Dynamic correlation among renewable energy, technology, and carbon markets: Evidence from a novel nonparametric time-frequency approach

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dc.authoridhttps://orcid.org/0000-0002-9292-8740
dc.contributor.authorÖzkan, Oktay
dc.contributor.authorOlanipekun, Ifedolapo Olabisi
dc.contributor.authorOlasehinde-Williams, Godwin
dc.date.accessioned2025-06-02T08:55:15Z
dc.date.available2025-06-02T08:55:15Z
dc.date.issued2024
dc.departmentİktisadi İdari ve Sosyal Bilimler Fakültesi
dc.description.abstractIn addressing the challenges of energy security and climate change, ongoing efforts involve the development of innovative technologies to support the shift from conventional to clean energy sources. Concurrently, the establishment of carbon markets aims to facilitate a decrease in carbon emissions by enabling the trade of carbon credits. This study adds to the energy-climate discussion by examining the evolving dynamics of returns on investments in renewable energy, technology, and carbon markets. Specifically, the time-varying correlation among renewable energy, technology, and carbon markets in the European Union is examined from September 18, 2017 to December 14, 2022. The techniques employed for empirical analyses are the nonparametric timefrequency, Benjamini-Hochberg, and Benjamini-Yekutieli correlation techniques, as well as the time-varying Granger causality. Highlights from the results are as follows. Renewable energy, technology, and carbon markets exhibit time and frequency variations in their relationships, with significant correlations notably present during periods marked by major shifts in energy policy. Secondly, renewable energy and carbon markets exhibit very weak or even absent correlation, indicating their suitability for portfolio diversification. Furthermore, investors could benefit significantly by including both technology and carbon markets in their portfolios to reduce overall risk. Several additional recommendations are also provided in this study.
dc.identifier.doihttps://doi.org/10.1016/j.renene.2024.121667
dc.identifier.issn0960-1481
dc.identifier.issn1879-0682
dc.identifier.urihttps://hdl.handle.net/11363/9846
dc.identifier.volume237
dc.identifier.wos001344059200001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.institutionauthorOlanipekun, Ifedolapo Olabisi
dc.institutionauthoridhttps://orcid.org/0000-0002-9292-8740
dc.language.isoen
dc.publisherPERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectRenewable energy market
dc.subjectTechnology market
dc.subjectCarbon market
dc.subjectReturns
dc.subjectNonparametric time-frequency test
dc.subjectDynamic correlation
dc.titleDynamic correlation among renewable energy, technology, and carbon markets: Evidence from a novel nonparametric time-frequency approach
dc.typeArticle

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