A carregar...
Publicação
Does the ecb’s decarbonization policy on corporate bond holdings allow a lower cost of green financing?
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 679.32 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
This dissertation aims to examine whether the ECB announcement of 19 September
2022, which outlines the details on the central bank’s plan to gradually decarbonise its
corporate bond holdings, resulted in a decrease in the cost of financing for eligible green
bonds. To conduct this analysis, we followed the framework provided by Eliet-Doillet &
Maino (2022), and used panel data from 3 January 2022 until 2 April 2024, based on the
bonds of the ECB’s Corporate Sector Purchase Programme portfolio. After adjusting the
model with the inclusion of macroeconomic variables such as inflation and interest rate,
to account for the inherent arising volatility during the studied period, we employed a
Difference-in-Differences analysis. Our findings indicate that this announcement did not
have a statistically significant impact on eligible green bonds. Instead, as expected,
inflation and interest rates had highly statistically significant impacts on the cost of
financing for green and conventional bonds.
Descrição
Palavras-chave
Climate Change Central Banks Unconventional Monetary Policy Green Bonds Cost of Financing
Contexto Educativo
Citação
Jivan, Rahul Surendra (2024). “Does the ecb’s decarbonization policy on corporate bond holdings allow a lower cost of green financing?”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão