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Impact of Green Central Bank Collateral Policy: Evidence from the People’s Bank of China

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  • Macaire, Camille
  • Naef, Alain

Abstract

In June 2018, the People’s Bank of China (PBoC) decided to include green financial bonds into the pool of assets eligible as collateral for its Medium Term Lending Facility. We measure the impact of the policy on the yield spread between green and non-green bonds, or greenium. Using a difference-in-differences approach to compare pairs of green and non-green bonds issued by the same institutions, we show that the policy increased the greenium by 46 basis points. This experience can be useful to other central banks considering similar polices.

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  • Macaire, Camille & Naef, Alain, 2021. "Impact of Green Central Bank Collateral Policy: Evidence from the People’s Bank of China," SocArXiv cmwpn_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:cmwpn_v1
    DOI: 10.31219/osf.io/cmwpn_v1
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