Do uncertainties affect clean energy markets? Comparisons from a multi-frequency and multi-quantile framework
研究了石油价格冲击和经济政策不确定性、地缘政治风险等外部不确定性对清洁能源市场的影响，发现石油需求冲击影响显著，且长期影响大于短期，不同市场条件下清洁能源的抗风险能力不同。
Clean energy market has great potential to promote the balance between economic development and environmental protection, and has gradually become one of the vital energy markets. This paper investigates the real effects of external uncertainties from oil price shocks (supply, demand, and risk shocks) and political factors on the clean energy market based on a multi-frequency and multi-quantile framework. The empirical results show that both oil price shocks significantly impact the clean energy market, especially the oil demand shock. Two political factors, economic policy uncertainty and geopolitical risk, also have a one-way influence on the clean energy market. Additionally, the impact of most external uncertainties on the clean energy market is more prominent in the long term than in the short and medium term. Finally, the clean energy market with different market conditions also has different abilities to resist external uncertainties. Our research analyses all the joint distributions between each external uncertainty and the clean energy index in identical time frames. It is helpful for investors to construct more rational investment strategies and for policymakers to make appropriate policy arrangements.