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Asymmetric effects of financial volatility and volatility-of-volatility shocks on the energy mix Guinea Voinea, Laurentiu Pérez Sánchez, Rafaela María Ruiz Andújar, Jesús C12 C32 C58 G01 G13 G17 Q42 Asymmetries Financial instability NARDL Renewable energy VIX Volatility-of-volatility Finanzas 5312.06 Finanzas y Seguros Wethank the Spanish Ministry de Economía y Competitividad (grants TED2021-129891B-I00 and PID2022-138706NB-I00) for financial support. The authors are also grateful for the suggestions of two anonymous reviewers, who have significantly improved the article, as well as for the comments of the attendees of the XI Meeting on International Economics. We examine the asymmetric effects of financial instability shocks and their volatility on the conventional and renewable energy mix. We utilize Chicago Board Options Exchange (CBOE) Volatility Index (VIX) and the Volatility-of-Volatility index (vVIX) in a nonlinear autoregressive distributed lag (NARDL) model to estimate the short- and long-term asymmetry effects across energy mix in Europe, the US, and China. Our estimations indicate that the long-term effects over the energy mix are more significant than their short-term effects. The results also show that the responses to the volatility of financial instability, vVIX, are different from the responses to financial instability itself, VIX, and revealed a more pronounced impact on changes in vVIX compared to VIX. We find that the asymmetries of energy mix responses to positive or negative shocks in VIX and vVIX have been decreasing over the periods. Ministerio de Economía y Competitividad (España) Depto. de Análisis Económico y Economía Cuantitativa Fac. de Ciencias Económicas y Empresariales TRUE pub Descuento UCM 2024-04-30T12:13:49Z 2024-04-30T12:13:49Z 2024 journal article VoR https://hdl.handle.net/20.500.14352/103700 XXXX-XXXX 10.1016/j.frl.2023.104938 1544-6131 eng TED2021-129891B-I00 PID2022-138706NB-I00 Guinea Laurentiu, Puch Luis A., Ruiz Jesús. Energy news shocks and their propagation to renewable and fossil fuels use Energy Economics, 0140-9883 (2024), p. 107289, 10.1016/j.eneco.2023.107289 Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ open access application/pdf Elsevier