Fig 1.
Mechanisms and pathways for clean energy market to influence the product market of rare earths industrial chain.
Table 1.
Spillover indices and their interpretations.
Fig 2.
Methodological flowchart.
Table 2.
Detailed description of variables.
Table 3.
Descriptive statistics for all variables.
Fig 3.
Fluctuations in prices and returns of rare earth industry chain products from February 2015 to August 2023.
Table 4.
Static spillover indices.
Fig 4.
Time-varying total connectivity of China’s rare earth industry chain product market.
Note: This figure illustrates the dynamic total spillover index (in percentage terms) among rare earth product returns from February 2015 to August 2023. The y-axis represents the connectivity index (%), ranging from 25% to 35%, while the x-axis denotes time on a monthly scale with labeled years (2015−2023). Blue shaded areas highlight significant structural shift periods, such as policy announcements (e.g., May 2015 tariff cancellation) and external shocks (e.g., 2020 COVID-19), where connectivity exceeds 32% (1 standard deviation above mean). Peaks indicate heightened risk transmission due to clean energy demand surges.
Fig 5.
Time-varying net connectivity of various products within China’s rare earth industry chain.
Note: This multi-panel figure displays net spillover indices (in percentage terms) for key rare earth products (e.g., PNO, DO, NM, Nd-Fe-B) over February 2015 to August 2023. Each panel’s y-axis shows net connectivity (%), with x-axis as monthly time series labeled by year. Positive values indicate net transmitters, negative as receivers. Shaded regions mark significance, emphasizing shifts like NFB’s consistent transmitter role.
Table 5.
Unit root tests.
Table 6.
ARDL regression results.
Table 7.
NARDL regression results.
Table 8.
Asymmetric response tests.