Turbulence, Values, and the Institutionalization of Alternative Finance: Empirical Evidence on Three Concurrent Trends Reshaping Global Markets, 2010–2025

Authors

1 School of Management, Capital Normal University, Beijing, China 100048
2 School of Graduate, Chinese Academy of Fiscal Sciences, Beijing, China 100142
Corresponding author: Wintercommas@163.com

DOI:

https://doi.org/10.63646/EWEC6886

Keywords:

Market turbulence; responsible investment; ESG; digital-asset finance; islamic finance; institutionalization; financial innovation; trend analysis

Abstract

Commentary on the evolution of global finance frequently invokes three background claims as if they were settled fact: that markets have grown more turbulent, that demand for ethical and values-aligned investing has risen, and that both digital-asset finance and faith-based finance have become progressively institutionalized. These assertions are widely repeated yet rarely examined together with systematic evidence. This paper assembles a multi-indicator dataset spanning 2010 to 2025 and tests all three claims jointly within a single descriptive framework. For turbulence, we construct a multi-asset panel of realized-volatility and market-stress indicators. For values-aligned demand, we compile measures of responsible-investment assets, product proliferation, and net subscriptions. For institutionalization, we track regulated digital-asset product assets and counts alongside the total assets of Islamic finance and annual issuance of faith-based fixed-income instruments. Applying trend-detection statistics and concurrency analysis, we find that each of the three phenomena exhibits a statistically significant upward trajectory over the period, that the trajectories accelerate after the mid-2010s, and that the underlying indices are positively and materially correlated with one another. The results provide empirical grounding for claims that are typically asserted without support and characterize the period as one of simultaneous escalation in volatility, in values-based demand, and in the institutional embedding of both digital-asset and faith-based finance. The study contributes a replicable, technology-and-society reading of how these structural shifts have unfolded in parallel, and it supplies a citable evidentiary basis for the background proposition that these trends have risen together.

How to Cite

Wang, Z., & Wang, J. (2026). Turbulence, Values, and the Institutionalization of Alternative Finance: Empirical Evidence on Three Concurrent Trends Reshaping Global Markets, 2010–2025. Journal of Technology Innovation and Society, 2(2), 189-204. https://doi.org/10.63646/EWEC6886

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