Dynamic Spillovers Between FinTech, Blockchain, and Green Finance: A Quantile Connectedness Approach
使用分位数向量自回归模型，分析2018至2024年间金融科技、区块链能源消耗与绿色金融之间的溢出效应，发现金融科技和股票市场在危机和繁荣期是系统性冲击的传递者，而区块链能源消耗是被动吸收者，且数字-绿色关联在市场极端情况下显著增强。
ABSTRACT This paper explores how financial innovation and environmental sustainability intersect by analyzing spillovers between FinTech, blockchain energy use, and green finance. Using a Quantile Vector Autoregression (QVAR) framework, we examine weekly data from 2018 to 2024 across 11 digital, environmental, and macro‐financial indices. Our findings reveal a striking asymmetry: FinTech and equity markets consistently act as systemic shock transmitters, especially during crises and booms, while blockchain energy consumption behaves as a passive shock absorber. Notably, Ethereum's energy profile remains sensitive to market exuberance even after its transition to proof‐of‐stake. Connectedness weakens markedly in tranquil regimes but resurges sharply at market extremes, underscoring the fragility of digital–green linkages. These results advance the literature on climate‐FinTech integration by showing how digital finance volatility propagates to sustainability assets. We call for targeted policy interventions that align blockchain development with climate goals and promote transparency and resilience in digital financial markets.