In the last decades, during the unfolding of momentous events, we saw the growing awareness of the need for a transition to a sustainable economy. The radical economic and social change will require the mobilization of colossal resources, and hence the alignment of the financial system to this...

Responsibility for financial and macroeconomic stability implicitly or explicitly lies with the central bank, which therefore ought to address climate-related and other environmental risks on a systemic level. Furthermore, central banks, through their regulatory oversight over money, credit, and...

PART I: GENERAL ASPECTS -- Chapter 1: Sustainable Finance in Europe: Setting the Scene -- Chapter 2: The European Commission’s Sustainable Finance Action Plan and Other International Initiatives -- Chapter 3: Sustainable Digital Finance and the Pursuit of Environmental Sustainability -- PART...

We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets. We categorize the transparency...

1 Introduction -- 2 Towards a European Green Bond Standard: A European initiative to promote sustainable finance -- 3 Member States sovereign green bond issuance and the development of local green bond markets in the EU -- 4 Issuing a green bond – a practical perspective -- 5 Issuing green...

Using data on institutional investors' bond holdings, we investigate the resilience of green bonds to the COVID-19 shock in a difference-in-differences framework. We find that during the COVID outbreak green bonds experience lower sales, on average, while in normal times no significant...