分析生态友好型债券对经济增长和环境可持续性的影响

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Ujkan Q. Bajra , Niklas Wagner
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引用次数: 0

摘要

近几十年来,发行绿色、社会和可持续类别的生态友好型债券明显增加。本研究使用来自 82 个国家的面板数据,通过稳健的固定效应估算器进行分析,研究了这些债券与经济扩张和可持续性之间的相互关系。研究结果表明,发行生态友好型债券与经济增长之间存在明显的正相关关系。有趣的是,债券表现与经济增长之间出现了负相关,这表明仅仅发行债券可能不足以确保经济的可持续发展。我们强调了对这些债券采用精细化估值方法的重要性,以及债券投资在各行业分布不均所导致的经济失衡风险,类似于 "荷兰病"。作者还强调,投资战略必须与经济和环境目标保持一致,以应对持续的碳排放等挑战。作者主张将债券发行和表现纳入长期可持续发展战略。尽管生态友好型债券具有对环境产生积极影响的潜力,但它可能无法像最初预期的那样持续推动经济增长,尤其是在平衡发展和碳减排目标时。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability

In recent decades, a noticeable uptick has been seen in the issuing of eco-friendly bonds across green, social, and sustainable categories. The study examines their intersection with economic expansion and sustainability using panel data from 82 countries analyzed through robust fixed-effects estimators. The results reveal a significant positive correlation between the issuing of eco-friendly bonds and economic growth. Interestingly, a negative relationship emerges between bond performance and growth, suggesting that the mere issuing of bonds may not be enough to ensure sustainable economic expansion. The importance of refined valuation methods for these bonds is emphasized, along with the risk of economic imbalance caused by the uneven distribution of bond investments across sectors, akin to the "Dutch disease." The need to align investment strategies with both economic and environmental objectives to address challenges like persistent carbon emissions is also stressed. The authors advocate the integrating of considerations of bond issuance and performance into long-term sustainability strategies. Despite holding potential for positive environmental impact, eco-friendly bonds may not consistently drive economic growth as initially anticipated, particularly when balancing the development and carbon-reduction objectives.

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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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