Sustainable Financial Instruments: Their Current State and Prospects

IF 0.4 Q4 ECONOMICS

Ekonomicheskaya politika Pub Date : 2023-01-01 DOI:10.18288/1994-5124-2023-4-78-107

Igor K. Klyuchnikov, Oleg I. Klyuchnikov, Maria V. Sigova

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引用次数: 0

Abstract

Instruments aimed at sustainable economic development have become widespread in financial markets and are firmly embedded in economic transactions and the system of credit and financial regulation. Incorporating ESG principles into economic activity enables companies to be involved in solving environmental, social and managerial challenges as well as to promote these principles by means of instruments designed to attract and allocate resources that advance sustainable development. As stable financial instruments for these purposes are developed and absorbed into both micro and macro management of the economy, the practices that govern their registration, accounting and listing on exchanges are changing in turn. A parallel process of conceptualizing and reaching theoretical understanding of these new instruments for encouraging sustainable economic development is also underway. Systematic concepts applicable to sustainable financial instruments have been developed, and the role of these instruments in financing ESG transition and development of the financial market has been clarified. The article examines the evolution of sustainable financial instruments, identifies their essential features and role in investment decisions, analyzes the most significant ways they impact the economy and financial markets, and assesses how prepared the financial sector is for their development. Three research hypotheses are put forward. First, economic entities are successfully adapting to the new concept of sustainable financing. Second, the increased inherent complexity of the new instruments and effort needed to prepare them is partially offset by their standardization, as well as by a simplified scheme for their circulation, maintenance and supervision. And third, sustainable development instruments such as green bonds, social bonds, sustainable development bonds, sustainability-related bonds and transitional period bonds contribute to a reassessment of market efficiency and the rationality of market participants

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可持续金融工具:现状与前景

旨在可持续经济发展的手段已在金融市场上广泛使用，并牢固地植根于经济交易以及信贷和金融管制制度。将ESG原则纳入经济活动，使公司能够参与解决环境、社会和管理方面的挑战，并通过旨在吸引和分配促进可持续发展的资源的手段来促进这些原则。随着为这些目的而开发的稳定金融工具被纳入经济的微观和宏观管理，管理这些工具的登记、会计和在交易所上市的做法也在发生变化。对这些鼓励可持续经济发展的新手段进行概念化和从理论上理解的平行进程也在进行中。适用于可持续金融工具的系统概念已经形成，这些工具在融资ESG转型和金融市场发展中的作用已经明确。本文考察了可持续金融工具的演变，确定了它们的基本特征和在投资决策中的作用，分析了它们影响经济和金融市场的最重要方式，并评估了金融部门为其发展所做的准备程度。本文提出了三个研究假设。首先，经济主体正在成功适应可持续融资的新理念。第二，新文书固有的复杂性和编写这些文书所需的努力的增加，因其标准化以及其流通、维护和监督的简化计划而部分抵消。第三，绿色债券、社会债券、可持续发展债券、可持续相关债券和过渡期债券等可持续发展工具有助于重新评估市场效率和市场参与者的合理性

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Ekonomicheskaya politika ECONOMICS-

CiteScore

1.30

自引率

20.00%

发文量

期刊介绍： Ekonomicheskaya Politika is a broad-range economic journal devoted primarily to the study of the economic policy of present-day Russia as well as global economic problems. The subject matters of articles includes macroeconomic, fiscal, monetary, industrial, social, regulation and competition policyand more. The journal also publishes theoretical papers in such areas as political economy, general economic theory, welfare economics, law and economics,and institutional economics.. The character and the scope of economic problems studied in many publications require a multidisciplinary approach, consistent with the editorial policy of the journal. While the thematic scope of articles is generally related to Russia, the aim of editorial policy is to cover politico-economic processes in the modern world and international economic relations, as well. In addition, Ekonomicheskaya Politika publishes Russian translations of classical and significant modern works of foreign economists.