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Государственная поддержка в продвижении зеленых облигаций в Азии: эмпирические данные // Policy support in promoting green bonds in Asia: empirical evidence

Author

Listed:
  • Ажгалиева Д. // Azhgaliyeva D.

    (Asian Development Bank Institute)

  • Капсалямова З. // Kapsalyamova Z.

    (Nazarbayev University,School of Sciences and Humanities)

Abstract

Многие экономики, особенно в Азии, реализуют различные политики для стимулирования выпуска корпоративных «зеленых» облигаций. Однако эмпирические данные об эффективности политики «зеленых» облигаций отсутствуют. В этом исследовании изучается влияние широкого спектра политик «зеленых» облигаций на выпуск корпоративных «зеленых» облигаций в 56 экономиках, выпускающих «зеленые» облигации, включая 11 экономик в Азии, с января 2010 года по июнь 2020 года. Используя спецификацию «разница в разнице» в многоуровневой пробит-модели, исследование показывает, что следующие политики увеличивают вероятность выпуска «зеленых» облигаций корпорациями: (i) политика, которая снижает стоимость выпуска «зеленых» облигаций, такая как гранты на «зеленые» облигации и налоговые льготы (такая политика особенно популярна в Азии); (ii) политика координации, такая как создание институтов «зеленых» облигаций или «зеленого» финансирования, комитетов, групп, а также другие политические сигналы, такие как национальные обязательства и целевые ориентиры; (iii) глобальное международное сотрудничество и международная стандартизация. // Many economies, especially in Asia, implement different policies to incentivize the issuance of corporate green bonds. However, there is a lack of empirical evidence on the effectiveness of green bond policies. This study examines the impact of a broad range of green bond policies on the issuance of corporate green bonds in 56 green-bond-issuing economies, including 11 economies in Asia, from January 2010 to June 2020. Using the difference-in-difference specification within the multilevel probit model, the study shows that the following policies increase the probability of issuance of green bonds by corporates: (i) policies that reduce the cost of green bond issuance, such as green bond grants and tax incentives (such policies are particularly popular in Asia); (ii) coordination policies such as the establishment of green bond or green finance institutions, committees, groups, as well as other policy signals such as national commitments and targets; and (iii) global international cooperation and international standardization.

Suggested Citation

  • Ажгалиева Д. // Azhgaliyeva D. & Капсалямова З. // Kapsalyamova Z., 2024. "Государственная поддержка в продвижении зеленых облигаций в Азии: эмпирические данные // Policy support in promoting green bonds in Asia: empirical evidence," Economic Review(National Bank of Kazakhstan), National Bank of Kazakhstan, issue 2 Special, pages 63-64.
    • Handle: RePEc:aob:journl:y:2024:i:2special:p:63-64
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    More about this item

    Keywords

    сorporate green bonds; green finance policy support; Asia green bond grant; ASEAN; корпоративные «зеленые» облигации; государственная поддержка «зеленого» финансирования; грант на азиатские «зеленые» облигации;
    All these keywords.

    JEL classification:

    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models; Switching Regression Models

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