Green Financial Instruments and Renewable Energy: Toda-Yamamoto Causality Test

Yıl 2023, Cilt: 8 Sayı: 1, 191 - 203, 30.06.2023

Muhammed Fatih Yürük

Öz

This study analysed the relationship between green financial assets in the United States and different variables. The fact that climate change has become important worldwide and that global development has been promoted has made green finance important. The world's governments, caring about the transition to a low-carbon economy and their efforts to finance environmentally friendly investments, have developed green finance tools. The fact that green financial assets will gain more importance in the coming years has added motivation to this study. In the study, many variables related to green finance were used and analyzed. Monthly data for the S&P Green Bond Index, S&P Global Clean Energy Index, Invesco Wilder Hill Clean Energy, United States 10-Year Bond, Carbon Dioxide Emissions from Energy Consumption, and Total Renewable Energy Production variables between July 2012 and April 2022 were included in the research. The Toda-Yamamoto causality test was applied in the study. In the Toda-Yamamoto causality test, it is a great advantage that the series does not need to be static at the same level. As a result of the test, bidirectional causality was found between Invesco WilderHill Clean Energy and the United States 10-Year Bond variables.

Anahtar Kelimeler

Toda-Yamamoto Causality Test, Renewable Energy, Green Finance, United States Bonds

Yeşil Finansal Araçlar ve Yenilenebilir Enerji: Toda-Yamamoto Nedensellik Testi

Öz

Bu çalışmada Amerika Birleşik Devletleri'ndeki yeşil finansal varlıklar ile farklı değişkenler arasındaki ilişki analiz edilmiştir. İklim değişikliğinin dünya çapında önem kazanması ve küresel kalkınmanın teşvik edilmiş olması, yeşil finansmanı önemli kılmıştır. Düşük karbonlu bir ekonomiye geçişi önemseyen dünya hükümetleri çevre dostu yatırımları finanse etme çabaları yeşil finans araçlarını geliştirmiştir. Yeşil finansal varlıkların önümüzdeki yıllarda daha da önem kazanacak olması bu çalışmaya motivasyon katmıştır. Çalışmada yeşil finans ile ilgili birçok değişken kullanılmış ve analiz edilmiştir. Araştırmada Temmuz 2012-Nisan 2022 tarihleri arasında S&P Yeşil Tahvil Endeksi, S&P Küresel Temiz Enerji Endeksi, Invesco WilderHill Temiz Enerji, Amerika Birleşik Devletleri 10 Yıllık Tahvil, Enerji Tüketiminden Kaynaklanan Karbondioksit Emisyonları, Toplam Yenilenebilir Enerji Üretimi değişkenlerinin aylık verileri yer almıştır. Çalışmada Toda-Yamamoto nedensellik testi uygulanmıştır. Toda-Yamamoto nedensellik testinde, serinin aynı seviyede statik olması gerekmemesi büyük bir avantajdır. Test sonucunda, Invesco WilderHill Temiz Enerji ve Amerika Birleşik Devletleri 10 Yıllık Tahvil değişkenleri arasında çift yönlü nedensellik bulunmuştur.

Anahtar Kelimeler

Toda-Yamamoto Nedensellik Testi, Yenilenebilir Enerji, Yeşil Finans, Amerika Birleşik Devletleri Tahvilleri

Kaynakça

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