Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/249457 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ADBI Working Paper No. 1278
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
This paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on green bond issuance. Green bond issuance has been growing fast over the past several years; despite this, the share of green bonds in the total bonds remains small. Using the multilevel longitudinal random intercept and random coefficient models, this study investigates the effect of disentangled crude oil price shocks on green bond issuance in the private sector. Unlike the general bond market, our empirical analysis finds that oil supply shocks affect green bond issuance positively. We also find that the public issuance of sovereign green bonds tends to promote the private issuance of green bonds. Our results are robust and hold when using alternative models; they also survive a range of robustness tests.
Schlagwörter: 
green bonds
sovereign bonds
green finance
oil shock
policy support
crude oil price
JEL: 
Q28
Q42
Q48
G23
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
492.72 kB





Publikationen in EconStor sind urheberrechtlich geschützt.