Fiscal Policies, Green Trade, and Green Bond Market Development: An Empirical Study using Cross-Country Data
財政政策、グリーントレード、グリーンボンド市場の発展：クロスカントリーデータを用いた実証研究 (AI 翻訳)
Blanche Brinda Yougang, Coolin-Campbell M. Zor, Charles Bom, Elvis Alade
🤖 gxceed AI 要約
日本語
本研究は、11カ国のパネルデータ（2014-2022年）を用いて、環境税、化石燃料補助金、公的環境支出、低炭素技術・環境財の国際貿易がグリーンボンド発行に与える影響を実証分析。環境税は正の効果を持つが、化石燃料補助金が存在すると効果が減殺される。公的環境支出と環境財貿易は一貫して有意な促進要因である。一貫した政策枠組みの重要性を示唆。
English
This study empirically examines how environmental taxes, fossil fuel subsidies, public environmental expenditure, and trade in low-carbon technologies affect green bond issuance using panel data from 11 countries (2014-2022). Environmental taxes positively influence issuance, but this effect diminishes when fossil fuel subsidies persist. Public environmental expenditure and trade in environmental goods are robust drivers. Results highlight the need for coherent fiscal and trade policies to scale up green finance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではグリーンボンド発行が拡大しているが、本論文は財政政策（環境税・補助金）と貿易政策の相互作用が市場発展に重要であることを示す。SSBJ開示やGX経済移行債との関連で、政策の一貫性を評価する視点を提供する。
In the global GX context
This paper contributes to the global discourse on transition finance by providing cross-country evidence on how fiscal and trade policies jointly drive green bond market development. It underscores the importance of removing fossil fuel subsidies and promoting green trade, relevant for ISSB-aligned disclosure and policy coherence under the Paris Agreement.
👥 読者別の含意
🔬研究者:Provides empirical evidence on policy drivers of green bond markets, useful for further research on fiscal-trade-finance linkages.
🏢実務担当者:Highlights that corporate green bond issuance benefits from supportive fiscal policies and green trade integration, informing strategic planning.
🏛政策担当者:Demonstrates that eliminating fossil fuel subsidies and boosting environmental trade are critical for scaling green bonds, guiding policy design.
📄 Abstract（原文）
The global transition toward sustainable finance has elevated green bonds as a pivotal instrument for mobilizing capital toward climate-aligned investments. Yet, empirical understanding of the policy drivers behind green bond issuance remains incomplete, particularly regarding the combined roles of fiscal policy and trade integration. In this study, we examine how environmental taxes, fossil fuel subsidies, public environmental expenditure, and international trade of low-carbon technologies and environmental goods simultaneously affect the development of green bond markets. We use a panel of 11 countries between 2014 and 2022 and estimate fixed effects regression models, concluding that, though environmental taxes are positively related to the issuance of green bonds, they significantly diminish when fossil fuel subsidies persist. Conversely, direct public environmental expenditure and participation in foreign environmental trade, are consistently and robustly significant drivers of green bond issuance. These results highlight the need for coherent policy frameworks, that is, public interventions aiming at scaling up green finance through a recalibration of fiscal signals, an elimination of perverse subsidies and a boost of cross-border trade in green technologies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.32479/ijefi.20720first seen 2026-05-05 19:07:16
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