Geopolitical risk and global green bond market growth
利用73个国家2008-2021年的交易数据，研究发现地缘政治风险与绿色债券发行正相关，且存在非线性和时滞效应，承销商网络和特定地缘政治辖区是关键驱动因素。
Abstract Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.