How Monetary Policy Shapes Green Finance: Theory, Mechanisms, and Implications - MENA Region Case
金融政策がグリーンファイナンスをどのように形成するか：理論、メカニズム、および含意 - MENA地域のケース (AI 翻訳)
Kamar Mansouri
🤖 gxceed AI 要約
日本語
本論文は、金融政策がグリーン投資とブラウン投資の資金配分に与える影響を分析。実質金利の1%上昇はグリーン投資をブラウン投資の約3倍減少させる一方、マーケットニュートラルなバランスシート拡大は炭素集約セクターの資金調達コストを低下させる「ブラウン・バイアス」を生み出すことを示す。気候政策の信認はグリーンのリスクプレミアムを低減し、資本の持続可能活動への再配分を促進する。
English
This paper examines how monetary policy affects green vs brown finance. It finds that a 100bp rate hike reduces green investment three times more. Market-neutral balance sheet expansions create a structural 'brown bias' by lowering costs for carbon-intensive sectors. Credible climate policy signals reduce green risk premia and increase brown risk premia, leading to capital reallocation toward sustainable activities.
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
本論文はMENA地域を対象としているが、金融政策がグリーン投資に与える非対称的な影響を明らかにした点は、日本においても示唆に富む。日本銀行の金融政策運営や、移行期における資金配分の議論（トランジション・ファイナンス）に当たり、気候変動リスクを考慮した金融政策の重要性を示している。また、SSBJや有報での気候開示が進む中で、金融政策と気候リスクの連関を考慮した議論に貢献する。
In the global GX context
This paper contributes to the global debate on climate-aware monetary policy, complementing TCFD/ISSB disclosures and transition finance. It demonstrates that conventional monetary policy can inadvertently favor brown sectors, which is especially relevant for central banks in carbon-intensive economies. The framework integrates climate transition risk into monetary policy analysis, highlighting the need for climate-prudent frameworks.
👥 読者別の含意
🔬研究者:Offers a theoretical and empirical framework linking monetary policy to green capital allocation, showing non-neutrality of monetary policy for climate transition.
🏢実務担当者:Highlights that corporate financing costs are significantly influenced by monetary policy stance and climate policy credibility; firms in green sectors face higher interest rate sensitivity.
🏛政策担当者:Provides evidence that central banks should consider climate impact of their operations; suggests that market-neutral policies may have a brown bias and that credible climate policies can reduce green risk premia.
📄 Abstract（原文）
This paper examines how monetary policy affects the allocation of finance between green and brown activities. We develop a macro-finance framework in which green investments are longer-duration and more sensitive to interest-rate changes, while brown activities face higher climate-related transition risk. Using macro-financial and sectoral data for MENA economies, we show that monetary policy is not climateneutral. A 100 basis-point increase in real interest rates reduces green investment almost three times more than brown investment. At the same time, market-neutral balance-sheet expansions disproportionately lower financing costs for carbon-intensive sectors, generating a structural "brown bias." By contrast, credible climate-policy signals significantly reduce green risk premia and increase brown risk premia, leading to a sizable reallocation of capital toward sustainable activities. The results highlight strong interactions between monetary policy, climate transition risk, and financial stability, and underscore the importance of climate-aware monetary and prudential frameworks in carbon-intensive economies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6256219first seen 2026-06-11 04:51:43
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