Finansal Varlıkların Temiz Enerji Piyasasına Etkisi
The Effect of Financial Assets on the Clean Energy Market

Author(s): Arife Özdemir Höl
Subject(s): Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Financial Markets
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: Energy; clean energy companies; Clean Energy Market;
Summary/Abstract: Recently, increasing global warming and experiencing climate changes have led to an increased interest in clean energy. This increase in interest has led to an increase in the number of companies using and producing clean energy, the trading of stock of clean energy companies to be traded on stock exchanges, and the emergence of new financial instruments based on clean energy. For those who are environmentally sensitive, these new financial products are a way to both capitalize on their savings and support clean energy companies. For those who want to evaluate their savings in clean energy markets, it is very important to investigate the relationship between the stocks of clean energy companies and other financial assets and markets. Therefore, in this paper, the relationships between S&P Global Clean Energy Index and Brent oil, ounce gold, Bitcoin, S&P 500 Index were investigated by Maki (2012) Multiple Structural Break Co-integration test and Hacker and Hatemi-J (2012) Boostrap Causality test. As a result of the cointegration test, it has been determined that the variables act together in the long run. As a result of the causality test, it was determined that there is a bidirectional causality relationship between the S&P Global Clean Energy Index and the S&P 500 index. It has been determined that there is a one-way causality relationship from Brent oil and ounce gold prices to the S&P Global Clean Energy index, and there is no causality relationship between Bitcoin and the S&P Global Clean Energy Index. Based on these results, it can be said that Brent oil, ounce gold and S&P 500 index do not have the properties of a safe haven for the S&P Global Clean Energy Index, while Bitcoin can be used for hedging purposes for the S&P Global Clean Energy Index. It is thought that the results obtained from the paper will guide those who want to evaluate their savings by investing in the stocks of clean energy companies, those who want to create hedging strategies, and portfolio managers.

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