地缘政治风险与全球绿色债券市场增长

Charilaos Mertzanis, Imen Tebourbi
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引用次数: 0

摘要

利用单个交易数据,我们研究了 2008-2021 年间地缘政治风险如何影响 73 个国家的绿色债券发行。我们考虑了交易特征以及经济和制度因素。我们发现地缘政治风险与绿色债券发行之间存在正相关。该效应表现出非线性和时间延迟。在进行了敏感性和内生性分析后,我们的研究结果依然稳健。在对地缘政治风险指数进行分解后,我们发现其所有组成部分都与绿色债券发行呈正相关关系。最后,我们的研究强调了承销商网络和特定地缘政治辖区作为全球绿色债券市场扩张驱动力的关键作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Geopolitical risk and global green bond market growth
Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.
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