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

Boru Ren Orcid Logo, Brian Lucey Orcid Logo

Energy Economics, Volume: 109, Start page: 105951

Swansea University Author: Boru Ren Orcid Logo

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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...

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Published in: Energy Economics
ISSN: 0140-9883 1873-6181
Published: Elsevier BV 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa64714
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last_indexed 2023-10-17T17:15:53Z
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spelling v2 64714 2023-10-11 A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies 73321f2d7e2e1c7bd4be9bf6d47fd2a2 0000-0001-8647-9689 Boru Ren Boru Ren true false 2023-10-11 BAF 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. Journal Article Energy Economics 109 105951 Elsevier BV 0140-9883 1873-6181 Cryptocurrencies, Clean energy, Safe haven, Spillovers, Connectedness, DCC-GARCH 31 5 2022 2022-05-31 10.1016/j.eneco.2022.105951 http://dx.doi.org/10.1016/j.eneco.2022.105951 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University 2023-11-27T16:19:52.1963247 2023-10-11T14:35:24.6705307 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Boru Ren 0000-0001-8647-9689 1 Brian Lucey 0000-0002-4052-8235 2 64714__29123__3c18b331a8974982831c5d74d7835e0f.pdf 64714.VOR.pdf 2023-11-27T16:18:28.9790457 Output 13808394 application/pdf Version of Record true © 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). true eng https://creativecommons.org/licenses/by/4.0/
title A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
spellingShingle A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
Boru Ren
title_short A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
title_full A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
title_fullStr A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
title_full_unstemmed A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
title_sort A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies
author_id_str_mv 73321f2d7e2e1c7bd4be9bf6d47fd2a2
author_id_fullname_str_mv 73321f2d7e2e1c7bd4be9bf6d47fd2a2_***_Boru Ren
author Boru Ren
author2 Boru Ren
Brian Lucey
format Journal article
container_title Energy Economics
container_volume 109
container_start_page 105951
publishDate 2022
institution Swansea University
issn 0140-9883
1873-6181
doi_str_mv 10.1016/j.eneco.2022.105951
publisher Elsevier BV
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hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1016/j.eneco.2022.105951
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description 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.
published_date 2022-05-31T16:19:52Z
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