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Journals / İktisadi İdari ve Siyasal Araştırmalar Dergisi / 2026 / Cilt: 10 Sayı: 27

Are The Green Bond Markets Independent from The Traditional Markets?

Yeşil Tahvil Piyasaları Geleneksel Piyasalardan Bağımsız Mıdır?

Serap Kamışlı(Bilecik Şeyh Edebali Üniversitesi)0000-0002-4714-6678
Pages
491–506
Publication Date
2025-06-29
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Therefore, it would be useful for the investors investing in relevant markets to take into account the relationships between markets while determining their portfolio and risk management strategies.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The study aims to determine the causalities between green bond markets and traditional bond and stock markets, and to evaluate the identified relationships within different time periods.
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Key Findings & Data:For this purpose, traditional causality test and Nazlioglu et al. (2016) Fourier Toda and Yamamoto causality test were applied in the study.
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Conclusion & Impact:Therefore, it would be useful for the investors investing in relevant markets to take into account the relationships between markets while determining their portfolio and risk management strategies.
🔬Design:Araştırma Makalesi
📍Scope:2016 Verileri
⚙️Variables:Yeşil Finans · Hisse Senedi Piyasaları · Tahvil Piyasaları

Abstract

The study aims to determine the causalities between green bond markets and traditional bond and stock markets, and to evaluate the identified relationships within different time periods. For this purpose, traditional causality test and Nazlioglu et al. (2016) Fourier Toda and Yamamoto causality test were applied in the study. Findings of the analyses indicate that there are causal relationships between green bond markets and traditional bond and stock markets. Another finding revealed by the study is that most of the causalities to green bond markets are from traditional bond markets rather than the stock markets. When the causality from traditional bond markets to green bond markets is considered within the scope of the time period, it is seen that causality occurs within a very short period of time (0 to 2 days). When the results obtained from the study are evaluated together, it can be stated that green bond markets are not independent from traditional bond and stock markets and will be affected by the changes in these markets. Therefore, it would be useful for the investors investing in relevant markets to take into account the relationships between markets while determining their portfolio and risk management strategies.

Özet

Çalışmanın amacı yeşil tahvil piyasaları ile geleneksel tahvil ve hisse senedi piyasaları arasında nedensellik ilişkilerinin belirlenmesi ve tespit edilen ilişkilerin farklı zaman ölçekleri kapsamında değerlendirilmesidir. Bu amaç doğrultusunda çalışmada geleneksel nedensellik testi ve Nazlioglu vd. (2016) Fourier Toda ve Yamamoto nedensellik testi kullanılmıştır. Analizlerden elde edilen bulgular, yeşil tahvil piyasaları ile geleneksel tahvil ve hisse senedi piyasaları arasında nedensellik ilişkileri bulunduğuna işaret etmektedir. Çalışmanın ortaya koyduğu bir diğer sonuç, yeşil tahvil piyasalarına doğru nedenselliğin hisse senedi piyasalarından ziyade geleneksel tahvil piyasalarından gerçekleştiğidir. Geleneksel tahvil piyasalarından yeşil tahvil piyasalarına yönelik nedensellik zaman ölçeği kapsamında ele alındığında, nedenselliğin çok kısa bir süre (0 ile 2 gün) içerisinde gerçekleştiği görülmektedir. Çalışmadan elde edilen sonuçlar birlikte değerlendirildiğinde, yeşil tahvil piyasalarının geleneksel tahvil ve hisse senedi piyasalarından bağımsız olmadığı, bu piyasalarda yaşanan değişimlerden etkileneceği ifade edilebilir. Dolayısıyla, ilgili piyasalara yatırım yapan yatırımcıların portföy ve risk yönetimi stratejilerini belirlerken piyasalar arasındaki ilişkileri dikkate almaları yararlı olacaktır.

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Cite This Article

Kamışlı, S. (2025). Are The Green Bond Markets Independent from The Traditional Markets?. İktisadi İdari ve Siyasal Araştırmalar Dergisi, Cilt: 10 Sayı: 27, 491–506. https://doi.org/10.25204/iktisad.1670338

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