基地研究员任晓航副教授合作论文“Financialization trends and climate policy uncertainty: Implications for China’s nonferrous metal market”在重要学术期刊Research in International Business and Finance发表。

摘要：Uncertainty in climate policy development and implementation remains challenging for most industries. Given its significant role in the commodity market, measuring the degree of financialization within the nonferrous metal market is crucial to ensure economic stability. This study explores the dynamic impact of climate policy uncertainty on the degree of financialization of the nonferrous metal market by analyzing financial indices and the prices of copper, aluminum, and zinc futures from January 2, 2018, to November 30, 2023. Results indicate a low degree of financialization among nonferrous metals in China. Specifically, the financialization of copper and zinc exhibited cyclical changes while that of aluminum demonstrated a gradual increase in volatility. In terms of financialization, copper prices show the lowest frequency of changes, aluminum prices exhibit higher sensitivity to changes, and zinc prices occasionally show severe negative impacts. This study offers significant insights for governments, enterprises, and investors to address the challenges of climate change and the associated financial risks.

关键词：Climate policy uncertainty；Nonferrous metal market；Financialization；Time-varying effect

论文链接：https://doi.org/10.1016/j.ribaf.2025.102922

教师简介

任晓航，中南大学商学院特聘副教授，Elsevier中国高被引学者，全球前2%顶尖科学家，主要从事能源金融、金融风险、金融计量等方面的研究，在Journal of the American Statistical Association、Transportation Research Part A、Energy Economics、Quantitative Finance、Review of Quantitative Finance and Accounting、International Review of Financial Analysis、Technological Forecasting and Social Change、Business Strategy and the Environment、Pacific-Basin Finance Journal、Applied Energy、Resources Policy、Renewable & Sustainable Energy Review、Energy、管理科学学报（英文版）、系统工程理论与实践、中国管理科学等国内外权威期刊上发表论文一百余篇，其中ESI热点文章/高被引论文三十余篇。担任Sustainable Communities(Taylor & Francis)领域主编，Humanities & Social Sciences Communications（Nature旗下唯一面向人文社会科学的子刊）等期刊副主编，Climate Change Economics, Economic Change and Restructuring等SSCI期刊客座主编。