Sürdürülebilir Finansta Blokzincir: Kripto Para, Yeşil Tahviller ve Temiz Enerjiden Kanıtlar

Yıl 2025, Sayı: Advanced Online Publication, 889 - 904

Emin Karataş , Önder Özgür

https://doi.org/10.17336/igusbd.1719352

Öz

Amaç: Bu çalışma, Ekim 2017'den Haziran 2023'e kadar temiz enerji, sürdürülebilirlik, yeşil tahviller ve altı blokzincir endeksi (örneğin, CBDCAI, ICEA, Bitcoin, Ethereum) arasındaki etkileşimi inceleyerek son finansal yeniliklerle ilgili sürdürülebilirlik sorunlarını vurgulamaktadır. Çalışmanın amacı, sürdürülebilir hisse senedi fiyatlarının, Bitcoin ve CBDC haberlerinin stokastik özelliklerinden boğa, ayı ve normal piyasa aşamalarında ne ölçüde etkilendiğini incelemektir.
Yöntem: Bu çalışma, kısa ve uzun vadeli etkileri incelemek için Kantil Otoregresif Dağıtılmış Gecikme (QARDL) yöntemini kullanmaktadır.
Bulgular: QARDL sonuçları, blokzincir değişkenleri ile yeşil endüstri arasında, kantiller arasında değişen tepkilerle önemli bir uzun vadeli denge ilişkisini ortaya koymaktadır. Bitcoin, Ethereum ve yeşil tahvil değişkenleri, özellikle daha yüksek kantillerde, sürdürülebilir piyasa endeksini olumlu yönde etkileyerek Sürdürülebilir Kalkınma Amaçlarını (SKA) desteklemektedir.
Sonuç: Çalışma, blokzincir teknolojisinin çevresel etkisini azaltmak için sürdürülebilir kalkınma hedefleri (SDG) politikalarını ve yenilenebilir enerjinin kullanılmasını savunuyor ve bu araştırma, sürdürülebilirliği şekillendiren finansal ve çevresel etkilere dair daha derin bir bakış açısı sunarak literatürü genişletiyor.

Anahtar Kelimeler

Kripto Para Çevresel Dikkat Endeksi , Bitcoin , Yeşil Tahviller , Sürdürülebilirlik , MBDP , QARDL

Blockchain in Sustainable Finance: Evidence from Cryptocurrency, Green Bonds, and Clean Energy

Öz

Aim: This study explores the interaction between clean energy, sustainability, green bonds, and six blockchain indices (e.g., CBDCAI, ICEA, Bitcoin, Ethereum) from October 2017 to June 2023 to highlight sustainability issues related to recent financial innovations. The study aims to examine the extent to which sustainable equity prices are impacted by the stochastic features of Bitcoin and CBDC news across bull, bear, and normal market phases.
Method: This study utilizes the Quantile Autoregressive Distributed Lag (QARDL) method to examine the short- and long-run impacts.
Results: The QARDL results reveal a significant long-term equilibrium between blockchain variables and the green industry, with varying reactions across quantiles. Bitcoin, Ethereum, and green bonds positively impact the sustainable market index over time, especially in higher quantiles, supporting Sustainable Development Goals (SDGs).
Conclusion: The study advocates using blockchain for SDG policies and renewable energy to reduce blockchain’s environmental impact and this research extends the literature by offering a deeper insight into the financial and environmental influences shaping sustainability.

Anahtar Kelimeler

Cryptocurrency Environmental Attention , Bitcoin , Green Bonds , Sustainability , CBDC , QARDL

Kaynakça

• ALAMGIR, M., & CHENG, M. C. (2023). Do Green Bonds Play a Role in Achieving Sustainability? Sustainability, 15(13), 10177. https://doi.org/10.3390/su151310177
• ANNAMALAISAMY, B., & VEPUR JAYARAMAN, S. (2023). Do cryptocurrencies integrate with the indices of equity, sustainability, clean energy, and crude oil? A wavelet coherency approach. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2843
• ATTARZADEH, A., & BALCILAR, M. (2022). On the dynamic return and volatility connectedness of cryptocurrency, crude oil, clean energy, and stock markets: a time-varying analysis. Environmental Science and Pollution Research, 29(43), 65185-65196.
• BAUR, D. G., & OLL, J. (2019). The (un-) sustainability of bitcoin investments. Available at SSRN 3365820. http://dx.doi.org/10.2139/ssrn.3365820
• CHO, J. S., KIM, T., & SHIN, Y. (2015). Quantile cointegration in the autoregressive distributed lag modelling framework. Journal of Econometrics, 188(1), 281–300. https://doi.org/10.1016/j.jeconom.2015.05.003
• DELGADO-MOHATAR, O., FELIS-ROTA, M., & FERNÁNDEZ-HERRAIZ, C. (2019). The Bitcoin mining breakdown: Is mining still profitable? Economics Letters, 184, 108492.
• DE OLIVEIRA, E. M., DE SOUZA CUNHA, F. A. F., PALAZZI, R. B., KLOTZLE, M. C., & MAÇAIRA, P. M. (2020). On the effects of uncertainty measures on sustainability indices: An empirical investigation in a nonlinear framework. International Review of Financial Analysis, 70, 101505.
• EASLEY, D., O'HARA, M., & BASU, S. (2019). From mining to markets: The evolution of bitcoin transaction fees. Journal of Financial Economics, 134(1), 91-109. https://doi.org/10.1016/j.jfineco.2019.03.004
• GODIL, D. I., AHMAD, P., ASHRAF, M. S., SARWAT, S., SHARIF, A., SHABIB-UL-HASAN, S., & JERMSITTIPARSERT, K. (2021). The step towards environmental mitigation in Pakistan: do transportation services, urbanization, and financial development matter?. Environmental Science and Pollution Research, 28(17), 21486-21498. https://doi.org/10.1007/s11356-024-34261-2
• HASAN, M. B., HOSSAIN, M. N., JUNTTILA, J., UDDIN, G. S., & RABBANI, M. R. (2022). Do commodity assets hedge uncertainties? What we learn from the recent turbulence period?. Annals of Operations Research, 1-34. https://doi.org/10.1007/s10479-022-04876-0
• HASSAN, M. K., HASAN, M. B., HALİM, Z. A., MARONEY, N., & RASHİD, M. M. (2022). Exploring the dynamic spillover of cryptocurrency environmental attention across the commodities, green bonds, and environment-related stocks. The North American Journal of Economics and Finance, 61, 101700. https://doi.org/10.1016/j.najef.2022.101700
• HAQ, I. U. (2022). Cryptocurrency Environmental Attention, Green Financial Assets, and Information Transmission: Evidence From the COVID-19 Pandemic. Energy Research Letters, 3 (Early View).
• HAQ, I. U. (2023). Time-frequency co-movement among green financial assets and cryptocurrency uncertainties. Economic Notes 52, no. 1: 1–17. https://doi.org/10.1111/ecno.12216
• HUANG, Y., DUAN, K., & URQUHART, A. (2023). Time-varying dependence between Bitcoin and green financial assets: A comparison between pre-and post-COVID-19 periods. Journal of International Financial Markets, Institutions and Money, 82, 101687.
• HUNG, N. T. (2021). Quantile Dependence Between Green Bonds, Stocks, Bitcoin, Commodities And Clean Energy. Economic Computation & Economic Cybernetics Studies & Research, 55(3).
• HUYNH, T. L. D., HILLE, E., & NASIR, M. A. (2020). Diversification in the age of the 4th industrial revolution: The role of artificial intelligence, green bonds and cryptocurrencies. Technological Forecasting and Social Change, 159, 120188. https://doi.org/10.1016/j.techfore.2020.120188
• JARQUE, C. M., & BERA, A. K. (1980). Efficient tests for normality, homoscedasticity and serial independence of regression residuals. Economics Letters, 6(3), 255–259. https://doi.org/10. 1016/0165-1765(80)90024-5
• KAMAL, J. B., & HASSAN, M. K. (2022). Asymmetric connectedness between cryptocurrency environment attention index and green assets. The Journal of Economic Asymmetries, 25, e00240.
• KAMAL, J. B., WOHAR, M., & KAMAL, K. B. (2023). On the Potential Hedging Instruments Against Central Bank Digital Currency Uncertainty and Attention Indices. Asian Economics Letters, 4 (Early View). https://doi.org/10.46557/001c.70301
• KARATAS, A. M., KARATAS, E., KAPUSUZOGLU, A., & CEYLAN, N. B. (2023). The Nonlinear Relationship Between Bitcoin Mining and Carbon Emissions in the Context of Renewable Energy. In Renewable Energy Investments for Sustainable Business Projects (pp. 127-139). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80382-883-120231010
• KARIM, S., LUCEY, B. M., NAEEM, M. A., & UDDIN, G. S. (2022). Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies. Finance Research Letters, 47, 102696.
• KHALFAOUI, R., MEFTEH-WALI, S., DOGAN, B., & GHOSH, S. (2023). Extreme spillover effect of COVID-19 pandemic-related news and cryptocurrencies on green bond markets: A quantile connectedness analysis. International Review of Financial Analysis, 102496. https://doi.org/10.1016/j.irfa.2023.102496
• KRAUSE, M. J., & TOLAYMAT, T. (2018). Quantification of energy and carbon costs for mining cryptocurrencies. Nature Sustainability, 1(11), 711-718.
• KRISTOUFEK, L. (2020). Bitcoin and its mining on the equilibrium path. Energy Economics, 85, 104588. https://doi.org/10.1016/j.eneco.2019.104588
• LEE, J., STRAZICICH, M.C., 2003. Minimum Lagrange multiplier unit root test with two structural breaks. Rev. Econ. Stat. 85 (4), 1082–1089. https://doi.org/10.1162/003465303772815961
• LINARES, P., SANTOS, F. J., VENTOSA, M., & LAPIEDRA, L. (2008). Incorporating oligopoly, CO2 emissions trading and green certificates into a power generation expansion model. automatica, 44(6), 1608-1620. https://doi.org/10.1016/j.automatica.2008.03.006
• MARTÍNEZ-GARCÍA, I., & ANSÓN, S. G. (2021). Sustainable Development Goals, Sustainability Indices and Corporate Governance: An Analysis of Spanish Listed Companies. CNMV Bulletin, Quarter III, 2021, 79-112.
• MORA, C., ROLLINS, R. L., TALADAY, K., KANTAR, M. B., CHOCK, M. K., SHIMADA, M., & FRANKLIN, E. C. (2018). Bitcoin emissions alone could push global warming above 2°C. Nature Climate Change, 8, 931–933. https://doi.org/10.1038/s41558-018-0321-8
• NAEEM, M. A., KARIM, S., & TIWARI, A. K. (2022). Risk Connectedness Between Green and Conventional Assets with Portfolio Implications. Computational Economics, 1-29.
• NAEEM, M. A., & KARIM, S. (2021). Tail dependence between bitcoin and green financial assets. Economics Letters, 208, 110068. https://doi.org/10.1016/j.econlet.2021.110068
• PHAM, L., HUYNH, T. L. D., & HANIF, W. (2022). Cryptocurrency, green and fossil fuel investments. Available at SSRN 3925844.
• RONAGHI, M. H., & MOSAKHANI, M. (2022). The effects of blockchain technology adoption on business ethics and social sustainability: evidence from the Middle East. Environment, Development and Sustainability, 24(5), 6834-6859. https://doi.org/10.1007/s10668-021-01729-x
• SARKER, P. K., BOURI, E., & MARCO, C. K. L. (2023). Asymmetric effects of climate policy uncertainty, geopolitical risk, and crude oil prices on clean energy prices. Environmental Science and Pollution Research, 30(6), 15797-15807. https://doi.org/10.1007/s11356-022-23020-w
• SIDDIQUE, M. A., NOBANEE, H., KARIM, S., & NAZ, F. (2023). Do green financial markets offset the risk of cryptocurrencies and carbon markets? International Review of Economics & Finance, 86, 822-833. https://doi.org/10.1016/j.iref.2023.04.005
• SINHA, A., MISHRA, S., SHARIF, A., & YAROVAYA, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, 112751.
• SOCHNEVA, A. (2021). Sustainable development in EU and Russia-A comparative analysis in the airline industry/submitted by Anastasiia Sochneva.
• S&P GLOBAL INDICES (2023). Retrieved from https://www.spglobal.com/spdji/en/
• SUN, X., LI, J., TANG, L., & WU, D. (2012). Identifying the risk-return tradeoff and exploring the dynamic risk exposure of country portfolio of the FSU's oil economies. Economic modelling, 29(6), 2494-2503. https://doi.org/10.1016/j.econmod.2012.07.002
• TROSTER, V. (2018). Testing for Granger-causality in quantiles. Econometric Reviews, 37(8), 850–866. https://doi.org/10.1080/07474938.2016.1172400
• TRUBY, J. (2018). Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of Blockchain technologies and digital currencies. Energy research & social science, 44, 399-410. https://doi.org/10.1016/j.erss.2018.06.009
• UNITED NATIONS (2015). United Nations: Department of Economic and Social Affairs. [Online] Available at: https://sdgs.un.org/
• WANG, Y., LUCEY, B. M., VİGNE, S. A., & YAROVAYA, L. (2022). The effects of central bank digital currencies news on financial markets. Technological Forecasting and Social Change, 180, 121715. https://doi.org/10.1016/j.techfore.2022.121715
• WEI, P., ZHOU, J., & REN, X. (2021). The Roles of Economic Policy Uncertainty in Green Bond Market Efficiency: Evidence From QARDL Approach. Available at SSRN 3989911.
• YAN, L., WANG, H., ATHARI, S. A., & ATIF, F. (2022). Driving green bond market through energy prices, gold prices and green energy stocks: evidence from a nonlinear approach. Economic research-Ekonomska istraživanja, 35(1), 6479-6499.
• YANG, Q., ZHENG, M., & WANG, Y. (2023). The role of CBDC in green finance and sustainable development. Emerging Markets Finance and Trade, 59(15), 4158-4173.
• YANG, L., & HAMORI, S. (2021). The role of the carbon market in relation to the cryptocurrency market: Only diversification or more?. International Review of Financial Analysis, 77, 101864. https://doi.org/10.1016/j.irfa.2021.101864
• ZHAO, L., CHAU, K. Y., TRAN, T. K., SADIQ, M., XUYEN, N. T. M., & PHAN, T. T. H. (2022). Enhancing green economic recovery through green bonds financing and energy efficiency investments. Economic Analysis and Policy, 76, 488-501. https://doi.org/10.1016/j.eap.2022.08.019
• ZIOLO, M., KLUZA, K., & SPOZ, A. (2019). Impact of sustainable financial and economic development on greenhouse gas emission in the developed and converging economies. Energies, 12(23), 4514. https://doi.org/10.3390/en12234514