Dynamic Spillovers Between FinTech, Blockchain, and Green Finance: A Quantile Connectedness Approach
フィンテック、ブロックチェーン、グリーンファイナンス間の動的な波及効果：分位点連結性アプローチ (AI 翻訳)
Mehmet Sahiner, Sisi Sung, James F. Devlin
🤖 gxceed AI 要約
日本語
本論文は、フィンテック、ブロックチェーンのエネルギー消費、グリーンファイナンスの間の波及効果を分位点ベクトル自己回帰モデルで分析。2018-2024年の週次データを用い、フィンテックと株式市場が危機時にショックの送信者となる非対称性を発見。ブロックチェーンのエネルギー消費は受動的な吸収体であり、デジタルグリーン連関の脆弱性を示す。政策介入を提言。
English
This paper analyzes dynamic spillovers between FinTech, blockchain energy consumption, and green finance using a Quantile VAR framework on weekly data from 2018-2024. It finds asymmetry: FinTech and equity markets transmit shocks, especially during crises and booms, while blockchain energy acts as a passive absorber. Connectedness weakens in tranquil regimes but surges at market extremes, highlighting fragility in digital-green linkages. Policy interventions are recommended.
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
この論文は、日本のグリーンファイナンス政策（例：GX実現に向けた金融市場の整備）において、デジタル金融と気候関連資産の連関性を理解する上で示唆に富む。特に、ブロックチェーン技術のエネルギー消費が市場の動きにどう影響されるかは、日本の暗号資産規制や環境対策に有用。
In the global GX context
This paper contributes to global discourse on climate-finance integration by quantifying spillovers from digital finance to green assets. It underscores that blockchain energy use remains vulnerable to market exuberance, which is relevant for international frameworks like TCFD and ISSB that are expanding to include digital assets.
👥 読者別の含意
🔬研究者:Researchers studying climate-finance linkages should note the asymmetric spillover patterns and the role of blockchain energy consumption as a shock absorber.
🏢実務担当者:Corporate sustainability teams can use these insights to assess risk transmission from digital finance to green investments, aiding in scenario analysis.
🏛政策担当者:Policymakers should consider targeted interventions to align blockchain development with climate goals and enhance market transparency.
📄 Abstract（原文）
This paper explores how financial innovation and environmental sustainability intersect by analyzing spillovers between FinTech, blockchain energy use, and green finance. Using a Quantile Vector Autoregression (QVAR) framework, we examine weekly data from 2018 to 2024 across 11 digital, environmental, and macro‐financial indices. Our findings reveal a striking asymmetry: FinTech and equity markets consistently act as systemic shock transmitters, especially during crises and booms, while blockchain energy consumption behaves as a passive shock absorber. Notably, Ethereum's energy profile remains sensitive to market exuberance even after its transition to proof‐of‐stake. Connectedness weakens markedly in tranquil regimes but resurges sharply at market extremes, underscoring the fragility of digital–green linkages. These results advance the literature on climate‐FinTech integration by showing how digital finance volatility propagates to sustainability assets. We call for targeted policy interventions that align blockchain development with climate goals and promote transparency and resilience in digital financial markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70829first seen 2026-05-15 21:19:57
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