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Addressing Socially Responsible Investments through Alternative Risk Transfer Solutions at International Level

Author

Listed:
  • Irina-Eugenia Iamandi

    () (Bucharest Academy of Economic Studies, Romania)

  • Laura-Gabriela Constantin

    () (Bucharest Academy of Economic Studies, Romania)

Abstract

The aim of the present paper is to connect sustainability with financial solutions designed to improve development in poor regions or developing countries. First part of the paper presents the concept of socially responsible investments (SRI) and their evolution in the last decades, emphasizing the social, environmental and governance objectives addressed by SRI. In order to find a possible solution for redirecting private financial capital and resources towards sustainability benefits, the second part of the paper introduces the concept of alternative risk transfer (ART) solutions, by presenting their appearance, evolution and classification. Third part of the paper reveals the social and environmental role that ART solutions could play by exposing three very recent representative examples of innovative financial products that have also achieved social and environmental goals in developing countries. Finally, fourth and fifth parts of the paper focus on current state in Romania, potential further research and conclusions.

Suggested Citation

  • Irina-Eugenia Iamandi & Laura-Gabriela Constantin, 2009. "Addressing Socially Responsible Investments through Alternative Risk Transfer Solutions at International Level," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 12(33), pages 61-94, (3).
  • Handle: RePEc:rej:journl:v:12:y:2009:i:33:p:61-94
    as

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    File URL: http://www.rejournal.eu/sites/rejournal.versatech.ro/files/articole/2014-06-10/2583/je33-iamandiconstantin.pdf
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    References listed on IDEAS

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    1. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-398, September.
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    4. Loungani, Prakash & Sheets, Nathan, 1997. "Central Bank Independence, Inflation, and Growth in Transition Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 381-399, August.
    5. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 38, pages 195-225.
    6. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
    7. Helmut Wagner, 1998. "Central Banking in Transition Countries," IMF Working Papers 98/126, International Monetary Fund.
    8. Patricia S. Pollard, 2003. "A look inside two central banks: the European Central Bank and the Federal Reserve," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 11-30.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. IAMANDI Irina-Eugenia & CONSTANTIN Laura-Gabriela & JOLDES Cosmin-Silviu-Raul, 2010. "Corporate Social Responsibility During The Economic Crisis. The Case Of The Romanian Companies," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 963-969, December.

    More about this item

    Keywords

    corporate social responsibility (CSR); socially responsible investments (SRI); alternative risk transfer (ART) solutions; index-based instruments; catastrophe bonds;

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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