{"title":"Metals of the future in a world in crisis: Geopolitical disruptions and the cleantech metal industry","authors":"Linh Pham , Kuang-Chung Hsu","doi":"10.1016/j.eneco.2024.108004","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the effect of geopolitical risks on the idiosyncratic and systemic risks of the cleantech metal stock markets in China, a major producer of these metals and consumer of renewable energy technologies. Cleantech metals are defined as those fundamental to the production of clean energy technologies, such as wind turbines, solar panels, and batteries for electric vehicles. Using data on cleantech metal stocks between 2010 and 2024, we show that extreme upward movements in geopolitical risks significantly Ganger cause extreme movements in individual cleantech metal stocks. In addition, we find that geopolitical risks also drive common volatility in cleantech metal markets, particularly at extreme quantiles. Our results indicated a less significant effect of geopolitical risks on cleantech metal markets at the median quantile.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108004"},"PeriodicalIF":13.6000,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0140988324007126","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper investigates the effect of geopolitical risks on the idiosyncratic and systemic risks of the cleantech metal stock markets in China, a major producer of these metals and consumer of renewable energy technologies. Cleantech metals are defined as those fundamental to the production of clean energy technologies, such as wind turbines, solar panels, and batteries for electric vehicles. Using data on cleantech metal stocks between 2010 and 2024, we show that extreme upward movements in geopolitical risks significantly Ganger cause extreme movements in individual cleantech metal stocks. In addition, we find that geopolitical risks also drive common volatility in cleantech metal markets, particularly at extreme quantiles. Our results indicated a less significant effect of geopolitical risks on cleantech metal markets at the median quantile.
期刊介绍：
Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.
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