Is There an Asymmetric Relationship between Economic Policy Uncertainty, Cryptocurrencies, and Global Green Bonds? Evidence from the United States of America

The environmental degradation and the concern for sustainable development have garnered extensive attention from researchers to evaluate prospects of green bonds over other traditional assets. Against this backdrop, current study measures asymmetric relationship between bonds, U.S. economic policy uncertainty (EPU), bitcoins by employing Nonlinear Autoregressive Distribution Lag (NARDL) estimation technique recently developed Shin et al. outcome empirical analysis confirms an cointegration EPU, bitcoins, clean energy index, oil prices, bonds. NARDL substantiates that positive shock in EPU exerts a negative impact on whereas increases performance It implies, long run, 1 percent increase (decrease) decreases (increases) 0.22 0.11 percent, respectively. Likewise, also bidirectional A bitcoin vice versa. In addition, our reveals direct co-movement energy, This implies are not different asset class, they mirror classes, such as bitcoins. findings offer several implications understand hedging diversification properties assist understanding role