YEŞİL TAHVİLLER İLE HİSSE SENEDİ, TAHVİL, EMTİA VE KRİPTO PİYASALARI ARASINDAKİ BAĞLANTILAR: DALGACIK TUTARLILIĞI YAKLAŞIMI

Öz

Küresel ölçekte sürdürülebilir finans araçlarının önemi artarken, yeşil tahvillerin geleneksel finansal piyasalarla olan etkileşimlerinin anlaşılması gerek akademik literatür gerekse piyasa aktörleri açısından kritik hale gelmiştir. Bu çalışma, 2 Mart 2015-10 Şubat 2025 dönemi kapsamında, küresel yeşil tahvil piyasası ile finansala piyasalar (hisse senedi, geleneksel tahvil, emtia, karbon yoğun enerji kripto para piyasaları) arasındaki bağlantıları incelemektedir. Analizde, piyasalar arasındaki ilişkiler zaman ve frekans boyutlarını eşanlı olarak yakalayabilen dalgacık tutarlılığı yöntemiyle analiz edilmiştir. Elde edilen sonuçlar, farklı zaman dilimlerinde ve frekanslarda yeşil tahvil ile finansal piyasalar arasındaki genel görünümün pozitif yönlü olduğunu ortaya koymaktadır. Ayrıca çoğu durumda finansal piyasaların yeşil tahvillere öncülük ettiği belirlenmiştir. Bununla birlikte, yeşil tahvillerin hisse senedi ve geleneksel tahvil piyasalarıyla daha güçlü bir bağlantı içerisinde olduğu, buna karşın emtia, karbon yoğun enerji ve kripto para piyasalarıyla ilişkilerin daha zayıf kaldığı tespit edilmiştir. Bu bulgular, sürdürülebilir portföy stratejileri tasarlayan yatırımcılar, risk yönetimi modelleri geliştiren finansal kurumlar ve yeşil finans politikalarını şekillendiren düzenleyici otoriteler açısından önemli çıkarımlar sunmaktadır.

Anahtar Kelimeler

• Yeşil tahvil
• Sürdürülebilir finans
• Finansal piyasalar
• Dalgacık tutarlılığı

LINKAGES BETWEEN GREEN BONDS AND STOCK, BOND, COMMODITY, AND CRYPTOCURRENCY MARKETS: A WAVELET COHERENCE APPROACH

Öz

As the importance of sustainable finance instruments increases on a global scale, understanding the interactions between green bonds and traditional financial markets has become critical for both academic literature and market participants. This study investigates the linkages between the global green bond market and financial markets (equities, conventional bonds, commodities, carbon-intensive energy, and cryptocurrencies) over the period from March 2, 2015 to February 10, 2025. The analysis employs the wavelet coherence method, which enables the simultaneous capture of relationships across both time and frequency domains. The results indicate that the overall relationship between green bonds and financial markets is predominantly positive across different horizons and frequencies. Moreover, in most cases, we find that financial markets lead green bonds. However, while green bonds exhibit stronger connections with equity and conventional bond markets, their linkages with commodities, carbon-intensive energy, and cryptocurrency markets are relatively weaker. These findings provide important implications for investors designing sustainable portfolio strategies, financial institutions developing risk management models, and regulatory authorities shaping green finance policies.

Anahtar Kelimeler

• Green bond
• Sustainable finance
• Financial markets
• Wavelet coherence

Kaynakça

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