Abstract
This paper uses the DCC-GARCH model to conduct a cross-sectional comparison study of the risk spillover effect between the green bond market, the traditional stock market and the low carbon industry stock market in China. The empirical results show that the risk spillover effect between the green bond market and the two stock markets is weak, while the risk spillover effect between the stock markets is the most significant; the risk spillover effect between the green bond market and the low carbon industry stock market is stronger than the dependence between it and the traditional stock market.
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