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Economic Policy Uncertainty, Geopolitical Dynamics, Energy Prices, and Green Bond Returns

Xiaohui Qu et al.

Politicka Ekonomie: teorie, modelovani, aplikace2026https://doi.org/10.18267/j.polek.1517article
ABDC B
Weight
0.50

What the paper says

This study investigates the asymmetric effects of economic policy uncertainty (EPU), geopolitical risk (GPR), and liquefied natural gas (LNG) prices on green bond returns in China from August 2012 to July 2022.Using quantile-on-quantile regression (QQR), quantile Granger causality, and wavelet coherence analysis, we examine the relationships between these factors and green bond prices across different quantiles.Our findings reveal significant asymmetric impacts of EPU, GPR, and LNG prices on Chinese green bond returns.Specifically, EPU, geopolitical threats (GPRT) and LNG prices show strong positive effects on green bonds across most quantiles and frequencies.In contrast, geopolitical acts (GPRA) generally exhibit negative relationships with green bond returns.The quantile Granger causality tests confirm bidirectional relationships between the variables across multiple quantiles.The wavelet coherence analysis demonstrates time-varying co-movements between the factors and green bond prices, with stronger correlations observed in recent years, particularly at medium to high frequencies.

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https://doi.org/https://doi.org/10.18267/j.polek.1517

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@article{xiaohui2026,
  title        = {{Economic Policy Uncertainty, Geopolitical Dynamics, Energy Prices, and Green Bond Returns}},
  author       = {Xiaohui Qu et al.},
  journal      = {Politicka Ekonomie: teorie, modelovani, aplikace},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.18267/j.polek.1517},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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