric estimation. Sustain Energy Technol Assess 53:102564. https://doi.org/10.1016/j.seta.2022.102564
Chang L, Moldir M, Zhang Y, Nazar R (2023) Asymmetric impact of green bonds on energy efficiency: fresh evidence from quantile estimation. Utilities Policy 80:101474. https://doi.org/10.1016/j.jup.2022.101474
Dinda S, Coondoo D, Pal M (2000) Air quality and economic growth: an empirical study. Ecol Econ 34(3):409–423. https://doi.org/10.1016/S0921-8009(00)00179-8
Ding H, He M, Deng C (2014) Lifecycle approach to assessing environmental friendly product project with internalizing environmental externality. J Clean Prod 66(April 1995):128–138. https://doi.org/10.1016/j.jclepro.2013.10.018
Dong F, Qin C, Zhang X, Zhao X, Pan Y, Gao Y, Zhu J, Li Y (2021) Towards carbon neutrality: the impact of renewable energy development on carbon emission efficiency. Int J Environ Res Public Health 18(24). https://doi.org/10.3390/ijerph182413284
Douglas PH, Bye RT (1925) Principles of economics. Soc Forces 4(1):209. https://doi.org/10.2307/3004414
Eidelwein F, Collatto DC, Rodrigues LH, Lacerda DP, Piran FS (2018) Internalization of environmental externalities: development of a method for elaborating the statement of economic and environmental results. J Clean Prod 170:1316–1327. https://doi.org/10.1016/j.jclepro.2017.09.208
Emblemsvåg J (2022) Wind energy is not sustainable when balanced by fossil energy. Appl Energy 305(June 2021):117748. https://doi.org/10.1016/j.apenergy.2021.117748
Filippi A, Tedeschi L, Parretti D, Ricci S, Morelli P, Grilli P, Rossi A, Innocenti F (2009) Lifestyle counselling in primary care: long-term effects on cholesterol level. Eur J General Pract 15(3):136–140. https://doi.org/10.3109/13814780903362560
Friedl B, Getzner M (2003) Determinants of CO2 emissions in a small open economy. Ecol Econ 45(1):133–148. https://doi.org/10.1016/S0921-8009(03)00008-9
Gengenbach C, Palm FC, Urbain JP (2010) Panel unit root tests in the presence of cross-sectional dependencies: comparison and implications for modelling. Economet Rev 29(2):111–145. https://doi.org/10.1080/07474930903382125
He A, Xue Q, Zhao R, Wang D (2021) Renewable energy technological innovation, market forces, and carbon emission efficiency. Sci Total Environ 796:148908. https://doi.org/10.1016/j.scitotenv.2021.148908
Hillis A, Germain J, Whitfield M, Halsall D, Mcveigh J, Abbasi Y, Claire M, Hout V (2023) Emerging trends in drugs, addictions, and health Internet sourcing and unsafe use of controlled drugs (opioids, sedatives and GABA drugs) in the UK: an in depth case study of consumer dynamics during COVID-19. Emerg Trends Drugs Addictions Health 3(December 2022):100049. https://doi.org/10.1016/j.etdah.2022.100049
Ibrahim RL, Al-mulali U, Ozturk I, Bello AK, Raimi L (2022) On the criticality of renewable energy to sustainable development: do green financial development, technological innovation, and economic complexity matter for China? Renew Energy 199:262–277. https://doi.org/10.1016/J.RENENE.2022.08.101
Iqbal W, Yumei H, Abbas Q, Hafeez M, Mohsin M, Fatima A, Jamali MA, Jamali M, Siyal A, Sohail N (2019) Assessment of wind energy potential for the production of renewable hydrogen in Sindh Province of Pakistan. Processes. https://doi.org/10.3390/pr7040196
Jiang Y, Lin T, Zhuang J (2008) Environmental Kuznets curves in the People’s Republic of China: turning points and regional differences. ADB Econ Working Paper Ser 141(141):1–26. https://doi.org/10.2139/ssrn.1861568
Li C, Umair M (2023) Does green finance development goals affects renewable energy in China. Renew Energy 203:898–905. https://doi.org/10.1016/j.renene.2022.12.066
Li Z, Shi H, Liu H (2021) Research on the concentration, potential and mission of science and technology innovation in China. PLOS ONE 16(10):e0257636. https://doi.org/10.1371/journal.pone.0257636
Liu F, Umair M, Gao J (2023) Assessing oil price volatility co-movement with stock market volatility through quantile regression approach. Resour Policy 81:103375. https://doi.org/10.1016/j.resourpol.2023.103375
Liu H, Khan AR, Aslam S, Rasheed AK, Mohsin M (2022a) Financial impact of energy efficiency and energy policies aimed at power sector reforms: mediating role of financing in the power sector. Environ Sci Pollut Res 29(13):18891–18904. https://doi.org/10.1007/s11356-021-16882-z
Liu H, Luo Y, Geng J, Yao P (2021a) Research hotspots and frontiers of product R&D management under the background of the digital intelligence era—bibliometrics based on citespace and histcite. Appl Sci 11(15). https://doi.org/10.3390/app11156759
Liu H, Wu W, Yao P (2022b) A study on the efficiency of pediatric healthcare services and its influencing factors in China——estimation of a three-stage DEA model based on provincial-level data. Socio-Econ Plann Sci 84:101315. https://doi.org/10.1016/j.seps.2022.101315
Liu H, Wu W, Yao P (2022c) Assessing the financial efficiency of healthcare services and its influencing factors of financial development: fresh evidences from three-stage DEA model based on Chinese provincial level data. Environ Sci Pollut Res 29(15):21955–21967. https://doi.org/10.1007/s11356-021-17005-4
Liu H, Yao P, Latif S, Aslam S, Iqbal N (2022d) Impact of Green financing, FinTech, and financial inclusion on energy efficiency. Environ Sci Pollut Res 29(13):18955–18966. https://doi.org/10.1007/s11356-021-16949-x
Liu H, Yu Z, Zhang J, Yao P (2021b) The transmutation logic of China university science and technology innovation system since the founding of the communist party of China one hundred years ago: three-chain perspectives led by party-building. Educ Res Int 2021:3459401. https://doi.org/10.1155/2021/3459401
Liu H, Zhou R, Yao P, Zhang J (2022e) Assessing Chinese governance low-carbon economic peer effects in local government and under sustainable environmental regulation. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-021-17901-9
Liu Y, Feng C (2023) Promoting renewable energy through national energy legislation. Energy Econ 118(January):106504. https://doi.org/10.1016/j.eneco.2023.106504
López R (1994) The environment as a factor of production: the effects of economic growth and trade liberalization. J Environ Econ Manag 27:163–184
Lv S, Zhao S, Liu H (2022) Research on the coupling between the double cycle mode and technological innovation systems: empirical evidence from data envelopment analysis and coupled coordination. Systems 10(3). https://doi.org/10.3390/systems10030062
Mele M, Magazzino C (2020) A machine learning analysis of the relationship among iron and steel industries, air pollution, and economic growth in China. J Clean Prod 277:123293. https://doi.org/10.1016/j.jclepro.2020.123293
Mohsin M, Hanif I, Taghizadeh-Hesary F, Abbas Q, Iqbal W (2021a) Nexus between energy efficiency and electricity reforms: a DEA-based way forward for clean power development. Energy Policy. https://doi.org/10.1016/j.enpol.2020.112052
Mohsin M, Nurunnabi M, Zhang J, Sun H, Iqbal N, Iram R, Abbas Q (2020) The evaluation of efficiency and value addition of IFRS endorsement towards earnings timeliness disclosure. Int J Financ Econ. https://doi.org/10.1002/ijfe.1878
Mohsin M, Taghizadeh-Hesary F, Iqbal N, Saydaliev HB (2022) The role of technological progress and renewable energy deployment in green economic growth. Renew Energy. https://doi.org/10.1016/j.renene.2022.03.076
Mohsin M, Taghizadeh-Hesary F, Panthamit N, Anwar S, Abbas Q, Vo XV (2021b) Developing low carbon finance index: evidence from developed and developing economies. Financ Res Lett 43:101520. https://doi.org/10.1016/j.frl.2020.101520
Nishimi KM, Koenen KC, Coull BA, Kubzansky LD (2022) Association of psychological resilience with healthy lifestyle and body weight in young adulthood. J Adolesc Health 70(2):258–266. https://doi.org/10.1016/j.jadohealth.2021.08.006
Ofori EK, Onifade ST, Ali EB, Alola AA, Zhang J (2023) Achieving carbon neutrality in post COP26 in BRICS, MINT, and G7 economies: the role of financial development and governance indicators. J Clean Prod 387. https://doi.org/10.1016/j.jclepro.2023.135853
Pan W, Cao H, Liu Y (2023) “Green” innovation, privacy regulation and environmental policy. Renew Energy 203:245–254. https://doi.org/10.1016/j.renene.2022.12.025
Phillips PCB, Sul D (2003) Dynamic panel estimation and homogeneity testing under cross section dependence. Economet J 6(1):217–259. https://doi.org/10.1111/1368-423x.00108
Raza SA, Shah N (2017) Tourism growth and income inequality: does Kuznets curve hypothesis exist in top tourist arrival countries. Asia Pac J Tour Res 22(8):874–884. https://doi.org/10.1080/10941665.2017.1343742
Riley D, Schaafsma M, Marin-Moreno H, Minshull TA (2020) A social, environmental and economic evaluation protocol for potential gas hydrate exploitation projects. Appl Energy 263(February):114651. https://doi.org/10.1016/j.apenergy.2020.114651
Sebestyén V, Abonyi J (2021) Data-driven comparative analysis of national adaptation pathways for Sustainable Development Goals. J Clean Prod 319(December 2020):128657. https://doi.org/10.1016/j.jclepro.2021.128657
Shahbaz M, Nasir MA, Roubaud D (2018) Environmental degradation in France: the effects of FDI, financial development, and energy innovations. Energy Econ 74:843–857. https://doi.org/10.1016/j.eneco.2018.07.020
Shahzad F, Ahmad M, Fareed Z, Wang Z (2022) Innovation decisions through firm life cycle: a new evidence from emerging markets. Int Rev Econ Financ 78(November 2021):51–67. https://doi.org/10.1016/j.iref.2021.11.009
Shen L, Zhang X, Liu H (2022) Digital technology adoption, digital dynamic capability, and digital transformation performance of textile industry: moderating role of digital innovation orientation. Manag Decis Econ 43(6):2038–2054. https://doi.org/10.1002/mde.3507
Stafford-Smith M, Griggs D, Gaffney O, Ullah F, Reyers B, Kanie N, Stigson B, Shrivastava P, Leach M, O’Connell D (2017) Integration: the key to implementing the Sustainable Development Goals. Sustain Sci 12(6):911–919. https://doi.org/10.1007/s11625-016-0383-3
Umair M, Dilanchiev A (2022) Economic recovery by developing business starategies: mediating role of financing and organizational culture in small and medium businesses. Proc B 683
Wang Y, Zhi Q (2016) The role of green finance in environmental protection: two aspects of market mechanism and policies. Energy Procedia 104:311–316. https://doi.org/10.1016/j.egypro.2016.12.053
Xiuzhen X, Zheng W, Umair M (2022) Testing the fluctuations of oil resource price volatility: a hurdle for economic recovery. Resour Policy 79:102982. https://doi.org/10.1016/j.resourpol.2022.102982
Yu L, Liu H, Diabate A, Qian Y, Sibiri H, Yan B (2020) Assessing influence mechanism of green utilization of agricultural wastes in five provinces of China through farmers’ motivation-cognition-behavior. Int J Environ Res Public Health 17(10). https://doi.org/10.3390/ijerph17103381
Zhou M, Li X (2022) Influence of green finance and renewable energy resources over the sustainable development goal of clean energy in China. Resour Policy 78. https://doi.org/10.1016/J.RESOURPOL.2022.102816
Author information
Authors and Affiliations
Contributions
All authors contributed to the study conception and design. Jiahui Li: conceptualization, formal analysis, methodology, software, writing—original draft, and data curation. Haoshen Liang: methodology, supervision, writing—review and editing, project administration, and funding acquisition. Likun Ni: writing—review and editing, data curation, funding acquisition, validation, and writing—original draft.
Corresponding author
Ethics declarations
Ethics approval
No ethical approval was necessary for this study.
Consent to participate
All participants in this study consent to participate.
Consent for publication
All authors consent to this publication.
Competing interests
The authors declare no competing interests.
Additional information
Responsible Editor: Nicholas Apergis
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Li, J., Liang, H. & Ni, L. Quantile VAR network evidence for spillover effects and connectivity between China’s stock markets, green commodities, and Bitcoin. Environ Sci Pollut Res 30, 82353–82371 (2023). https://doi.org/10.1007/s11356-023-28033-7
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-023-28033-7