The key concern of this study is to investigate the nexus between the BRICS equity market and renewable energy tokens. Based on TVP-VAR, we examine the static and dynamic connectedness between our variables of interest. In addition to connectedness, we have also determined the diversification potential of renewable energy tokens using the DCC-GARCH model. The results infer that the connectedness between renewable energy tokens and the BRICS market remains substantial. However, it became more apmlified during COVID-19. Particularly, our findings show that BRICS equity markets act as transmitters while renewable energy tokens function as net receivers of return spillover within the system examined. Additionally, our findings infer that the inclusion of renewable energy tokens offers portfolio diversification benefits to investors in the BRICS region. However, during troublesome times, renewable energy sources provide hedging and compensate the investor's exposure to the higher level of uncertainty. Wrapping up, our findings hold indispensable guidance for investors, portfolio managers, and policy analysts.

中文翻译：

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评估可再生能源代币对金砖国家股票市场的影响：一种新的多元化方法

本研究的主要关注点是调查金砖国家股票市场与可再生能源代币之间的关系。基于 TVP-VAR，我们检查了感兴趣的变量之间的静态和动态关联性。除了连通性之外，我们还使用 DCC-GARCH 模型确定了可再生能源代币的多元化潜力。结果表明，可再生能源代币与金砖国家市场之间的联系仍然很大。然而，在 COVID-19 期间，它变得更加广泛。特别是，我们的研究结果表明，金砖国家股票市场充当了所研究系统内回报溢出的发射器，而可再生能源代币则充当了回报溢出的净接收器。此外，我们的研究结果表明，纳入可再生能源代币可以为金砖国家地区的投资者带来投资组合多元化的好处。然而，在困难时期，可再生能源可以提供对冲并补偿投资者面临的更高程度的不确定性。总而言之，我们的研究结果为投资者、投资组合经理和政策分析师提供了不可或缺的指导。