Sustainable finance versus environmental policy: Does greenwashing justify a taxonomy for sustainable investments?
研究了在环境监管工具可用的前提下，是否应设计可持续投资分类标准。发现私人市场存在漂绿，分类标准仅在金融摩擦限制社会价值活动时才能提升福利。
Our paper analyzes whether a planner should design a taxonomy for sustainable investment products when conventional tools for environmental regulation can also be used to address externalities arising from firm production. We first show that the private market provision of ESG funds marketed to retail investors involves greenwashing, so that a mandatory taxonomy is necessary to generate real effects of sustainable finance. However, the introduction of such a taxonomy can only improve welfare, on top of optimally chosen environmental regulation, if financial frictions constrain socially valuable economic activity. Otherwise, environmental policy alone is sufficient to optimally address externalities.