{"title":"分析生态友好型债券对经济增长和环境可持续性的影响","authors":"Ujkan Q. Bajra , Niklas Wagner","doi":"10.1016/j.bir.2024.04.003","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000565/pdfft?md5=7ade5d13f2e7a288380d1b10e9bef87d&pid=1-s2.0-S2214845024000565-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability\",\"authors\":\"Ujkan Q. Bajra , Niklas Wagner\",\"doi\":\"10.1016/j.bir.2024.04.003\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>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.</p></div>\",\"PeriodicalId\":46690,\"journal\":{\"name\":\"Borsa Istanbul Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S2214845024000565/pdfft?md5=7ade5d13f2e7a288380d1b10e9bef87d&pid=1-s2.0-S2214845024000565-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Borsa Istanbul Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2214845024000565\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024000565","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
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