Jiajing Sun

Jiajing Sun

PhD, CFA charterholder, FIMA, Member of the London Mathematical Society. Associate Professor and the Deputy Director of the Department of Statistics and Data Science, School of Economics and Management, University of the Chinese Academy of Sciences.

Risk Propagation and System Resilience in Sustainable-Digital Finance: A Time-Frequency Higher-Order Moment Analysis of Green Finance, Green Cryptocurrency, and Non-Green Cryptocurrency Markets

Published in Systems, 2026

Abstract

This article examines how risk propagates across sustainable and digital finance markets. It studies connectedness among green finance indices, green cryptocurrencies, and non-green cryptocurrencies, using a time-frequency higher-order moment framework to distinguish short- and long-horizon transmission as well as volatility, skewness, and tail-related effects.

The findings contribute to the literature on sustainable finance, cryptocurrency markets, and systemic risk by showing how digital-asset and green-finance systems interact under different market conditions. The article is open access under a Creative Commons Attribution license.

Publisher / DOI page

Recommended citation: Wu, J., Yao, J., & Sun, J. (2026). "Risk Propagation and System Resilience in Sustainable-Digital Finance: A Time-Frequency Higher-Order Moment Analysis of Green Finance, Green Cryptocurrency, and Non-Green Cryptocurrency Markets." Systems, 14(6), 628.
Download Paper | Download Bibtex