European capitalisms in sustainability transition: the case of green bonds
持続可能性移行における欧州資本主義：グリーンボンドの事例 (AI 翻訳)
Smolenska, Agnieszka
🤖 gxceed AI 要約
日本語
本論文は、EUのサステナブルファイナンス政策が加盟国の制度変革をどのように引き起こすかを、オランダ、ポーランド、スペイン、スウェーデンの4カ国におけるグリーンボンドの法的文書分析を通じて調査。企業と金融の調整（情報交換、モニタリング、制裁）の3次元を分析し、各国の適応パターンを特定。持続可能性コミットメントとEUルールの組み込み方に差異があり、リスク源とみなす国（オランダ、スウェーデン）と利益保証とみなす国（ポーランド、スペイン）に分類。ポーランドでは強い法的制裁メカニズムが観察された。
English
This paper investigates how the EU's sustainable finance agenda triggers institutional transformation in member states through a comparative analysis of green bond legal documentation in the Netherlands, Poland, Spain, and Sweden. It examines three dimensions of firm-finance coordination: information exchange, monitoring, and sanctioning. The study identifies local adaptations: some countries (Netherlands, Sweden) view sustainability commitments as risk, while others (Poland, Spain) see them as profit guarantees. Poland stands out with strong legal sanctioning mechanisms. The analysis reveals emerging forums for market and non-market coordination, highlighting how comparative legal analysis can anticipate political struggles.
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
EUのサステナブルファイナンス政策（SFDR、タクソノミー等）が加盟国レベルでどのように実装され、制度変革を促すかを実証的に示す点で、日本のグリーンボンド市場やサステナブルファイナンス政策（金融庁の「サステナブルファイナンス有識者会議」等）の設計・評価に示唆を与える。特に、法制度と市場調整の相互作用の分析は、日本におけるグリーンボンドの普及促進策を考える上で参考になる。
In the global GX context
This paper provides a nuanced comparative analysis of how EU sustainable finance rules are adapted at the national level, revealing tensions between market and non-market coordination. It contributes to the global debate on transition finance by showing that green bond legal frameworks reflect different capitalist models and political economy contexts. The findings are relevant for understanding how jurisdictions outside the EU (e.g., US, Japan, China) might implement sustainable finance regulations and how local adaptations can shape the effectiveness of global standards.
👥 読者別の含意
🔬研究者:Provides a comparative legal-political economy framework for analyzing sustainable finance uptake across different capitalist systems.
🏢実務担当者:Offers insights into how green bond legal documentation varies across jurisdictions, informing cross-border issuance and compliance strategies.
🏛政策担当者:Highlights how EU sustainable finance rules interact with national legal and institutional contexts, informing policy design and harmonization efforts.
📄 Abstract（原文）
The EU’s sustainable finance agenda aims to accelerate the sustainability transition through the ‘greening’ of finance. How such greening may trigger institutional transformation in Member States is not well understood. However, the political economy literature has elevated the importance of non-market coordination and institutional complementarity in sustainability transitions. The article investigates sustainable finance uptake in four distinct Member States (the Netherlands, Poland, Spain and Sweden). Green bond legal documentation is analysed for three dimensions of firm-finance coordination: exchange of information, monitoring and sanctioning. The micro-level analysis identifies local adaptations that relate to how actors incorporate sustainability commitments and the EU sustainable finance rules into financial transactions and whether they conceive these as a source of risk (the Netherlands and Sweden) or a guarantee of profit (Poland and Spain). One jurisdiction (Poland) is further differentiated by a strong legal sanctioning mechanism resulting from legal factors and the presence of international financial institutions. Notwithstanding local adaptations, several micro – and meso-level transformations are identified, such as the consistent emergence of new forums for both market and non-market coordination. The political economy impacts and micro-level tensions identified in the article highlight how comparative legal analysis can anticipate the sites of broader political struggles.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1080/13501763.2025.2521395first seen 2026-05-05 19:07:07
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