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Revolutionizing green finance: The synergistic spillover effects of AI, cloud computing, and blockchain

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  • Ma, Wenhui
  • Wang, Kai-Hua
  • Li, Xin

Abstract

This study discusses the spillover effects of artificial intelligence (AI), cloud computing (CC), blockchain (BC), and green financial markets, utilizing quantile connectedness and quantile vector autoregression methods. The results of the empirical investigation show that total risk spillovers fluctuate across time and frequencies, with notable increases during major events such as the COVID-19 pandemic and the Russia-Ukraine war. While AI, CC, and BC can help mitigate the long-term risks associated with green finance (GF), their short-term spillover effects on green finance remain marginal. Additionally, risk spillovers are more pronounced under extreme market conditions, with negative spillovers being more significant than positive spillovers. Furthermore, an investment portfolio that integrates AI, CC, BC, and green finance can achieve lower risk. This study offers fresh perspectives for the advancement of green finance and provides guidance for decision-makers on the use of digital technologies to analyze green finance investments. Additionally, it establishes the groundwork for the superior growth of green finance, offering concrete methods and recommendations. Based on these findings, the study proposes several policy measures, including tax reductions on relevant items and enhanced collaboration between financial institutions and technology companies.

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  • Ma, Wenhui & Wang, Kai-Hua & Li, Xin, 2025. "Revolutionizing green finance: The synergistic spillover effects of AI, cloud computing, and blockchain," Technology in Society, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:teinso:v:83:y:2025:i:c:s0160791x25002209
    DOI: 10.1016/j.techsoc.2025.103030
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