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Decoding the nexus: How fintech and AI stocks drive the future of sustainable finance

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  • Ma, Chao-Qun
  • Liu, Xukang
  • Klein, Tony
  • Ren, Yi-Shuai

Abstract

Considering the substantial influence of technological advancements on the growth of asset investments, it is imperative to examine the relationships among financial technology (fintech), artificial intelligence (AI) stocks, and sustainable finance. This analysis is vital for achieving technology-driven investments in sustainable development. This study employs the Time-Varying Parameter VAR Model with Stochastic Volatility (TVP-SV-VAR) methodology to analyze the correlation between changes in fintech and AI indices and the markets for clean energy, green bonds, and environmental pricing indices, utilizing daily data from January 1, 2018, to October 26, 2023. The results indicate that the spillover effect of sustainable finance on fintech is more pronounced than that of the AI industry. In addition, AI has the lowest level of shock response on the clean energy index, and the short-term effects of the green bond market on the market remain consistently negative. The fintech, AI, and sustainable finance markets experience varied levels of influence at different times, which in turn impacts the connections across markets and the mechanism risks are transferred. These findings aid policymakers, investors, and financial institutions in formulating more efficient policy measures and market strategies.

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  • Ma, Chao-Qun & Liu, Xukang & Klein, Tony & Ren, Yi-Shuai, 2025. "Decoding the nexus: How fintech and AI stocks drive the future of sustainable finance," International Review of Economics & Finance, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:reveco:v:98:y:2025:i:c:s1059056025000401
    DOI: 10.1016/j.iref.2025.103877
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