Does green finance crowd out conventional investment in China?
グリーンファイナンスは中国の従来投資をクラウドアウトするか？ (AI 翻訳)
Jiazeng Xu, Tamat Sarmidi, Abdul Hafizh MOHD AZAM, Muhammad Faliq Abd Razak
🤖 gxceed AI 要約
日本語
本研究は、中国のグリーンファイナンスの成長が伝統的投資にクラウドアウト効果を及ぼすかを検証。DYスピルオーバー指標とBK周波数分解を用い、グリーンと従来の金融リターン間の動的関係を分析。結果、完全なクラウドアウトは確認されず、両者の相互依存と競合的共存への移行を示唆。政策立案と金融安定のバランスに示唆を与える。
English
This study examines whether green finance in China crowds out conventional investment by analyzing dynamic spillover between green and traditional financial returns using the Diebold-Yilmaz index and frequency domain decomposition. Results show no full crowding out but increasing interdependence and competitive coexistence, offering implications for balancing sustainability goals with financial stability.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国のグリーンファイナンス政策は日本のGXでも参考になる。日本ではグリーンボンドやトランジションファイナンスが拡大中だが、伝統的投資との代替関係は政策設計上の重要な論点。本論文は実証分析の枠組みを提供する。
In the global GX context
This paper provides empirical evidence on the interaction between green and conventional finance in China, a key context for global transition finance. As countries scale up green investment, understanding potential crowding-out effects is crucial for financial stability policies worldwide.
👥 読者別の含意
🔬研究者:Provides a methodological framework (DY/BK spillover) for studying green-conventional finance linkages.
🏢実務担当者:Helps understand how green finance growth may affect portfolio diversification and risk management.
🏛政策担当者:Offers insights on designing green financial policies that avoid unintended negative effects on traditional investment.
📄 Abstract（原文）
This study examines whether the growth of green finance in China exerts a crowding-out effect on traditional investment by analyzing the dynamic spill-over relationships between green and conventional financial returns. The current research discusses the dynamic relation between green and conventional finance, similar to Peng et al. (2023). The study utilizes daily time series data and applies the Diebold-Yilmaz (DY) spillover index and Baruník–Křehlík (BK) frequency domain decomposition, and tries to capture both total and directional connectedness across different time horizons. The outcomes reveal a marginal but, to some extent, increasing level of interdependence with traditional investments. Historically, these act as net transmitters of volatility, particularly green finance, which depicts rising influence during periods of market turbulence, demonstrating its evolving systemic importance. The frequency domain analysis further distinguishes the short-term responsiveness of green returns, which is found to mark sharp volatility spillovers during a crisis. The findings of this study do not confirm a complete crowding out of traditional finance. However, they indicate a transition towards movement together and competitive coexistence. The results offer important implications for policymakers and researchers who are seeking to balance sustainability goals with financial stability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.22495/cbsrv7i1art19first seen 2026-05-15 21:18:39
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