气候变化领域集成服务门户(CCPortal): The impact of collateral-based monetary policy on green financing cost: an analysis of the People's Bank of China's approach

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DOI	10.1080/14693062.2024.2356811
	The impact of collateral-based monetary policy on green financing cost: an analysis of the People's Bank of China's approach
	Xue, Yong; Yun, Xinyi
发表日期	2024
ISSN	1469-3062
EISSN	1752-7457
英文摘要	This paper examines the effects of the collateral-based monetary policy, implemented by the People's Bank of China, on green financing costs. Employing a Difference-in-Differences (DID) method to examine credit spreads of financial bond in primary and secondary markets from 2017 to 2019, our findings highlight a significant decrease of 26 basis points (bps) in the financing costs of green financial bonds in the primary market, with a 12-bps decline in the secondary market post-policy. Our study underscores the crucial role of implicit credit enhancement provided by the People's Bank of China's collateral endorsement. Interestingly, the liquidity provision mechanism, where investors pay premiums to secure liquidity support, does not find empirical backing in the specific context of China's bond market. These findings illuminate the effectiveness of collateral-based monetary policies in reducing green financing costs, offering valuable insights for using collateral strategies to green monetary policies.
英文关键词	Climate change; Central Bank; People's Bank of China; green finance; green bond; green premium
语种	英语
WOS研究方向	Environmental Sciences & Ecology ; Public Administration
WOS类目	Environmental Studies ; Public Administration
WOS记录号	WOS:001229176500001
来源期刊	CLIMATE POLICY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/286986
作者单位	Xi'an University of Finance & Economics; Dongbei University of Finance & Economics
推荐引用方式 GB/T 7714	Xue, Yong,Yun, Xinyi. The impact of collateral-based monetary policy on green financing cost: an analysis of the People's Bank of China's approach[J],2024.
APA	Xue, Yong,&Yun, Xinyi.(2024).The impact of collateral-based monetary policy on green financing cost: an analysis of the People's Bank of China's approach.CLIMATE POLICY.
MLA	Xue, Yong,et al."The impact of collateral-based monetary policy on green financing cost: an analysis of the People's Bank of China's approach".CLIMATE POLICY (2024).