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Dynamic nexus of clean energy metals, energy commodities and traditional assets: Multidimensional techniques and portfolio analysis

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  • Malhotra, Priya
  • Kumar, Sanjeev
  • Gubareva, Mariya
  • Mendes, José Zorro

Abstract

Given the rising demand for clean energy, we investigate the dynamic linkages between clean energy metals (lithium, nickel), fossil fuels (oil, gas), precious metals (gold, silver) and major equity markets. We employ the extended joint connectedness approach to study spillovers via daily data from January 2017 to September 2024. A comparative analysis of risk transmission during the pandemic-driven crisis and ongoing geopolitical tensions reveals that connectedness increases during stress episodes. We document that silver, Canadian and Indian stocks are persistent receivers of volatility, whereas nickel, gold, and gas are persistent transmitters. Severe shocks cause lithium and French stocks to shift from receiver to transmitter, whereas the inverse holds for the U.S., China and oil. We report that during periods of crisis the minimum connectedness portfolio outperforms the minimum correlation portfolio and minimum variance portfolio. The optimal hedge ratio results provide important portfolio rebalancing insights.

Suggested Citation

  • Malhotra, Priya & Kumar, Sanjeev & Gubareva, Mariya & Mendes, José Zorro, 2026. "Dynamic nexus of clean energy metals, energy commodities and traditional assets: Multidimensional techniques and portfolio analysis," Research in International Business and Finance, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:riibaf:v:81:y:2026:i:c:s0275531925004386
    DOI: 10.1016/j.ribaf.2025.103182
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    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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