Does the ECB policy of quantitative easing impact environmental policy objectives?

IF 3.3 3区经济学 Q1 DEVELOPMENT STUDIES

Journal of Economic Policy Reform Pub Date : 2021-01-26 DOI:10.1080/17487870.2020.1855176

Nathalie Hilmi, Salpie S. Djoundourian, Wassim Shahin, Alain Safa

引用次数: 13

Abstract

ABSTRACT The relationship between the environment and climate change on one hand and the financial system, financial regulation and monetary policy on the other is growing in importance. This paper examines the possible impact of the European Central Bank’s monetary policy of quantitative easing on the environmental policy of the European Union. Using data from Climate Bonds Initiative, the paper analyses the variation in the amount of “green labelled bonds” issued in the individual member countries of the Eurozone areas, as a function of liquidity inducing monetary policy variables. The paper finds a positive and significant relationship between the two measures.

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欧洲央行的量化宽松政策会影响环境政策目标吗?

环境和气候变化与金融体系、金融监管和货币政策之间的关系日益重要。本文考察了欧洲央行量化宽松货币政策对欧盟环境政策的可能影响。利用气候债券倡议的数据，该论文分析了欧元区个别成员国发行的“绿色标签债券”数量的变化，作为流动性诱导货币政策变量的函数。本文发现这两种措施之间存在着积极而显著的关系。

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

Journal of Economic Policy Reform Multiple-

CiteScore

6.60

自引率

0.00%

发文量

期刊介绍： The Journal of Economic Policy Reform focuses on the analysis of economic policy reform. The journal draws upon what lessons can be learned from the successes and failures of countries undertaking reforms and how existing theories can be developed to shed light on positive as well as normative aspects of the reform process. The Journal of Economic Policy Reform encourages work from economists and political economy analysts on policies to promote growth and reduce poverty, intellectual property rights, aid versus trade, debt and debt relief, taxation and social security systems, surveys of key reform issues, as well as on corruption, democracy, emerging markets and the role of multilateral institutions.