This paper explores the global economic and climate spillovers of the European Union Emissions Trading System (EU ETS), leveraging exogenous variations in carbon prices identified through a carbon policy surprise series. Findings reveal that higher EU carbon prices lead to significant and...

Analyzing the interdependencies among fnancial institutions is critical for designing systemic risk monitoring mechanisms; however, most existing research focuses on the frst moment of the return distribution, which falls into the conventional models of choice under risk. Previous literature has...

This study examined the interconnectedness and volatility correlation between crypto‑ currency and traditional fnancial markets in the fve largest African countries, address‑ ing concerns about potential spillover efects, especially the high volatility and lack of regulation in the...