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Journal articles on the topic 'Green bond market'

Author: Grafiati

Published: 23 June 2021

Last updated: 29 July 2025

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1

Abhilash, Sandeep S. Shenoy, Dasharathraj K. Shetty, and Aditi N. Kamath. "Do bond attributes affect green bond yield? Evidence from Indian green bonds." Environmental Economics 14, no. 2 (2023): 60–68. http://dx.doi.org/10.21511/ee.14(2).2023.05.

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Over the years, green finance tools have gained considerable attention with the increased concern to achieve sustainability in the economy. Green bonds are one such new innovative green finance tool embodied with bonds and green attributes. However, research on the Indian green bond is relatively modest. Thus, this study aims to analyze the impact of bond attributes on green bond yield. The study retrieves green bond data from the Bloomberg and Climate Bonds Initiative databases from 2015 to 2022. To test the framed hypotheses, the study employs a panel regression technique with a random effec

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2

Hrubliak, Oksana, and Artur Oleksyn. "Green bonds as a tool for attracting investment in environmental projects." Galician economic journal 91, no. 6 (2024): 95–101. https://doi.org/10.33108/galicianvisnyk_tntu2024.06.095.

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Green bonds are one of the most popular sustainable investment instruments, and the green bond market is expected to flourish in the near future. Green bonds are becoming increasingly popular among environmentally responsible investors. The article reviews the literature related to the study of the green bond market, with the aim of highlighting the problems of using this financial instrument and providing information about the role of green bonds in developing the financial market of Ukraine and the economy as a whole. It is determined that the global green bond market is developing rapidly a

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Ibrić, Muhamed, Emira Kozarević, and Admir Mešković. "Rise of Green Bonds." Journal of Economics, Law, and Society 1, no. 1 (2024): 55–71. https://doi.org/10.70009/jels.2024.1.1.4.

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This paper analyzes the global and European green bond markets from different perspectives. The paper uses data on green bond issues on the global and European green bond market, in the period from 2013 to 2023. Research results show that the issuance of green and other sustainability-related revenue use bonds has increased in recent years. Europe remains the largest issuance region, accounting for more than half of global issuance. Green bond issuance globally and in Europe has experienced a tumultuous couple of years after reaching record highs of USD 575 billion and USD 326 billion in 2021,

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Uckun-Ozkan, Aysegul. "The impact of investor attention on green bond returns: How do market uncertainties and investment performances of clean energy and oil and gas markets affect the connectedness between investor attention and green bond?" Asian Journal of Economic Modelling 12, no. 1 (2024): 53–75. http://dx.doi.org/10.55493/5009.v12i1.4986.

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This paper empirically investigates the spillover between investor attention and green bond returns by utilizing the connectedness approach. We will examine the impact of uncertainty in the stock, bond, and energy markets, as well as the success of clean energy, oil, and gas investments, on the relationship between green bonds and investor attention. We find that there are positive but small spillovers between investor attention and green bond returns. Besides, the connectedness between investor attention and green bond market performance is stronger in the short run than in the long run. Furt

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Ibrić, Muhamed, Emira Kozarevic, and Admir Meskovic. "The Rise of Green Bonds Global Context and European Insights." Journal of Economics, Law, and Society 1, no. 1 (2024): 55–71. https://doi.org/10.70009/jels.2024.1.1.4.

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This paper analyzes the global and European green bond markets from different perspectives. The paper uses data on green bond issues on the global and European green bond market, in the period from 2013 to 2023. Research results show that the issuance of green and other sustainability-related revenue use bonds has increased in recent years. Europe remains the largest issuance region, accounting for more than half of global issuance. Green bond issuance globally and in Europe has experienced a tumultuous couple of years after reaching record highs of USD 575 billion and USD 326 billion in 2021,

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Tocelovska, Natalja, and Aleksandra Anna Meinerte. "The role of the Eu Green Bond Regulation in accelerating sustainable finance in the Baltic region." SOCRATES. Rīgas Stradiņa universitātes Juridiskās fakultātes elektroniskais juridisko zinātnisko rakstu žurnāls / SOCRATES. Rīga Stradiņš University Faculty of Law Electronic Scientific Journal of Law 1, no. 31 (2025): 48–56. https://doi.org/10.25143/socr.31.2025.1.48-56.

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The European Union (EU) Green Bond Regulation aims to further align private investments with the Paris Agreement, minimise greenwashing and enhance transparency, offering a robust framework for European Green Bonds. While the academic research actively explores green bonds as part of the investment portfolio or environmental, social and governance agenda, relatively less interest is dedicated to the regulatory challenges. The aim of this paper is to analyse the impact of the EU Green Bond Regulation on the Baltic green bond market, focusing on its implications for market development, regulator

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Cortellini, Giuseppe, and Ida Claudia Panetta. "Green Bond: A Systematic Literature Review for Future Research Agendas." Journal of Risk and Financial Management 14, no. 12 (2021): 589. http://dx.doi.org/10.3390/jrfm14120589.

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Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible investors, as well as investors who “simply” attempt to benefit from portfolio diversification, including green issuances, that are close to other fixed bonds. This paper aims to take advantage of previous literature contributions on the green bond market to indicate the way forward for future research. Herein,

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Anh Tu, Chuc, Tapan Sarker, and Ehsan Rasoulinezhad. "Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis." Journal of Risk and Financial Management 13, no. 6 (2020): 126. http://dx.doi.org/10.3390/jrfm13060126.

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Expansion of green bond markets as an appropriate way to lower environmental pollution is one of the most debatable issues among scholars. However, the expansion of this market is not a simple matter and depends on several factors. The main purpose of this study is to carry out a multi-dimensional analysis using the analytic hierarchy process (AHP) method to find and prioritize factors influencing the development of green bond markets. As a case, we do our analysis for Vietnam that, since the last years, has been trying to expand green bond market as an effective investment channel to finance

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9

Wang, Hang. "An Empirical Study on the Stock Market Reaction to Corporate Green Bond Issuance in China." Highlights in Business, Economics and Management 10 (May 9, 2023): 417–24. http://dx.doi.org/10.54097/hbem.v10i.8133.

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China has become one of the major green bond issue countries and is the only developing country. Research on green corporate bonds is currently a novel direction, and very few studies focus on the Chinese market. Researching Chinese corporate green bonds is essential for the Chinese and merging market. This article discusses corporate green bonds in the Chinese market from the perspective of stock market reaction, institutional investor positions and cost of capital. Firstly, the author analyzes the Chinese stock market reaction to the issuance of corporate green bonds by using an event-study

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Thi Thu Huong, Tran. "Green Bond Market Development-Case of Vietnam." International Journal of Science and Research (IJSR) 12, no. 4 (2023): 1206–10. http://dx.doi.org/10.21275/sr23419071430.

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11

Grishunin, Sergei, Alesya Bukreeva, Svetlana Suloeva, and Ekaterina Burova. "Analysis of Yields and Their Determinants in the European Corporate Green Bond Market." Risks 11, no. 1 (2023): 14. http://dx.doi.org/10.3390/risks11010014.

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The green bond market helps to mobilize financial sources toward sustainable investments. Green bonds are similar to conventional bonds but are specifically designed to raise money to finance environmental projects. The feature of green bonds is the existence of greenium, or the lower yield compared to “conventional” bonds of the same risk. The relevance of the paper is underpinned by the mixed evidence on the existence of ‘greenium’, especially in corporate green bond markets; there has been limited research on the topic and a narrow focus on global, US, or Chinese green bond markets. Instead

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Park, Daehyeon, Jiyeon Park, and Doojin Ryu. "Volatility Spillovers between Equity and Green Bond Markets." Sustainability 12, no. 9 (2020): 3722. http://dx.doi.org/10.3390/su12093722.

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This study examines the market for green bonds, which have been in the spotlight as an eco-friendly investment product. We analyze the volatility dynamics and spillovers between the equity and green bond markets. As the return dynamics of financial products typically exhibit asymmetric volatility, we check whether green bonds also share this property. Our analyses confirm that although green bonds do exhibit the asymmetric volatility phenomenon, their volatility, unlike that of equity, is also sensitive to positive return shocks. An analysis of the association between the green bond and equity

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SHCHERBAKOVA, Olena. "THE ROLE OF GREEN BONDS IN FINANCING SUSTAINABLE DEVELOPMENT." Economy of Ukraine 2023, no. 12 (2023): 3–22. http://dx.doi.org/10.15407/economyukr.2023.12.003.

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The active development of green bond markets is related to the fulfillment of climate transition tasks in accordance with the UN Sustainable Development Goals in terms of achieving climate neutrality. The green bond market can provide Ukraine with access to global financial resources for the purposes of post-war recovery and structural transformation of the national economy at a qualitatively new technological level based on the principles of sustainable development. Author generalises that scientific research on green bond markets are focused on the issues of assessing their impact on sustain

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14

Wang, Qinghua, Yaning Zhou, Li Luo, and Junping Ji. "Research on the Factors Affecting the Risk Premium of China’s Green Bond Issuance." Sustainability 11, no. 22 (2019): 6394. http://dx.doi.org/10.3390/su11226394.

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Green bonds have both “bond” and “green” attributes and are one of the important financing tools for green financial markets. The green bond risk premium directly reflects the financing cost of bond issuers and the capital gains of investors. A reasonable risk premium is the key to the successful issuance and trading of green bonds. Therefore, this paper studies the factors affecting the risk premium of China’s green bond issuance, aiming to provide a basis for determining a more reasonable risk premium. Based on the primary issuance market of green bonds, this paper takes into account the mac

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15

Ge, Yaojun. "Research on the Correlation Between Chinas Green Bond Market and Carbon Market." Advances in Economics, Management and Political Sciences 173, no. 1 (2025): 117–24. https://doi.org/10.54254/2754-1169/2025.22171.

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The issues of climate change have attracted much attention around the world. This study investigates the correlation between Chinas green bond market and carbon market using continuous and discrete wavelets. For the green bond index and carbon market transaction prices during 2014-2024, we find that the correlation and dependence between the green bond market and carbon market are strong, with the green bond market exhibiting a stronger correlation and dependence on the carbon market in the low-frequency region, and this strong correlation becomes more pronounced after 2020. Carbon market tran

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16

Zhong, Yejun. "Analysis of Green Bonds Market in China in Terms of PEST Model." Advances in Economics, Management and Political Sciences 25, no. 1 (2023): 165–69. http://dx.doi.org/10.54254/2754-1169/25/20230493.

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Green finance has grown as a strategy in recent years for attaining sustainable development and resolving the tension between economic growth and climate change. Today, green bonds dominate the ESG (Environment, Social and Governance) themed bond market, and in this new era of green development, China's green bond market is becoming increasingly influential in the international arena. However, the development of green bonds in China is immature, and despite the existence of unified principles in policy this year, the Chinas green bond market is still relatively inactive compared to foreign cou

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Sova, Olena, Lesia Voliak, and Viktoriia Khmurova. "RATIONALES FOR EFFICIENT AND EFFECTIVE GREEN FINANCING UNDER EMERGENCY RULES." Academic Review 2, no. 59 (2023): 90–102. http://dx.doi.org/10.32342/2074-5354-2023-2-59-6.

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The article is devoted to the current topic of environmental protection through the joint efforts of government and business with the help of innovative schemes for attracting investments in ecological developments. Based on data from international organizations, a thorough study of global trends in the use of green bonds as a financing tool for environmentally important projects has been conducted. The changing climate of our planet requires the adaptation of sustainable development goals to the challenges of our time. And such an effective mechanism is green financing. Green bonds are consid

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Cheong, Chiyoung, and Jaewon Choi. "Green bonds: a survey." Journal of Derivatives and Quantitative Studies: 선물연구 28, no. 4 (2020): 175–89. http://dx.doi.org/10.1108/jdqs-09-2020-0024.

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This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment. This study provides a review of papers that study the market pricing of green bonds, the economic and environmental effects of green bond financing, as well as legal and institutional issues in the green bond market. The literature on market pricing focuses mainly on the existence of greenium, which represents the extent to which green bonds carry a price premium over otherwise identical non-green counterparts. The lite

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Taghizadeh-Hesary, Farhad, Abdulrasheed Zakari, Rafael Alvarado, and Vincent Tawiah. "The green bond market and its use for energy efficiency finance in Africa." China Finance Review International 12, no. 2 (2022): 241–60. http://dx.doi.org/10.1108/cfri-12-2021-0225.

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PurposeThis study presents the state of green bond markets in Africa and green bond funds by some countries in the continent.Design/methodology/approachThe authors adopt a case study approach on four different kinds of countries, namely oil-rich economy, green bond innovator, renewable energy user and carbon vulnerability.FindingsThe authors found that Africa's green bond is still at the early stages. However, countries are using innovative ways that are adaptable to their current economic conditions and investment attractiveness in issuing green bonds. While some countries focus on central an

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Lebelle, Martin, Souad Lajili Jarjir, and Syrine Sassi. "Corporate Green Bond Issuances: An International Evidence." Journal of Risk and Financial Management 13, no. 2 (2020): 25. http://dx.doi.org/10.3390/jrfm13020025.

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Using an international sample of corporate Green bond issuances over the recent period, this paper highlights the potential consequences of the issuance of a Green bond on the issuer’s financial performance. Starting with a first sample of 2079 Green bond issuances of 190 unique issuers from 2009 to 2018, we investigate only corporate green bond issuances. Our final sample contains 475 green bonds issued by 145 unique firms. We find that the market reacts negatively to the announcement of green bond issuances. In particular, results show that the stock market reacts on the day of the green bon

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Wu, Ding, Zhenqing Luo, Tidong Zhang, Lu Tang, Mahmood Ahmad, and Xiaoyun Fang. "The Linkage between Carbon Market and Green Bond Market: Evidence from Quantile Regression Based on Wavelet Analysis." Sustainability 15, no. 13 (2023): 10634. http://dx.doi.org/10.3390/su151310634.

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The carbon market and the green bond market are important institutions for reducing greenhouse gas emissions and achieving economic low-carbon transformation. Accurately understanding the characteristics and correlations of the two markets is of great significance for promoting the achievement of the “dual carbon” goal. From the perspective of different time scales and market conditions, this study selected the maximal overlap discrete wavelet transform (MODWT) to decompose the price time series data of China’s carbon market and green bond market. The quantile Granger causality test was used t

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Deschryver, Pauline, and Frederic de Mariz. "What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?" Journal of Risk and Financial Management 13, no. 3 (2020): 61. http://dx.doi.org/10.3390/jrfm13030061.

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The green bond market is attracting new issuers and a more diversified base of investors. However, the size of the green bond market remains small compared to the challenges it is meant to address and to the overall traditional bond market. This paper is based on a unique methodology combining an extensive literature review, market data analysis, and interviews with a large spectrum of green bond market participants. We identify the current barriers explaining the lack of scalability of the green bond market: a deficit of harmonized global standards; risks of greenwashing; the perception of hi

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Karginova-Gubinova, Valentina, Anton Shcherbak, and Sergey Tishkov. "Efficiency of the green bond market and its role in regional security." E3S Web of Conferences 164 (2020): 09040. http://dx.doi.org/10.1051/e3sconf/202016409040.

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Financing capital-intensive projects in the green economy is possible through green bonds. The assessment of the economic efficiency of the green bond market, the determination of its role in ensuring the energy and economic security of the regions and the development of directions and instruments for improving the efficiency and significance of the market for the Russian Federation are the aim of the study. The methodology involved the determination of the autocorrelation presence in the calendar series of bond yields using the Broysch-Godfrey LM test, the application of applied statistics me

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Sun, Zhen, Jianfen Feng, Rongxi Zhou, Yue Yu, and Yaojian Deng. "Can Labeled Green Bonds Reduce Financing Cost in China?" Sustainability 14, no. 20 (2022): 13510. http://dx.doi.org/10.3390/su142013510.

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From the perspective of financing cost, this article investigates the benefits of green bonds to the issuer. Based on 227 green bonds and 405 conventional bonds selected from China’s bond market, we find that (1) green bonds can decrease financing cost by at least 15 bps in the primary market, which is more significant than the effect in the secondary market; (2) third-party certification can strengthen the ‘greenium’ of green bonds in both the primary and secondary markets; and (3) there is no ‘greenium’ effect for financial green bonds in either primary or secondary markets in China, even fo

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Aleknevičienė, Vilija, and Raimonda Vilutytė. "Short-term stock market reaction to the announcement of green bond issue: evidence from Nordic countries." Green Finance 6, no. 4 (2024): 728–44. https://doi.org/10.3934/gf.2024028.

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<p>Green bond issues and markets are growing rapidly worldwide every year. Green bonds are used for financing environmentally friendly projects. Their issue is an important event in a company, with a huge impact not only on the protection of the environment but also on the management practice and financial performance of the company. This event is a signal to a stock market that is interpreted by shareholders differently: positively for eco-friendly investors and negatively for traditional investors, as it increases additional capital expenditures and financial risk. This paper aims to a

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Gyamerah, Samuel Asante, Bright Emmanuel Owusu, and and Ellis Kofi Akwaa-Sekyi. "Modelling the mean and volatility spillover between green bond market and renewable energy stock market." Green Finance 4, no. 3 (2022): 310–28. http://dx.doi.org/10.3934/gf.2022015.

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<abstract><p>In this paper,we investigate the mean and volatility spillover between the price of green bonds and the price of renewable energy stocks using daily price series from 02/11/2011 to 31/08/2021. The unrestricted trivariate VAR-BEKK-GARCH model is employed to examine potential causality,mean,and volatility spillover effects from the green bond market to the renewable energy stock market and vice-versa. The results from the VAR-BEKK-GARCH model indicate that there exists a uni-directional Granger causality from renewable energy stock prices to green bond prices. While the

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Li, Haolan, Tiancheng He, Xihong Liao, and Weizhen Tong. "China’s Green Bond Market: Structural Characteristics, Formation Factors, and Development Suggestions—Based on the Comparison of the Chinese and the US Green Bond Markets Structure." International Journal of Antennas and Propagation 2022 (October 4, 2022): 1–15. http://dx.doi.org/10.1155/2022/1890029.

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Since 2012, green bond markets have boomed worldwide, particularly in the European Union, the United States, and China. Under this background, the researchers use the methods of literature research, qualitative analysis, and descriptive research to compare the structure of Chinese and American green bond markets and analyze their differences from the perspective of historical evolution, issuance standards, and market operation characteristics. The researchers believe that China’s bank-oriented financial structure and America’s market-oriented financial structure are the main reasons for the di

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RATNER, Svetlana V. "Trends in the global green bond market." Finance and Credit 30, no. 12 (2024): 2714–30. https://doi.org/10.24891/fc.30.12.2714.

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Subject. The article considers green bonds as one of innovative financial instruments used to finance environmentally friendly projects, and development trends in this market. Objectives. The purpose of this study is to analyze the dynamics of the global green bond market and factors that have the greatest impact on it. Climate Bond Initiative (CBI) analytical reviews for 2018–2023 served as the information base of the study. Methods. The study employs methods of descriptive statistics and time series analysis. The methodology under which bonds are identified as green bonds is based on the Cli

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Ma, Yiqun. "Investor Confidence Issues in China's Green Bond Market --The example of China's primary and secondary green bond markets." Advances in Economics and Management Research 7, no. 1 (2023): 137. http://dx.doi.org/10.56028/aemr.7.1.137.2023.

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Literatures on green marketing suggests that consumers want to buy green products and companies respond to this desire by investing in the development and promotion of eco-friendly products (Lenidou and Skarmeans, 2004). Lenidou and Skarmeans, 2017). However, There is an attitudinal-behavioral gap in terms of consumers' green consumption (Ross and Kapitan,2018), i.e., consumers do not translate environmental awareness into the purchase of green products. This paper transfers this consumer psychology to the green bond market, and attempts to investigate whether the environmental awareness of in

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Xiao, Zhirong. "The Impact of Institutional Investors’ Shareholding on Green Bond Greenwashing Behavior." Scientific Journal of Economics and Management Research 7, no. 6 (2025): 115–20. https://doi.org/10.54691/4wr17k23.

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The scale of China’s green bond market has rapidly expanded in recent years, yet greenwashing practices have emerged, undermining investor trust and posing challenges to financial stability. Existing research has mainly focused on issuers’ characteristics and external audits, but the role of institutional investors in green bond markets remains unexplored. This study investigates the relationship between institutional investors’ shareholding and green bond greenwashing behavior in China’s capital markets. Through theoretical analysis and empirical testing, the author examines the supervisory a

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Kim, Hak-Kyum, and Hee-Joon Ahn. "Is There a Greenium in Korean Bond Markets?: An Empirical Analysis of Bond Secondary-Market Trading Data*." Korean Journal of Financial Studies 51, no. 4 (2022): 383–416. http://dx.doi.org/10.26845/kjfs.2022.08.51.4.383.

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We examine the secondary-market bond trading data from May 2018 to December 2021 to see if there exists a green premium or ‘greenium’ in Korean bond markets. We employ two empirical approaches — a matched sample analysis that compares green bonds with matched conventional bonds of similar characteristics, and a regression model that controls for the fixed effects related to issuer, maturity, credit rating, and trading year and month. We find the existence of a greenium in Korean debt markets with strong chronological trends. The greenium is observed prior to the outbreak of the Covid-19 pandem

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CAO, ZHEN. "Harmonizing Green Bond Certification Standards in Small Financial Markets: A Legal Framework Analysis of Macau's Integration with the Greater Bay Area Green Finance Ecosystem." Journal of Law, Psychology, and Communication Studies 1, no. 1 (2025): 1–30. https://doi.org/10.63802/jlpcs.v1.i1.30.

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This study examines the challenges small financial markets face in developing green bond certification frameworks, with a focus on Macau’s integration into the Greater Bay Area (GBA) green finance ecosystem. Despite global growth in green bonds, small jurisdictions like Macau struggle with technical capacity gaps, legal fragmentation, and market barriers. By analyzing regulatory frameworks across the GBA, this paper identifies key obstacles—including reliance on external verification and misaligned regional standards—and proposes a harmonized legal model based on proportionality, mutual recogn

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Tomczak, Kamila. "Sovereign Green Bond Market: Drivers of Yields and Liquidity." International Journal of Financial Studies 12, no. 2 (2024): 48. http://dx.doi.org/10.3390/ijfs12020048.

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The aim of this study is to analyse and assess the yields and liquidity of sovereign green bonds in selected countries and to compare the yields between sovereign green bonds and conventional bonds. Sovereign green bonds are issued by governments to finance environmental and social projects and represent a relatively new and growing asset class. This study seeks to analyse the financial performance of sovereign green bonds by examining yields and liquidity metrics, such as bid–ask spreads. The findings of this research suggest that the yield to maturity (YTM) of sovereign green bonds is influe

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Tang, Chaofeng, Kentaka Aruga, and Yi Hu. "The Dynamic Correlation and Volatility Spillover among Green Bonds, Clean Energy Stock, and Fossil Fuel Market." Sustainability 15, no. 8 (2023): 6586. http://dx.doi.org/10.3390/su15086586.

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This study employs mainly the Bayesian DCC-MGARCH model and frequency connectedness methods to respectively examine the dynamic correlation and volatility spillover among the green bond, clean energy, and fossil fuel markets using daily data from 30 June 2014 to 18 October 2021. Three findings arose from our results: First, the green bond market has a weak negative correlation with the fossil fuel (WTI oil, Brent oil, natural gas, heating oil, and gasoline) and clean energy markets, which means that green bonds play a critical hedging role against fossil fuel and clean energy. Second, the gree

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Li, Haolan, Tiancheng He, Xihong Liao, and Weizhen Tong. "China's Green Bond Market: Structural Characteristics, Formation Factors and Development Suggestions --Based on the Comparison of Chinese and the US Green Bond Markets Structure." Advances in Economics, Management and Political Sciences 132, no. 1 (2024): 190–207. https://doi.org/10.54254/2754-1169/2024.18623.

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The green projects are mainly focusing on solving the issues of pollution reduction, waste management, climate protection, etc. Green bond is a fixed-income instrument that helps eligible green projects to raise funds for sustainable development. In this article, we compare the structure of China and US green bond market, and analyze their difference from historical evolution perspective, the issuance standard and the market operation characteristics perspective. Based on the analysis above, we then discuss the advantages and disadvantages of Chinas green bond market. The advantages of Chinese

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Mo, Yang. "Status, Challenges and Prospects of the Green Bond Market." Advances in Economics, Management and Political Sciences 161, no. 1 (2025): 135–40. https://doi.org/10.54254/2754-1169/2025.19901.

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This paper comprehensively and deeply expounds the development background of China's green finance market, and emphasizes the importance of developing green bond market for China to achieve sustainable development goals. This paper discusses in detail the current situation of China's green bond market, including its expanding market size, continuous and stable growth trend, strong policy support and continuous improvement of market mechanisms. At the same time, it also analyzes the capital investment direction of green bonds, introduces the main types in the market and the general situation of

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Dietz, Sara. "Green Monetary Policy Between Market Neutrality And Market Efficiency." Common Market Law Review 59, Issue 2 (2022): 395–432. http://dx.doi.org/10.54648/cola2022030.

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Confronted with the challenges of climate change, the ECB adopted a Climate Change Action Plan in July 2021 and thereby joined forces with Member States and EU institutions to support Europe’s green transition to a CO2-neutral environment. The measures in the Action Plan aim to internalize climate risks, integrating sustainability-linked bonds into the monetary policy framework and hint at an even more active climate policy by way of preferential green bond purchases. This article analyses to what extent the mandate of the ECB allows for such a green monetary policy, focusing on the admissibil

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Kim, Hak-Kyum, and Hee-Joon Ahn. "Is There an Issuance Premium for SRI Bonds?: Evidence from the Periods Before and After the COVID-19 Outbreak." Korean Journal of Financial Studies 50, no. 4 (2021): 369–409. http://dx.doi.org/10.26845/kjfs.2021.08.50.4.369.

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This study empirically examines whether there are any issuance premia for Socially Responsible Investment (SRI) bonds, using the data from the South Korean bond market from May 2018 to December 2020. We classify SRI bonds into three types: green, social, and sustainability. We divide the sample period into pre-COVID-19 and post-COVID-19 to understand how the pandemic has impacted the pricing of SRI bonds. We employ two empirical approaches: a matching sample analysis and a regression analysis that controls various bond and market characteristics. We find the following. First, significant issua

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Chen, Xiayang, and Weiqiu Long. "To Enhance the Credibility of the Green Bond Market through Regulating GBERs: The Case of China." Laws 12, no. 6 (2023): 91. http://dx.doi.org/10.3390/laws12060091.

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As the green bond market expands, an increasing number of Green Bond External Reviewers (hereafter ‘GBER’ or ‘GBERs’) have gained momentum among investors and financial regulators. A GBER enhances the credibility of green bonds and prevents greenwashing risk in the green bond market by reducing the information asymmetry between issuers and investors. China is the second largest issuer of green bonds in the world. The current Chinese GBER legal framework is insufficient to ensure green bond market sustainability. Our purpose in this paper is to analyze the inadequacies of the Chinese GBER regul

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Liu, Min, Rong Huang, and Yang Lu. "Carbon Market Efficiency and Economic Policy Uncertainty: Evidence from a TVP-VAR Model." Discrete Dynamics in Nature and Society 2024 (April 15, 2024): 1–14. http://dx.doi.org/10.1155/2024/9892400.

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This paper examines the dynamic linkages among economic policy uncertainty (EPU), the green bond market, the carbon market, and the macroeconomy using the time-varying parameter vector autoregressive (TVP-VAR) model with monthly data spanning from January 2016 to December 2021. Additionally, it assesses the robustness and accuracy of the empirical results through the Bayesian vector autoregressive (BVAR) model. The findings indicate that EPU negatively affects the green bond market in the short term but has a positive impact in the medium and long term. Conversely, EPU has a positive impact on

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Abakah, Emmanuel Joel Aikins, Aviral Kumar Tiwari, Aarzoo Sharma, and Dorika Jeremiah Mwamtambulo. "Extreme Connectedness between Green Bonds, Government Bonds, Corporate Bonds and Other Asset Classes: Insights for Portfolio Investors." Journal of Risk and Financial Management 15, no. 10 (2022): 477. http://dx.doi.org/10.3390/jrfm15100477.

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This paper aims to examine the connectedness between green and conventional assets, particularly during the period of economic downturn. Specifically, we examine quantile-based time-varying connectedness between the green bond market and other financial assets using quantile vector autoregression (QVAR) from 9 March 2018 to 10 March 2021. We use daily prices of S&P U.S. Treasury Bond Index, S&P US Aggregate Bond Index, S&P US Treasury Bond Current 10Y Index, S&P 500 Bond Index, S&P 500 Financials index, S&P 500 Energy Bond Index and S&P 500, giving a total of 784 ob

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Hadaś-Dyduch, Monika, Blandyna Puszer, Maria Czech, and Janusz Cichy. "Green Bonds as an Instrument for Financing Ecological Investments in the V4 Countries." Sustainability 14, no. 19 (2022): 12188. http://dx.doi.org/10.3390/su141912188.

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The aim of this paper is to characterise the green bond market in the Visegrad Group of countries (V4) and to identify the determinants and benefits of issuing green bonds. The specific objective is a spatial–temporal analysis of the green bond yield in V4 countries. The following research methods were used in the paper: a source literature analysis and report analysis, statistical data analysis (from international financial markets), and the Dynamic Time Warping method (DTW). DTW comprises a class of algorithms that are used to compare both equal and unequal time series. The DTW method allows

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Emets, M. I. "Modeling the green bond yield on bond offering." Finance and Credit 26, no. 12 (2020): 2858–78. http://dx.doi.org/10.24891/fc.26.12.2858.

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Subject. The article addresses the green bond pricing as compared to bonds other than green ones. Objectives. The aims are to determine how the fact that a bond is identified as a green one, the issue amount, and the availability of third-party verification, influence the yield to maturity; to make recommendations on effective green bond pricing. Methods. The study employs econometric testing of hypotheses, using the multiple linear regression. The sample includes 318 green and 1695 conventional bonds. Results. Green bonds have a lower yield to maturity in comparison with conventional bonds. T

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Bandekar, Bageshree P. Bangera, and Poonam D. Shah. "Evaluation of Issue and investment in Green Bond in India." International Journal for Social Studies 10, no. 3 (2024): 1–11. https://doi.org/10.5281/zenodo.10808160.

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<em>Green bonds are a promising tool for mobilizing capital for climate-friendly projects. Green Bond evolved since t</em><em>he thematic bond market started in 2008 by World Bank through issuance of the first labelled green bond (Thapliyal S., ET, 2023). In India, Green Bond is still in its infant stage and has long life to survive. Survival of Green Bond in India highly depends on the government’s role to address few</em><em> challenges that need to be resolved in order to fully harness its potential. The growth of the green bond market in India will depend on a number of factors, incl

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Fan, Yun, and Yajie Wang. "The Impact of ESG Performance on the Green Premium: Evidence from the Chinese Bond Market." Journal of Business and Marketing 2, no. 1 (2025): 54–62. https://doi.org/10.62517/jbm.202509108.

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This paper selects 139 pairs of green bonds and matched non-green bonds from 2016 to 2023 as samples and employs a two-way fixed-effects model and a multi-time-point DID model to analyze the impact of Environmental, Social and Governance (ESG) performance on green premium and bond spreads. The study finds that the spread of green bonds is about 15 basis points lower than that of non-green bonds. The higher the ESG rating, the lower the bond spread and the green premium, indicating that a high ESG rating brings significant financing advantages to issuers. When the ESG rating improves positively

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Frolov, Аndrii. "Financial management compliance criteria of the issuer of green bonds." Fìnansi Ukraïni 2024, no. 8 (2024): 110–24. http://dx.doi.org/10.33763/finukr2024.08.110.

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Introduction. A fundamental principle in the green bond market is the financing of projects that have a positive impact on the environment. Socially responsible investors want to be sure that the proceeds from the issuance of these securities are used as intended, and that the projects being financed contribute to the achievement of environmental goals. For this purpose, the relevant international standards have already been adopted on the green bond market. Problem Statement. In the green bond market, manipulation often occurs when the proceeds from the issuance of these securities are alloca

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Yuan, Yuan. "Exploring the Dual Impact of Green Bond Issuance on Corporate Financial Performance and Environmental Performance - The Case of BYD." Highlights in Business, Economics and Management 46 (December 24, 2024): 233–39. https://doi.org/10.54097/s6hs3c79.

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Green bonds have assumed a distinct and pivotal role in the global wave of sustainable development. As the green bond market continues to expand annually, it is imperative not to underestimate developing countries' influence. China has emerged as a dominant force in the global green bond market. This paper focuses on the Chinese market and analyses the financial and environmental effects of two successful green bond issues issued by BYD, a head of a new energy vehicle enterprise in China. Regarding the financial effect, this paper employs a three-dimensional analytical approach to assess the s

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Dubko, Anastasiia. "PROSPECTS AND BARRIERS TO THE DEVELOPMENT OF THE GREEN BONDS MARKET IN UKRAINE." Baltic Journal of Legal and Social Sciences, no. 2 (October 25, 2022): 58–64. http://dx.doi.org/10.30525/2592-8813-2022-2-10.

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The article reveals the essence and substantive features of such a financial instrument as green bonds, the purpose of which is to attract funds for the financing of green projects, highlights the objective perquisites for the need to initiate and develop the green bond market in Ukraine, as well as the current legal status of this type of debt securities. Attention is paid to the essence of the category of “green financing”, a constituent element of which is considered to be green bonds, in particular, as a form of mobilizing funds for the implementation of green projects. The current state o

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Darsono, Susilo Nur Aji Cokro, Chuanchen Bi, Intan Mutiara, Mahrus Lutfi Adi Kurniawan, Thanh Van Pho, and Tran Thai Ha Nguyen. "Drivers of China Green Bonds: An ARDL Analysis of Economic Policy Uncertainty, Financial Market Volatility, Exchange Rates, and Commodity Prices." International Journal of Energy Economics and Policy 15, no. 4 (2025): 178–88. https://doi.org/10.32479/ijeep.19188.

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Understanding the impact of macroeconomic variables on China’s green bond market is crucial for developing effective policies and strategies that promote sustainable finance. This study examines the influence of economic policy uncertainty, financial market volatility, exchange rates, and commodity prices on green bond prices in China in the long- and short term. Using the Autoregressive Distributed Lag (ARDL) model for monthly data spanning January 2019-December 2023, the study indicates that China’s economic policy uncertainty significantly negatively impacts green bond prices in both the sh

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Solianyk, L. G., N. M. Shtefan, and D. S. Bukreieva. "Financial determinants of the post-war reconstruction of the national economy on the principles of the European Green Deal." Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu, no. 3 (June 30, 2024): 181–90. http://dx.doi.org/10.33271/nvngu/2024-3/181.

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Purpose. To substantiate the role of Green Finance and its separate segments for the greening of the national economy in the context of global trends and world practices regarding the transformation of the capital market and compliance with the principles of the European Green Deal; to determine the most effective mechanisms and tools for stimulating the launch and development of the green bond market in Ukraine. To improve methodical approaches to assessing the economic efficiency of investment projects and optimizing the enterprise’s investment program, taking into account the environmental

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