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A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
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Brian Lucey
Energy Economics, Volume: 109, Start page: 105951
Swansea University Author:
Boru Ren
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© 2022 The Author(s). Published by Elsevier B.V. Distributed under the terms of a Creative Commons Attribution 4.0 International License (CC BY 4.0).
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DOI (Published version): 10.1016/j.eneco.2022.105951
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 e...
| Published in: | Energy Economics |
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| ISSN: | 0140-9883 1873-6181 |
| Published: |
Elsevier BV
2022
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| Online Access: |
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa64714 |
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| 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. |
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| Keywords: |
Cryptocurrencies, Clean energy, Safe haven, Spillovers, Connectedness, DCC-GARCH |
| College: |
Faculty of Humanities and Social Sciences |
| Start Page: |
105951 |