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Torsten Ehlers

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Torsten Ehlers, 2014. "Understanding the challenges for infrastructure finance," BIS Working Papers 454, Bank for International Settlements.

    Mentioned in:

    1. The infrastructure financing problem
      by noreply@blogger.com (Gulzar Natarajan) in Urbanomics on 2015-05-26 07:21:00

Working papers

  1. Torsten Ehlers & Jon Frost & Carlos Madeira & Ilhyock Shim, 2025. "Macroeconomic impact of extreme weather events," BIS Bulletins 98, Bank for International Settlements.

    Cited by:

    1. Arango-Castillo Lenin & Mart'inez-Ram'irez Francisco, 2025. "The effects of temperature and rainfall anomalies on Mexican inflation," Papers 2507.14420, arXiv.org, revised Mar 2026.
    2. Torsten Ehlers & Jon Frost & Carlos Madeira & Ilhyock Shim, 2025. "Macroeconomic impact of weather disasters: a global and sectoral analysis," BIS Working Papers 1292, Bank for International Settlements.
    3. Andersson, Malin & Battistini, Niccolò & Bobasu, Alina, 2026. "Heatwaves, coldwaves, floods, and droughts: the short-term impact of extreme weather events on economic activity," Working Paper Series 3203, European Central Bank.
    4. David Nefzi & Jolien Noels & Romana Peronaci & Christian Schmieder & Ünal Seven & Ömer K Seyhun & Bruno Tissot & Elena Triebskorn, 2025. "Addressing climate change data needs: the global debate and central banks' contribution," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Addressing climate change data needs: the central banks' contribution, volume 63, Bank for International Settlements.

  2. Ilhyock Shim & Torsten Ehlers & Fredy Gamboa & Han Qiu, 2025. "Regional integration amid global fragmentation," BIS Bulletins 102, Bank for International Settlements.

    Cited by:

    1. Michael Chui & Leonardo Gambacorta & Emanuel Kohlscheen & Han Qiu, 2025. "Navigating global headwinds: Africa's trade landscape and growth opportunities," BIS Bulletins 109, Bank for International Settlements.
    2. Paolo Cavallino & Torsten Ehlers & Fredy Gamboa & Rafael Guerra & Berenice Martinez & Ilhyock Shim, 2026. "Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system," BIS Papers chapters, in: Bank for International Settlements (ed.), Capital flows, exchange rates and financial conditions in EMEs in an evolving international monetary system, volume 127, pages 6-62, Bank for International Settlements.

  3. Torsten Ehlers & Jon Frost & Carlos Madeira & Ilhyock Shim, 2025. "Macroeconomic impact of weather disasters: a global and sectoral analysis," BIS Working Papers 1292, Bank for International Settlements.

    Cited by:

    1. Bianca Biess & Lukas Gudmundsson & Sonia I. Seneviratne, 2026. "Global economic exposure to climate change amplified by spatially compounding climate extremes," Nature Communications, Nature, vol. 17(1), pages 1-11, December.
    2. José Aurazo & Rafael Guerra & Pablo Tomasini & Alexandre Tombini & Christian Upper, 2025. "Environmental factors and capital flows to emerging markets," BIS Working Papers 1308, Bank for International Settlements.

  4. Gong Cheng & Torsten Ehlers & Frank Packer & Yanzhe Xiao, 2024. "Sovereign green bonds: a catalyst for sustainable debt market development?," BIS Working Papers 1198, Bank for International Settlements.

    Cited by:

    1. Jakub Demski & Yingwei Dong & Patrick McGuire & Benoit Mojon, 2025. "Growth of the green bond market and green house gas emissions," BIS Quarterly Review, Bank for International Settlements, March.
    2. Daud, Ataullah & Jadoon, Atif Khan & Ali, Amjad & Audi, Marc, 2026. "Green Finance Regulations and Disclosure Effectiveness: The Role of Governance and Enforcement Capacity," MPRA Paper 129351, University Library of Munich, Germany.
    3. Becker, Annette & Fatica, Serena & Rancan, Michela, 2025. "Not only green: Sustainability and debt capital markets," Journal of International Money and Finance, Elsevier, vol. 154(C).
    4. Leandro M. Bona, 2024. "The Challenges of Overcoming the External Constraint in Latin America: An Examination of the Potentials and Challenges of Green Financing Using a Political Economy Perspective," Development, Palgrave Macmillan;Society for International Deveopment, vol. 67(3), pages 280-290, December.
    5. Chan, Tiffanie & Soubeyran, Éléonore & Gannon, Kate & Heckwolf, Anika & Hizliok, Setenay & Cristancho-Duarte, Camila & Monsignori, Giorgia & Scheer, Antonina & Feyertag, Joseph & Higham, Catherine & A, 2024. "Submission to the United Arab Emirates Just Transition Work Programme: views of Parties, observers and other non-Party stakeholders on opportunities, best practices, actionable solutions, challenges and barriers relevant to the topic of the second di," LSE Research Online Documents on Economics 129076, London School of Economics and Political Science, LSE Library.
    6. Seiwan Kim & Resi Ong Olivares & Donghyun Park & Shu (Grace) Tian & Sunjoo Yang, 2026. "How Sovereign Sustainable Bond Issuance Shakes Up the Corporate Sustainable Bond Market?: Evidence From Asian Markets," Asian Economic Policy Review, Japan Center for Economic Research, vol. 21(1), pages 57-67, January.

  5. Torsten Ehlers & Ulrike Elsenhuber & Anandakumar Jegarasasingam & Eric Jondeau, 2022. "Deconstructing ESG scores: how to invest with your own criteria," BIS Working Papers 1008, Bank for International Settlements.

    Cited by:

    1. López-Cabarcos, M. Ángeles & Piñeiro-Chousa, Juan & Quiñoá-Piñeiro, Lara & López-Pérez, M. Luisa, 2024. "Water and waste management strategies as drivers of the financial performance of food companies," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    2. Małgorzata Iwanicz‐Drozdowska & Marzanna Lament & Bartosz Witkowski, 2025. "ESG Performance and Economic Growth in Europe," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(6), pages 9180-9196, December.
    3. Morales, Adriano Barasal & Laurini, Márcio Poletti & Vrieling, Anton, 2025. "Risk assessment from space: Integrating satellite-derived insights for ESG financial decisions," Finance Research Letters, Elsevier, vol. 76(C).
    4. Michael D. Bauer & Eric Offner & Glenn D. Rudebusch, 2023. "The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act," Working Paper Series 2023-30, Federal Reserve Bank of San Francisco.
    5. Fabrizio Cumo & Federica Giustini & Elisa Pennacchia & Carlo Romeo, 2022. "The “D2P” Approach: Digitalisation, Production and Performance in the Standardised Sustainable Deep Renovation of Buildings," Energies, MDPI, vol. 15(18), pages 1-28, September.
    6. Mariusz Zieliński & Małgorzata Adamska, 2022. "ESG Assessment from the Perspective of the Management Board and Trade Unions on the Example of the Opole Power Plant," Energies, MDPI, vol. 15(21), pages 1-21, October.
    7. M. Ángeles López‐Cabarcos & Helena Santos‐Rodrigues & Lara Quiñoá‐Piñeiro & Juan Piñeiro‐Chousa, 2023. "How to explain stock returns of utility companies from an environmental, social and corporate governance perspective," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2278-2291, September.
    8. Sirin, Selahattin Murat & Yilmaz, Berna N., 2024. "Energy transition and non-energy firms’ financial performance: Do markets value capability-based energy transition strategies?," Energy Economics, Elsevier, vol. 136(C).

  6. Torsten Ehlers & Frank Packer & Kathrin de Greiff, 2021. "The pricing of carbon risk in syndicated loans: which risks are priced and why?," BIS Working Papers 946, Bank for International Settlements.

    Cited by:

    1. Zhou, Peng & Mo, Lingyu & Tan, Changchun & Wu, Huaqing, 2025. "Carbon regulatory risk exposure in the bond market: A quasi-natural experiment in China," China Economic Review, Elsevier, vol. 92(C).
    2. Xiaoyang Li & Xinyue Zhang, 2025. "Climate Change Exposure and Cash Holdings," Sustainability, MDPI, vol. 17(1), pages 1-35, January.
    3. Qiang Yao & Na An & Hai Ci, 2024. "The Dynamics and Trends of International Research on Urban Carbon Risk," Sustainability, MDPI, vol. 17(1), pages 1-39, December.
    4. Costola, Michele & Vozian, Katia, 2025. "Pricing climate transition risk: Evidence from European corporate CDS," Energy Economics, Elsevier, vol. 143(C).
    5. Pinto-Gutiérrez, Cristian A., 2023. "Drought risk and the cost of debt in the mining industry," Resources Policy, Elsevier, vol. 83(C).
    6. Liaqat, Idrees & Floreani, Josanco & Naseer, Mirza Muhammad, 2026. "ESG performance and Bank stability: The role of national culture and formal institutions," Research in International Business and Finance, Elsevier, vol. 81(C).
    7. Yahya, Farzan & Lee, Chien-Chiang, 2026. "Assessing the role of central banks in addressing financial sector carbon emissions," Research in International Business and Finance, Elsevier, vol. 84(C).
    8. D’Orazio, Paola, 2025. "Climate risks and financial stability: Evidence on the effectiveness of climate-related financial policies," International Review of Financial Analysis, Elsevier, vol. 105(C).
    9. Wang, Jiaxin & Qiang, Haofan & Liang, Yuchao & Huang, Xiang & Zhong, Wenrui, 2024. "How carbon risk affects corporate debt defaults: Evidence from Paris agreement," Energy Economics, Elsevier, vol. 129(C).
    10. Okimoto, Tatsuyoshi & Takaoka, Sumiko, 2024. "Credit default swaps and corporate carbon emissions in Japan," Energy Economics, Elsevier, vol. 133(C).
    11. Koji Takahashi & Junnosuke Shino, 2023. "Greenhouse gas emissions and bank lending," BIS Working Papers 1078, Bank for International Settlements.
    12. Li, Jun & Qian, Mei & Tan, Changchun & Zhou, Peng, 2026. "How customer carbon risk propagates upstream: evidence from its impact on suppliers’ loan costs," Finance Research Letters, Elsevier, vol. 88(C).
    13. Muhammad Umar & Farzan Yahya & Amad Rashid, 2025. "Climate risk and loan pricing: the moderating role of trilemma policy choices," Economic Change and Restructuring, Springer, vol. 58(4), pages 1-40, August.
    14. Liu, Wenhua & Liu, Yang & Wen, Fenghua & Gong, Xu, 2025. "Climate policy uncertainty and analyst earnings forecasts: Evidence from the Chinese energy sector," International Review of Financial Analysis, Elsevier, vol. 100(C).
    15. Ma, Dan & He, Yuhang & Zeng, Linggang, 2024. "Can green finance improve the ESG performance? Evidence from green credit policy in China," Energy Economics, Elsevier, vol. 137(C).
    16. Alok Dixit & Sanchit Jain & Brian Lucey & Jalaj Pathak, 2026. "Energy‐Related Discussion in Fed Speeches and Options‐Implied Equity Risk Premium," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 46(4), pages 719-737, April.
    17. Michela Scatigna & Dora Xia & Anna Zabai & Omar Zulaica, 2021. "Achievements and challenges in ESG markets," BIS Quarterly Review, Bank for International Settlements, December.
    18. Reghezza, Alessio & Altunbas, Yener & Marques-Ibanez, David & Rodriguez d’Acri, Costanza & Spaggiari, Martina, 2022. "Do banks fuel climate change?," Journal of Financial Stability, Elsevier, vol. 62(C).
    19. Nguyen, Huyen & Uzonwanne, Sochima, 2024. "Environmental incidents and sustainability pricing provisions," IWH Discussion Papers 17/2024, Halle Institute for Economic Research (IWH).
    20. Allen N. Berger & Cristina Ortega & Matias Ossandon Busch & Raluca Roman, 2024. "Banking on Deforestation: The Cost of Nonenforcement," Working Papers 24-21, Federal Reserve Bank of Philadelphia.
    21. Maher Asal & Xiaoni Li & Yin Shi, 2025. "How Do Climate‐Related Risks and Opportunities Affect Portfolio Allocation and Asset Pricing?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(5), pages 2746-2765, July.
    22. Ansaram, Karishma & Zakriya, Mohammed & Mazza, Paolo, 2026. "The race for carbon pricing among firms," International Review of Financial Analysis, Elsevier, vol. 109(C).
    23. Ren, Xiaohang & Li, Wenqi & Duan, Kun & Urquhart, Andrew, 2025. "Carbon risk and debt financing: An international perspective," Journal of International Money and Finance, Elsevier, vol. 153(C).
    24. Duppati, Geeta, 2025. "Carbon pricing and revenue growth valuation risk exposure," International Review of Economics & Finance, Elsevier, vol. 103(C).
    25. Elias Demetriades & Panagiotis Politsidis, 2025. "Bank lending to fossil fuel firms," Post-Print hal-04804492, HAL.
    26. Guo, Chenhao & Zhang, Sirui & Chen, Sian, 2024. "Does carbon risk travel along the supply chain? Evidence from corporate default risk," Economics Letters, Elsevier, vol. 236(C).
    27. Nguyen, Dat Thanh & Tran, Vuong Thao & Le, Anh & Phan, Dinh Hoang Bach, 2025. "Firm-level climate change exposure and trade credit," Innovation and Green Development, Elsevier, vol. 4(5).
    28. Ladislava Volková, 2022. "Carbon reporting: evidence from the Czech financial sector [Uhlíková stopa: Udržitelné výkaznictví českého finančního sektoru v ČR]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2022(2), pages 69-87.
    29. Li, WeiWei & Padmanabhan, Prasad & Huang, Chia-Hsing, 2026. "Climate risk and asset-liability maturity mismatches," Global Finance Journal, Elsevier, vol. 69(C).
    30. Hu, Xuanyi & Liu, Lanbiao & Wang, Daoping, 2024. "How does regional carbon transition affect loan pricing? Evidence from China," Finance Research Letters, Elsevier, vol. 70(C).
    31. Jiaqi Li & Ja Ryong Kim & Emmanuel Adegbite, 2026. "Green Credit Policy and Environmental Outcomes in China: The Critical Role of Local Banks in Pollution Reduction and Innovation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 408-424, January.
    32. Karel Hrazdil & Deniz Anginer & Jiyuan Li & Ray Zhang, 2024. "Climate Reputation and Bank Loan Contracting," Journal of Business Ethics, Springer, vol. 192(4), pages 875-896, July.
    33. Xiaoyue Qiu & Yaming Zhuang & Xiaqun Liu, 2025. "Climate Risk and Corporate Debt Financing: Evidence from Chinese A-Share-Listed Firms," Sustainability, MDPI, vol. 17(9), pages 1-27, April.
    34. Raúl Barroso & Tinghua Duan & Oskar Kowalewski, 2024. "Board gender diversity reform and corporate carbon emissions," Post-Print hal-04834557, HAL.
    35. Tommaso Oliviero & Sandro Rondinella & Alberto Zazzaro, 2024. "Are green firms more financially constrained? The sensitivity of investment to cash flow," CSEF Working Papers 700, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    36. Hai Hong Trinh, 2026. "Biodiversity risk and corporate default probability," Risk Management, Palgrave Macmillan, vol. 28(2), pages 1-39, May.
    37. Tabea Brüggemann & Rainer Lueg, 2026. "Bank Responses to Physical and Transition Risks in Lending: A Diagnostic Framework From a Systematic Literature Review," Business Strategy and the Environment, Wiley Blackwell, vol. 35(1), pages 195-212, January.
    38. Julia Anna Bingler, 2022. "Expect the worst, hope for the best: The valuation of climate risks and opportunities in sovereign bonds," CER-ETH Economics working paper series 22/371, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    39. Huan Zhu & Xinze Li & Qiuyun Zhao, 2026. "Does climate risk affect the carbon footprint of bank loans? Evidence from physical and transition risks," Economic Change and Restructuring, Springer, vol. 59(1), pages 1-21, February.
    40. Cui, Di & Ding, Mingfa & Han, Yikai & Suardi, Sandy, 2024. "Greening the future: How mergers and acquisitions in China tackle carbon challenges," Energy Economics, Elsevier, vol. 136(C).
    41. Mueller, Isabella & Sfrappini, Eleonora, 2025. "Climate change-related regulatory risks and bank lending," Journal of International Economics, Elsevier, vol. 158(C).
    42. Mbanyele, William & Huang, Hongyun & Liu, Ying & Qu, Xinwei, 2025. "Foreign bank entry and corporate emissions: Evidence from staggered deregulations in China," Journal of Multinational Financial Management, Elsevier, vol. 79(C).
    43. Manthos D. Delis & Kathrin de Greiff & Maria Iosifidi & Steven Ongena, 2024. "Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 33(3), pages 239-265, August.
    44. Lorenzo Fichera & Simona Galletta & Sebastiano Mazzù, 2025. "Climate Transition Challenges: Exploring Credit Portfolio Misalignment in European Banks," Business Strategy and the Environment, Wiley Blackwell, vol. 34(8), pages 10118-10130, December.
    45. Wu, Baohui & Wen, Fenghua & Zhang, Yun & Huang, Zhijian (James), 2024. "Climate risk and the systemic risk of banks: A global perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
    46. Vu, Kieu Trang & Kim, Maria H. & Suardi, Sandy & Wu, Wei-shao, 2025. "Facial features and environmental strategy: How aggressive CEOs respond to regulatory changes in carbon emissions?," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
    47. Hao Zhao & Chuanqing Wu & Yang Wen, 2023. "Determinants of Corporate Fossil Energy Assets Impairment and Measurement of Stranded Assets Risk," Energies, MDPI, vol. 16(17), pages 1-14, August.
    48. Guo, Chenhao & Zhong, Rui, 2025. "Is green revenue vanity or sanity? Evidence from corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 101(C).
    49. Shouwei Li & Xin Wu, 2023. "How does climate risk affect bank loan supply? Empirical evidence from China," Economic Change and Restructuring, Springer, vol. 56(4), pages 2169-2204, August.
    50. Gao, Jiaxuan & Liu, Pengfei & Xie, Hongjun, 2025. "The role of carbon risk in foreign direct investment: Evidence from China," Energy Economics, Elsevier, vol. 149(C).
    51. Degryse, Hans & Goncharenko, Roman & Theunisz, Carola & Vadasz, Tamas, 2023. "When green meets green," Journal of Corporate Finance, Elsevier, vol. 78(C).
    52. Iftekhar Hasan & Haekwon Lee & Buhui Qiu & Anthony Saunders, 2026. "Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance," Review of Accounting Studies, Springer, vol. 31(1), pages 74-117, March.
    53. Daniel Ramos-García & Carmen López-Martín & Raquel Arguedas-Sanz, 2023. "Climate transition risk in determining credit risk: evidence from firms listed on the STOXX Europe 600 index," Empirical Economics, Springer, vol. 65(5), pages 2091-2114, November.
    54. Xiaohui Chen & Wen Chen & Xiaoxiang Wang, 2024. "Regional carbon efficiency and corporate risk-taking," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-30, June.
    55. Böhm, Adrian & Eufinger, Christian & Kadach, Igor & Sakasai, Yuki, 2025. "Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation," Journal of Corporate Finance, Elsevier, vol. 92(C).
    56. Jasman Tuyon & Okey Peter Onyia & Aidi Ahmi & Chia-Hsing Huang, 2023. "Sustainable financial services: reflection and future perspectives," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 664-690, December.
    57. Lee, Chien-Chiang & Xiao, Qian & Zhang, Xiaoming, 2025. "Green credit and systemic risk: From the perspectives of policy and scale," The North American Journal of Economics and Finance, Elsevier, vol. 77(C).
    58. Michał Bernardelli & Zbigniew Korzeb & Paweł Niedziółka, 2022. "Does Fossil Fuel Financing Affect Banks’ ESG Ratings?," Energies, MDPI, vol. 15(4), pages 1-19, February.
    59. Yi Sun & Yiwen Zhu & Cong Li & Kaihua Wang, 2025. "Will Green Credit Affect the Cash Flow of Heavily Polluting Enterprises?," Sustainability, MDPI, vol. 17(1), pages 1-24, January.
    60. Zhenyu Zhu & Yixiang Tian & Xiaoying Zhao & Huiling Huang, 2025. "Green Washing, Green Bond Issuance, and the Pricing of Carbon Risk: Evidence from A-Share Listed Companies," Sustainability, MDPI, vol. 17(11), pages 1-23, May.
    61. Louis Daumas, 2024. "Financial stability, stranded assets and the low‐carbon transition – A critical review of the theoretical and applied literatures," Journal of Economic Surveys, Wiley Blackwell, vol. 38(3), pages 601-716, July.
    62. Sudipta Bose & Edwin KiaYang Lim & Kristina Minnick & Patrick J. Schorno & Syed Shams, 2025. "Does Carbon Risk Influence Stock Price Crash Risk? International Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(5), pages 2111-2144, November.
    63. Long, Wenbin & Qu, Xin & Yin, Saifeng, 2023. "How does carbon emissions trading policy affect accrued earnings management in corporations? Evidence from China," Finance Research Letters, Elsevier, vol. 55(PA).
    64. Gourdel, Régis & Sydow, Matthias, 2023. "Non-banks contagion and the uneven mitigation of climate risk," International Review of Financial Analysis, Elsevier, vol. 89(C).
    65. Duong, Huu Nhan & Kalev, Petko S. & Kalimipalli, Madhu & Trivedi, Saurabh, 2025. "Do firms benefit from carbon risk management? Evidence from the credit default swaps market," Journal of Corporate Finance, Elsevier, vol. 94(C).
    66. Wang, Chao & Li, Mengyu & Liu, Xiaoxing, 2024. "Does credit carbon exposure affect banks' profits and risks? Evidence from China," Applied Energy, Elsevier, vol. 370(C).
    67. Mueller, Isabella & Sfrappini, Eleonora, 2022. "Climate Change-Related Regulatory Risks and Bank Lending," Working Paper Series 2670, European Central Bank.
    68. Li, Jun & Jin, Yihang & Zhou, Peng, 2025. "Do banks price firms' biodiversity risk? Evidence from the Kunming declaration," International Review of Financial Analysis, Elsevier, vol. 106(C).
    69. Mascia Bedendo & Giacomo Nocera & Linus Siming, 2023. "Greening the Financial Sector: Evidence from Bank Green Bonds," Journal of Business Ethics, Springer, vol. 188(2), pages 259-279, November.
    70. Huang, Chenchen & Luo, Di & Mukherjee, Soumyatanu & Mishra, Tapas, 2022. "To Acquire or to Ally? Managing Partners’ Environmental Risk in International Expansion," MPRA Paper 121808, University Library of Munich, Germany, revised 07 Jan 2023.
    71. Chan, Ying Tung & Ji, Qiang & Zhang, Dayong, 2024. "Optimal monetary policy responses to carbon and green bubbles:A two-sector DSGE analysis," Energy Economics, Elsevier, vol. 130(C).
    72. Kiran, Madiha & Alnori, Faisal & Rabbani, Mustafa Raza & Cepni, Oguzhan, 2026. "Going green or losing edge: A global investigation into the role of carbon risk on banks' green investments," Economics Letters, Elsevier, vol. 258(C).
    73. Mascia Bedendo & Giacomo Nocera & Linus Siming, 2022. "Greening the Financial Sector: Evidence from Bank Green Bonds," Post-Print hal-04318899, HAL.
    74. Ho, Kelvin & Wong, Andrew, 2023. "Effect of climate-related risk on the costs of bank loans: Evidence from syndicated loan markets in emerging economies," Emerging Markets Review, Elsevier, vol. 55(C).
    75. Bellinvia, Adriano & Venturelli, Valeria & Brighi, Paola & Algeri, Carmelo, 2025. "Weathering the storm: How climate risks shape bank credit risk in European banks," Finance Research Letters, Elsevier, vol. 81(C).
    76. Zhong, Tingyong & Ma, Fuqi & Sun, Fangcheng & Li, Jiangna, 2024. "Can green finance reduce corporate carbon risk?," Finance Research Letters, Elsevier, vol. 63(C).
    77. Curcio, Domenico & Gianfrancesco, Igor & Vioto, Davide, 2023. "Climate change and financial systemic risk: Evidence from US banks and insurers," Journal of Financial Stability, Elsevier, vol. 66(C).
    78. Qingxia (Jenny) Wang, 2023. "Financial effects of carbon risk and carbon disclosure: A review," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4175-4219, December.
    79. Zhang, Wenzhe & Kong, Dongmin, 2025. "Climate risks and corporate leverage," International Review of Financial Analysis, Elsevier, vol. 106(C).
    80. Nguyen, Quyen & Diaz-Rainey, Ivan & Kuruppuarachchi, Duminda & McCarten, Matthew & Tan, Eric K.M., 2023. "Climate transition risk in U.S. loan portfolios: Are all banks the same?," International Review of Financial Analysis, Elsevier, vol. 85(C).
    81. Wang, Chao & Hu, Mengyuan & Lu, Jiayi & Liu, Xiaoxing, 2025. "Carbon exposure of credit assets and banking systemic risk caused by climate transition," Research in International Business and Finance, Elsevier, vol. 77(PB).
    82. Wu, Zhenshu, 2023. "Essays in corporate finance and ESG," Other publications TiSEM fe6f9604-d0c5-46f3-9492-f, Tilburg University, School of Economics and Management.
    83. Ben-Nasr, Hamdi & Basha, Shabeen Afsar & Shams, Syed, 2025. "The influence of carbon risk on debt structure," International Review of Financial Analysis, Elsevier, vol. 107(C).
    84. Wu, Zhenshu & Shih, Yi-Cheng & Wang, Yao & Zhong, Rui, 2025. "The effects of decarbonization on corporate cash holdings," Emerging Markets Review, Elsevier, vol. 69(C).
    85. Altavilla, Carlo & Boucinha, Miguel & Pagano, Marco & Polo, Andrea, 2024. "Climate risk, bank lending and monetary policy," Working Paper Series 2969, European Central Bank.
    86. Duong, An Thi Thuy, 2025. "Resilience or returns: Assessing green equity index performance across market regimes," International Review of Economics & Finance, Elsevier, vol. 97(C).
    87. Owolabi, Ayotola & Mousavi, Mohammad Mahdi & Gozgor, Giray & Li, Jing, 2024. "The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement," Energy Economics, Elsevier, vol. 139(C).
    88. Jie Jiao & An Yan, 2025. "Management of the governance and social aspects of ESG in the financial industry," Review of Financial Economics, John Wiley & Sons, vol. 43(1), pages 111-131, January.
    89. Parsley, David & Popper, Helen, 2024. "Climate change salience and international equity returns," Journal of Economic Behavior & Organization, Elsevier, vol. 226(C).
    90. Demetriades, Elias & Politsidis, Panagiotis N., 2025. "Bank lending to fossil fuel firms," Journal of Financial Stability, Elsevier, vol. 76(C).
    91. Wong, Jin Boon & Zhang, Qin, 2025. "The impact of political risks on carbon emissions," Energy Economics, Elsevier, vol. 141(C).
    92. Liu, Yong-Jun & Yang, Guo-Sen & Zhang, Wei-Guo, 2024. "A novel regret-rejoice cross-efficiency approach for energy stock portfolio optimization," Omega, Elsevier, vol. 126(C).
    93. Li, Xue & Qi, Ming & Zhang, Yueyuan & Xu, Jing, 2024. "How does carbon trading price matter for bank loans? Evidence from Chinese banking sector," Finance Research Letters, Elsevier, vol. 68(C).
    94. Wu, Zhenshu & Zhong, Rui, 2024. "The equity market response to climate change litigation," Finance Research Letters, Elsevier, vol. 67(PA).
    95. Cojoianu, T.F. & French, D. & Hoepner, A.G.F. & Sheenan, L. & Vu, A., 2025. "On the origin of green finance policies," Journal of Financial Stability, Elsevier, vol. 79(C).
    96. Leonardo Gambacorta & Salvatore Polizzi & Alessio Reghezza & Enzo Scannella, 2026. "Do Banks Practice What They Preach? Brown Lending and Environmental Disclosure in the Euro Area," Journal of Financial Services Research, Springer;Western Finance Association, vol. 69(1), pages 135-179, April.
    97. Zacharias Sautner & Jing Yu & Rui Zhong & Xiaoyan Zhou, 2026. "The EU Taxonomy and the Syndicated Loan Market," Journal of Financial Services Research, Springer;Western Finance Association, vol. 69(1), pages 109-134, April.
    98. Adriano Bellinvia & Paola Brighi & Valeria Venturelli, 2026. "Banks and climate risk: a bibliometric review and policy perspective," Journal of Banking Regulation, Palgrave Macmillan, vol. 27(2), pages 1-29, June.
    99. Luo, Qin & Lu, Xinjie & Huang, Dengshi & Zeng, Qing, 2024. "The impact of carbon transition risk concerns on stock market cycles: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    100. Lee, Chien-Chiang & Wang, Chih-Wei & Thinh, Bui Tien & Xu, Zhi-Ting, 2022. "Climate risk and bank liquidity creation: International evidence," International Review of Financial Analysis, Elsevier, vol. 82(C).
    101. Foerster, Kai & Ryan, Ellen & Scheid, Benedikt, 2025. "Pricing or panicking? Commercial real estate markets and climate change," Working Paper Series 3059, European Central Bank.
    102. Grinstein, Yaniv & Larkin, Yelena, 2025. "Corporate environmental footprint and product market competition," Journal of Financial Intermediation, Elsevier, vol. 64(C).
    103. Yang, Junqi & Geng, Jiang-Bo, 2025. "Dissecting the financial impact of climate risk," Energy Economics, Elsevier, vol. 143(C).
    104. Simplice A. Asongu & Cherif Abdramane, 2025. "Climate Change and Women's Barriers to Credit: Global Firm‐Level Analysis of Gender Bias and Climate Risk Policy Thresholds," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(6), pages 8527-8546, December.
    105. Beyene, Winta & Delis, Manthos D. & de Greiff, Kathrin & Ongena, Steven, 2025. "Bond versus banks financing in the climate transition: The role of stranded-asset risk," SAFE Working Paper Series 456, Leibniz Institute for Financial Research SAFE.
    106. Helena Redondo & Elisa Aracil, 2024. "Climate‐related credit risk: Rethinking the credit risk framework," Global Policy, London School of Economics and Political Science, vol. 15(S1), pages 21-33, March.
    107. Carnevale, Concetta & Drago, Danilo, 2024. "Do banks price ESG risks? A critical review of empirical research," Research in International Business and Finance, Elsevier, vol. 69(C).
    108. Kim, Incheol & Lee, Suin & Ryou, Jiwoo, 2024. "Does climate risk influence analyst forecast accuracy?," Journal of Financial Stability, Elsevier, vol. 75(C).
    109. Rabbani, Mustafa Raza & Kiran, Madiha & Bouri, Elie & Alsharif, Mohammad, 2026. "Corporate carbon risk amidst world policy uncertainty: An international perspective," Finance Research Letters, Elsevier, vol. 87(C).
    110. Michelfelder, Richard A. & Pilotte, Eugene A., 2024. "U.S. vertically integrated electric utility greenhouse gas emissions and carbon risk premiums around the Paris Accord," Energy Policy, Elsevier, vol. 195(C).
    111. Lei, Ni & Miao, Qin & Yao, Xin, 2023. "Does the implementation of green credit policy improve the ESG performance of enterprises? Evidence from a quasi-natural experiment in China," Economic Modelling, Elsevier, vol. 127(C).
    112. Yangjie Liao & Xiaokun Zhou, 2024. "Real green or fake green? Impact of green credit policy on corporate ESG performance," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
    113. Chaudhry, Neeru & Kumari, Damini, 2024. "How do banks price carbon risk? Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 84(C).
    114. Laura Garcia‐Jorcano & Lidia Sanchis‐Marco, 2025. "Measuring the Impact of Transition Risk on Financial Markets: A Joint VaR‐ES Approach," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(6), pages 1907-1945, September.
    115. Ren, Yi-Shuai & Derouiche, Imen & Hassan, Majdi & Liu, Pei-Zhi, 2024. "Do creditors price climate transition risks? A natural experiment based on China's carbon emission trading scheme," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 138-155.
    116. Kenza Mouti & Erhan Kilincarslan & Jiafan Li, 2026. "Environmental Credit Risk, Climate Change and Bank Performance: Evidence From a Global Panel of Banks," Business Strategy and the Environment, Wiley Blackwell, vol. 35(2), pages 1646-1666, February.
    117. Fan, Lin & Wang, Jiali & Lin, Zhongguo & Du, Huibin, 2025. "Official environmental credit evaluation and corporate debt concentration," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    118. Mei, Dexiang & Luo, Qin & Zhang, Sisi, 2025. "Forecasting volatility in the Chinese stock market: Comparative performance of carbon transition risk indicators," Finance Research Letters, Elsevier, vol. 86(PB).
    119. Lee, Chien-Chiang & Wang, Chih-Wei & Thinh, Bui Tien, 2023. "Green development, climate risks, and cash flow: International evidence," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    120. Han, Sirui & Lu, Haitian & Wu, Hao, 2024. "ESG disclosure, investor awareness, and carbon risk pricing: Evidence from the Chinese market," International Review of Law and Economics, Elsevier, vol. 80(C).
    121. Li-Yang Guo & Chao Feng, 2022. "Measuring the Demand Connectedness among China’s Regional Carbon Markets," IJERPH, MDPI, vol. 19(21), pages 1-16, October.
    122. Ren, Yi-Shuai & Boubaker, Sabri & Liu, Pei-Zhi & Weber, Olaf, 2023. "How does carbon regulatory policy affect debt financing costs? Empirical evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 77-90.
    123. Becker, Annette & Di Girolamo, Francesca Erica & Rho, Caterina, 2025. "Loan pricing and biodiversity exposure: Nature-related spillovers to the financial sector," Research in International Business and Finance, Elsevier, vol. 75(C).
    124. Anwer, Zaheer & Boulanouar, Zakaria & Farid, Saqib & Migliavacca, Milena, 2025. "Does climate policy uncertainty affect the top financiers of the energy sector?," International Review of Economics & Finance, Elsevier, vol. 102(C).
    125. Thi Thuy Trang Nguyen & Eric Owusu Boahen & Cuong Nguyen, 2026. "Climate Change Risks and Customer Concentration: Evidence From US‐Listed Firms," Business Strategy and the Environment, Wiley Blackwell, vol. 35(5), pages 7141-7171, July.
    126. Bank for International Settlements, 2023. "The effects of climate change-related risks on banks: a literature review," BCBS Working Papers 40, Bank for International Settlements.
    127. Breckenfelder, Johannes & Maćkowiak, Bartosz & Marqués-Ibáñez, David & Olovsson, Conny & Popov, Alexander & Porcellacchia, Davide & Schepens, Glenn, 2023. "The climate and the economy," Working Paper Series 2793, European Central Bank.
    128. Hirschbuehl Dominik & Ceglar Andrej & Cojoianu Theodor & Emambakhsh Tina & Qi Yifan & Rho Caterina & Hu Elsie & Petracco Marco & Biganzoli Fabrizio & De Jager Alfred & Garcia Herrero Laura & Mandrici , 2025. "The Climate-Biodiversity-Pollution Nexus: The pricing of environmental credit risks for European industrial polluters," JRC Working Papers in Economics and Finance 2025-10, Joint Research Centre, European Commission.
    129. Bogmans, Christian & Pescatori, Andrea & Prifti, Ervin, 2024. "The impact of climate policy on oil and gas investment: Evidence from firm-level data," European Economic Review, Elsevier, vol. 165(C).
    130. Hale, Galina & Meisenbacher, Brigid & Nechio, Fernanda, 2024. "Industrial Composition of Syndicated Loans and Banks’ Climate Commitments," Santa Cruz Department of Economics, Working Paper Series qt16x0k16m, Department of Economics, UC Santa Cruz.
    131. Maria Alessia Aiello, 2024. "Climate supervisory shocks and bank lending: empirical evidence from microdata," Temi di discussione (Economic working papers) 1465, Bank of Italy, Economic Research and International Relations Area.
    132. Li, Jiaqi & Kim, Ja Ryong & Adegbite, Emmanuel, 2026. "The impact of green credit guidelines on green lending and environmental outcomes: Evidence from Chinese banks," Ecological Economics, Elsevier, vol. 242(C).
    133. Lee, Chien-Chiang & Wang, Chih-Wei & Thinh, Bui Tien & Purnama, Muhammad Yusuf Indra & Sharma, Susan Sunila, 2024. "Corporate leverage and leverage speed of adjustment: Does environmental policy stringency matter?," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    134. Zhou, Peng & Li, Xiang & Shi, Xing & Jiang, Kun, 2025. "Spillover of the carbon risk along the supply chain: Evidence from the U.S. corporate bond market," Journal of Business Research, Elsevier, vol. 201(C).
    135. Chalabi-Jabado, Fatima & Ziane, Ydriss, 2024. "Climate risks, financial performance and lending growth: Evidence from the banking industry," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    136. Boubaker, Sabri & Fichera, Lorenzo & Galletta, Simona & Mazzù, Sebastiano, 2026. "Environmental Practices and Corporate Cost of Debt: Evidence from European Listed Firms," International Review of Economics & Finance, Elsevier, vol. 106(C).
    137. Zhai, Wei, 2023. "Risk assessment of China's foreign direct investment in "One Belt, One Road": Taking the green finance as a research perspective," Socio-Economic Planning Sciences, Elsevier, vol. 87(PB).
    138. Qiao, Yu & Xu, Mofu, 2026. "Alternative data information on climate risk and corporate cash holdings," LSE Research Online Documents on Economics 138697, London School of Economics and Political Science, LSE Library.
    139. Dora Xia & Omar Zulaica, 2022. "The term structure of carbon premia," BIS Working Papers 1045, Bank for International Settlements.
    140. Brunella Bruno & Sara Lombini, 2023. "Climate transition risk and bank lending," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(S1), pages 59-106, December.
    141. Al-Ayyoub, Naser & Phan, Hieu V., 2026. "Riskier climate, closer ties? How climate risk drives firms towards bank debt financing," Journal of Corporate Finance, Elsevier, vol. 96(C).
    142. David L. Kelly & Christopher Paik, 2024. "Sustainable Banking and Credit Market Segmentation," CESifo Working Paper Series 11522, CESifo.
    143. Egemen Eren & Floortje Merten & Niek Verhoeven, 2022. "Pricing of climate risks in financial markets: a summary of the literature," BIS Papers, Bank for International Settlements, number 130.
    144. Xiaoyi Lyu & Chenyu Shan & Dragon Yongjun Tang, 2025. "Does Traditional Debt Financing Hurt the Environment? Evidence from Toxic Releases," Journal of Business Ethics, Springer, vol. 200(4), pages 957-985, September.
    145. Pietrovito, Filomena & Rancan, Michela, 2024. "Credit rationing and sustainable activities: A firm-level investigation," International Review of Economics & Finance, Elsevier, vol. 94(C).
    146. Gao, Bin & Zhang, Jinlong & Xie, Jun & Zhang, Wenjie, 2023. "The impact of carbon risk on the pricing efficiency of the capital market: Evidence from a natural experiment in china," Finance Research Letters, Elsevier, vol. 57(C).
    147. Chabot, Miia & Bertrand, Jean-Louis, 2023. "Climate risks and financial stability: Evidence from the European financial system," Journal of Financial Stability, Elsevier, vol. 69(C).

  7. Frederic Boissay & Torsten Ehlers & Leonardo Gambacorta & Hyun Song Shin, 2021. "Big techs in finance: on the new nexus between data privacy and competition," BIS Working Papers 970, Bank for International Settlements.

    Cited by:

    1. Cárdenas, Miguel & Madeira, Carlos & Morales-Resendiz, Raúl & Musa, Miguel & Sanclemente, Mario & Sanz-Bunster, Leon, 2024. "Tiered access in RTGS systems: A DLT-based approach," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 5(1).
    2. Athanassiou, Phoebus & Czák-Ludwig, Stephanie & Di Gabriele, Nico, 2026. "Neo-conglomerates and EU regulatory perimeter challenges – state of play and evaluation of policy options," Occasional Paper Series 394, European Central Bank.
    3. Brei, Michael & Ferri, Giovanni & Gambacorta, Leonardo, 2023. "Financial structure and income inequality," Journal of International Money and Finance, Elsevier, vol. 131(C).
    4. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2021. "European Small Business Finance Outlook 2021," EIF Working Paper Series 2021/75, European Investment Fund (EIF).
    5. Ahnert, Toni & Hoffmann, Peter & Monnet, Cyril, 2025. "Payments and privacy in the digital economy," Journal of Financial Economics, Elsevier, vol. 169(C).
    6. Yanfei Dong & Jiayin Hu & Yiping Huang & Han Qiu & Yingguang Zhang, 2025. "The use and disuse of FinTech credit: When buy-now-pay-later meets credit reporting," BIS Working Papers 1239, Bank for International Settlements.
    7. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2022. "European Small Business Finance Outlook 2022," EIF Working Paper Series 2022/84, European Investment Fund (EIF).

  8. Iñaki Aldasoro & Torsten Ehlers & Patrick McGuire & Goetz von Peter, 2020. "Global banks' dollar funding needs and central bank swap lines," BIS Bulletins 27, Bank for International Settlements.

    Cited by:

    1. Jonas Becker & Maik Schmeling & Andreas Schrimpf, 2024. "Global Bank Lending and Exchange Rates," BIS Working Papers 1161, Bank for International Settlements.
    2. Inaki Aldasoro & Wenqian Huang & Esti Kemp, 2020. "Cross-border links between banks and non-bank financial institutions," BIS Quarterly Review, Bank for International Settlements, September.
    3. Silvia Albrizio & Iván Kataryniuk & Luis Molina & Jan Schäfer, 2021. "ECB euro liquidity lines," Working Papers 2125, Banco de España.
    4. Robert N McCauley & Patrick McGuire & Philip Wooldridge, 2021. "Seven decades of international banking," BIS Quarterly Review, Bank for International Settlements, September.
    5. Andrej Sokol & Michael Kumhof & Marco Pinchetti & Phurichai Rungcharoenkitkul, 2023. "CBDC policies in open economies," BIS Working Papers 1086, Bank for International Settlements.
    6. Bryan Hardy & Patrick McGuire & Goetz von Peter, 2024. "International finance through the lens of BIS statistics: the geography of banks' operations," BIS Quarterly Review, Bank for International Settlements, December.
    7. Robert N. McCauley, 2020. "The Global Domain of the Dollar: Eight Questions," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(4), pages 421-429, December.
    8. Iñaki Aldasoro & Egemen Eren & Wenqian Huang, 2021. "Dollar funding of non-US banks through Covid-19," BIS Quarterly Review, Bank for International Settlements, March.
    9. Bryan Hardy & Elod Takats, 2020. "International banking amidst Covid-19: resilience and drivers," BIS Quarterly Review, Bank for International Settlements, December.
    10. Kai Schellekens & Patty Duijm, 2022. "Effectiveness of Central Bank Swap Lines in Alleviating the Mispricing of FX Swaps at the Start of the COVID-19 Pandemic," Working Papers 752, DNB.
    11. Irving Fisher Committee, 2021. "New developments in central bank statistics around the world," IFC Bulletins, Bank for International Settlements, number 55.
    12. Graciela Schiliuk & Iader Giraldo, 2021. "Regional responses to the Covid-19 crisis: a comparative study from economic, policy, and institutional perspectives," Documentos de Discusión FLAR 19734, Fondo Latino Americano de Reservas - FLAR.
    13. McGuire, Patrick, 2022. "FX swaps and forwards in global dollar debt: “Known knowns” and “known unknowns”," Japan and the World Economy, Elsevier, vol. 64(C).

  9. Torsten Ehlers & Steven Kong & Feng Zhu, 2018. "Mapping shadow banking in China: structure and dynamics," BIS Working Papers 701, Bank for International Settlements.

    Cited by:

    1. Ferry Syarifuddin & Prayudhi Azwar, 2019. "The Scope, Prospect And Implication Of New Form Of Financial Intermediation For Monetary Policy In Indonesia," Working Papers WP/08/2019, Bank Indonesia.
    2. Nivorozhkin, Eugene & Chondrogiannis, Ilias, 2022. "Shifting balances of systemic risk in the Chinese banking sector: Determinants and trends," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    3. Ma, Yongfan & Hu, Xingcun, 2024. "Shadow banking and SME investment: Evidence from China's new asset management regulations," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 332-349.
    4. Shuonan Zhang, 2020. "State-owned enterprises and entrusted lending: A DSGE analysis for growth and business cycles in China," Working Papers in Economics & Finance 2020-01, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    5. Braggion, Fabio & Manconi, Alberto & Zhu, Haikun, 2023. "Household credit and regulatory arbitrage: Evidence from online marketplace lending," Other publications TiSEM 9fbc0f2e-26f5-414f-8384-c, Tilburg University, School of Economics and Management.
    6. Marlene Amstad & Zhiguo He, 2019. "Chinese Bond Market and Interbank Market," NBER Working Papers 25549, National Bureau of Economic Research, Inc.
    7. Jie Li & Zhenyu Sheng & Aaron D. Smallwood, 2021. "Determinants of credit loan securitization in Chinese banking," Pacific Economic Review, Wiley Blackwell, vol. 26(2), pages 241-262, May.
    8. M. Ayhan Kose & Franziska Ohnsorge, 2020. "Emerging and Developing Economies: Ten Years After the Global Recession," Koç University-TUSIAD Economic Research Forum Working Papers 2005, Koc University-TUSIAD Economic Research Forum.
    9. Li, Weixue & Wang, Sipei & Cheung, Adrian (Wai Kong) & Xu, Changsheng, 2024. "Shadow banking, investment and interest rate transmission: Evidence from macroprudential policy in China," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 115-133.
    10. Chen, Zhuo & He, Zhiguo & Liu, Chun, 2020. "The financing of local government in China: Stimulus loan wanes and shadow banking waxes," Journal of Financial Economics, Elsevier, vol. 137(1), pages 42-71.
    11. Sarah Goldman & Virginia Zhelyazkova, 2023. "Drivers of Shadow Banking System: A Panel Empirical Approach for Developed Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 8, pages 95-122.
    12. Feng, Xu & Lütkebohmert, Eva & Xiao, Yajun, 2022. "Wealth management products, banking competition, and stability: Evidence from China," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    13. Sun, Sha & Qian, Gong & Yu, Jingjing, 2024. "The impacts of China's shadow banking regulation on bank lending—An empirical analysis based on textual analysis and machine learning," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
    14. Vinh Q. T. Dang & Isaac Otchere & Erin P. K. So & Isabel K. M. Yan, 2021. "Not all shadow banking is bad! Evidence from credit intermediation of non-financial Chinese firms," Review of Quantitative Finance and Accounting, Springer, vol. 57(4), pages 1437-1462, November.
    15. Jiang, Bo, 2024. "The real effect of shadow banking regulation: Evidence from China," Emerging Markets Review, Elsevier, vol. 59(C).
    16. Chaowei Wang & Vo Phuong Mai Le & Kent Matthews & Peng Zhou, 2021. "Shadow banking activity and entrusted loans in a DSGE model of China," Manchester School, University of Manchester, vol. 89(5), pages 445-469, September.
    17. Chunping Liu & Zhirong Ou, 2021. "What determines China's housing price dynamics? New evidence from a DSGE‐VAR," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3269-3305, July.
    18. Franklin Allen & Xian Gu, 2021. "Shadow banking in China compared to other countries," Manchester School, University of Manchester, vol. 89(5), pages 407-419, September.
    19. Ji Huang & Zongbo Huang & Xiang Shao, 2023. "The Risk of Implicit Guarantees: Evidence from Shadow Banks in China," Review of Finance, European Finance Association, vol. 27(4), pages 1521-1544.
    20. Shaghil Ahmed & Ricardo Correa & Daniel A. Dias & Nils Gornemann & Jasper Hoek & Anil Jain & Edith Liu & Anna Wong, 2022. "Global Spillovers of a Chinese Growth Slowdown," JRFM, MDPI, vol. 15(12), pages 1-23, December.
    21. Bruno, Valentina & Shin, Hyun Song, 2018. "Currency depreciation and emerging market corporate distress," CEPR Discussion Papers 13298, Centre for Economic Policy Research.
    22. Lin, Shu & Xiao, Jinchuan & Ye, Haichun, 2020. "Disguised carry trade and the transmission of global liquidity shocks: Evidence from China’s goods trade data," Journal of International Money and Finance, Elsevier, vol. 104(C).
    23. Guofeng Sun, 2019. "China's Shadow Banking: Bank's Shadow and Traditional Shadow Banking," BIS Working Papers 822, Bank for International Settlements.
    24. Chen, Ming & Yan, Linghao & Xiong, Xiancheng, 2026. "Financial regulation and corporate tax avoidance: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 106(C).
    25. Sha Sun & Ruihui Xu & Ting Yan & Qian Gong, 2025. "The Impacts of China’s Shadow Banking Regulation Intensity on Bank Risks," SAGE Open, , vol. 15(4), pages 21582440251, December.
    26. He, Siyi & Jin, Qinglu & Wu, Sirui, 2025. "The real effect of shadow banking regulation on corporate innovation: Evidence from conduit business," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    27. Yang, Liu & van Wijnbergen, S. & Qi, Xiaotong & Yi, Yuhuan, 2019. "Chinese shadow banking, financial regulation and effectiveness of monetary policy," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    28. Huang, Min & Jiang, Hai, 2025. "Shadow banking, macroprudential policy and banks’ systemic risk," Research in International Business and Finance, Elsevier, vol. 77(PB).
    29. Chen, Yunping & Chen, Huanhuan & Li, Guorong & Jiao, Dongdan & Xu, Xiangyun, 2021. "Time-varying effect of macro-prudential policies on household credit growth: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 241-254.
    30. Deng, Kebin & Ge, Wenxia & He, Jing, 2021. "Inside debt and shadow banking," Journal of Corporate Finance, Elsevier, vol. 69(C).
    31. Viral V. Acharya & Jun “QJ” Qian & Yang Su & Zhishu Yang, 2025. "Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China," Management Science, INFORMS, vol. 71(7), pages 5645-5675, July.
    32. Fabio Braggion & Alberto Manconi & Haikun Zhu, 2023. "Household Credit and Regulatory Arbitrage: Evidence from Online Marketplace Lending," Management Science, INFORMS, vol. 69(10), pages 6271-6292, October.
    33. Huang, Jin & Jin, Yong & Duan, Yang & She, Yanling, 2023. "Do Chinese firms speculate during high economic policy uncertainty? Evidence from wealth management products," International Review of Financial Analysis, Elsevier, vol. 87(C).
    34. Shaghil Ahmed & Ricardo Correa & Daniel A. Dias & Nils M. Gornemann & Jasper Hoek & Anil K. Jain & Edith X. Liu & Anna Wong, 2019. "Global Spillovers of a China Hard Landing," International Finance Discussion Papers 1260, Board of Governors of the Federal Reserve System (U.S.).
    35. He, Siyi & Zeng, Ceng, 2026. "The effects of reduced availability of shadow banking financing: Evidence from employment," Journal of Banking & Finance, Elsevier, vol. 183(C).
    36. Guo, Chong & Jiang, Yalin & Yu, Fang & Wu, Yingyu, 2023. "Does environmental information disclosure promote or prohibit financialization of non-financial firms? Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 200-214.
    37. Maria Csanádi & Ferenc Gyuris & Wanjun Wang, 2020. "Opening up the black box: Interacting subspheres through enterprise entry and exit in China," KRTK-KTI WORKING PAPERS 2037, Institute of Economics, Centre for Economic and Regional Studies.
    38. An, Hui & Rao, Hanyu & Xu, Ruihui & Zhang, Huaxi, 2025. "Financial regulation and innovation dynamics: The China banking wealth management case," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
    39. Du, Julan & Li, Chang & Wang, Yongqin, 2023. "Shadow banking of non-financial firms: Arbitrage between formal and informal credit markets in China," Journal of Financial Intermediation, Elsevier, vol. 55(C).
    40. K. Buysse & D. Essers & E. Vincent, 2018. "Can China avoid the middle-income trap?," Economic Review, National Bank of Belgium, issue i, pages 63-78, June.
    41. Stefan Angrick & Naoyuki Yoshino, 2020. "From Window Guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China," International Journal of Central Banking, International Journal of Central Banking, vol. 16(3), pages 279-316, June.
    42. Subroto Rapih, 2021. "Shadow banking and cross-border capital inflows: Does the development level of financial institutions matter?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 68(3), pages 331-355, September.
    43. Ouyang, Alice Y. & Wang, Jifan, 2022. "Shadow banking, macroprudential policy, and bank stability: Evidence from China’s wealth management product market," Journal of Asian Economics, Elsevier, vol. 78(C).
    44. Meng Liu & Yikai Luo & Xingkai Luo, 2025. "Shadow banking development and corporate green innovation: evidence from A-share listed manufacturing companies in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-20, December.
    45. Shugo Yamamoto, 2020. "Global Liquidity,Offshore Bond Issuance and Shadow Banking in China," Discussion Papers 2011, Graduate School of Economics, Kobe University.
    46. Cui, Jun, 2025. "Explore of Bank Competition on Non-Financial Enterprises' Financial Capabilities: Shadow Banking as a Moderating Effect," OSF Preprints 7jtwc_v1, Center for Open Science.
    47. Xia, Le, 2020. "Lessons from China's past banking bailouts," BOFIT Policy Briefs 3/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    48. Cheng, Xiaoqiang & Wang, Yabin, 2022. "Shadow banking and the bank lending channel of monetary policy in China," Journal of International Money and Finance, Elsevier, vol. 128(C).
    49. Shuonan Zhang, 2024. "State‐owned enterprises and entrusted lending: Economic growth and business cycles in China," Economic Inquiry, Western Economic Association International, vol. 62(1), pages 197-222, January.
    50. Keith E. Maskus & Alessandro Peri & Anna Rubinchik, 2021. "Hiding Filthy Lucre in Plain Sight: Theory and Identification of Business-Based Money Laundering," CESifo Working Paper Series 9019, CESifo.
    51. Ramaa Vasudevan, 2018. "The internationalization of the Renminbi and the evolution of China’s monetary policy," Working Papers 1810, New School for Social Research, Department of Economics.
    52. Bellavite Pellegrini, Carlo & Cincinelli, Peter & Meoli, Michele & Urga, Giovanni, 2022. "The contribution of (shadow) banks and real estate to systemic risk in China," Journal of Financial Stability, Elsevier, vol. 60(C).
    53. Acharya, Viral & Qian, Jun & Su, Yang & Yang, Zhishu, 2020. "In the Shadow of Banks: Wealth Management Products and Issuing Banks’ Risks in China," CEPR Discussion Papers 14957, Centre for Economic Policy Research.
    54. Zhang, Shidai & Tsai, Kellee S., 2024. "‘One System, Two Shadows’: A local public finance perspective on China's shadow banking system," China Economic Review, Elsevier, vol. 87(C).
    55. Xiangyi Zhou & Xinyue Li & Yifan Zhou & Alper Kara, 2025. "Deposit Insurance and Bank Liquidity Creation: Evidence from a Natural Experiment in China," Journal of Financial Services Research, Springer;Western Finance Association, vol. 67(3), pages 101-137, June.
    56. Feng, Xu & Lu, Lei & Xiao, Yajun, 2020. "Shadow banks, leverage risks, and asset prices," Journal of Economic Dynamics and Control, Elsevier, vol. 111(C).
    57. Phuong Mai Le, Vo & Matthews, Kent & Meenagh, David & Minford, Patrick & Xiao, Zhiguo, 2022. "Regulatory arbitrage, shadow banking and monetary policy in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).

  10. Iñaki Aldasoro & Torsten Ehlers & Egemen Eren, 2018. "Business models and dollar funding of global banks," BIS Working Papers 708, Bank for International Settlements.

    Cited by:

    1. Mr. Fei Han & Mindaugas Leika, 2019. "Integrating Solvency and Liquidity Stress Tests: The Use of Markov Regime-Switching Models," IMF Working Papers 2019/250, International Monetary Fund.
    2. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2019. "Institutional Investors, the Dollar, and U.S. Credit Conditions," International Finance Discussion Papers 1246, Board of Governors of the Federal Reserve System (U.S.).
    3. Li, Yi, 2021. "Reciprocal lending relationships in shadow banking," Journal of Financial Economics, Elsevier, vol. 141(2), pages 600-619.
    4. Balke, Florian & Aldasoro, Inaki & Barth, Andreas & Eren, Egemen, 2019. "Bank Competition for Wholesale Funding: Evidence from Corporate Deposits," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203578, Verein für Socialpolitik / German Economic Association.
    5. Auer, Raphael, 2019. "Embedded supervision: how to build regulation into blockchain finance," CEPR Discussion Papers 14095, Centre for Economic Policy Research.
    6. Raphael A. Auer, 2022. "Embedded Supervision: How to Build Regulation into Decentralised Finance," CESifo Working Paper Series 9771, CESifo.
    7. Stijn Claessens, 2019. "Fragmentation in global financial markets: good or bad for financial stability?," BIS Working Papers 815, Bank for International Settlements.
    8. Iñaki Aldasoro & Torsten Ehlers, 2018. "The geography of dollar funding of non-US banks," BIS Quarterly Review, Bank for International Settlements, December.
    9. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, Centre for Economic Policy Research.
    10. Bank for International Settlements, 2019. "Large central bank balance sheets and market functioning," Markets Committee Papers 11, Bank for International Settlements.
    11. Francesco Manaresi & Nicola Pierri, 2018. "Credit supply and productivity growth," BIS Working Papers 711, Bank for International Settlements.
    12. Niepmann, Friederike & Schmidt-Eisenlohr, Tim, 2018. "Global Investors, the Dollar, and U.S. Credit Conditions," CEPR Discussion Papers 13237, Centre for Economic Policy Research.
    13. Valentina Bruno & Hyun Song Shin, 2019. "Dollar and Exports," BIS Working Papers 819, Bank for International Settlements.
    14. Ioannis Chatziantoniou & David Gabauer & Alexis Stenfors, 2019. "From CIP-Deviations to a Market for Risk Premia: A Dynamic Investigation of Cross-Currency Basis Swaps," Working Papers in Economics & Finance 2019-05, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.

  11. Torsten Ehlers, 2014. "Understanding the challenges for infrastructure finance," BIS Working Papers 454, Bank for International Settlements.

    Cited by:

    1. Reena Agrawal, 2020. "Review of Infrastructure Development and Its Financing in India," Paradigm, , vol. 24(1), pages 109-126, June.
    2. Lieve Fransen & Gino del Bufalo & Edoardo Reviglio, 2018. "Boosting Investment in Social Infrastructure in Europe," European Economy - Discussion Papers 074, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Mohammed Aliu Momoh & Maurice Aghedo, 2018. "Public Private Partnership, Infrastructure Guarantee and Sovereign Debt Default," Romanian Economic Business Review, Romanian-American University, vol. 13(1), pages 25-34, March.
    4. Lawson, Julie & Pawson, Hal & Troy, Laurence & van den Nouwelant, Ryan & Hamilton, Carrie & Hayward, Richard Donald, 2018. "Social housing as infrastructure: an investment pathway," SocArXiv e9hky, Center for Open Science.
    5. Surbhi Gupta & Anil Kumar Sharma, 2022. "Evolution of infrastructure as an asset class: a systematic literature review and thematic analysis," Journal of Asset Management, Palgrave Macmillan, vol. 23(3), pages 173-200, May.
    6. Falk Bräuning & Victoria Ivashina, 2018. "U.S. Monetary Policy and Emerging Market Credit Cycles," NBER Working Papers 25185, National Bureau of Economic Research, Inc.
    7. Gurara, Daniel & Presbitero, Andrea & Sarmiento, Miguel, 2020. "Borrowing costs and the role of multilateral development banks: Evidence from cross-border syndicated bank lending," Journal of International Money and Finance, Elsevier, vol. 100(C).
    8. Holstenkamp, Lars, 2019. "What do we know about cooperative sustainable electrification in the global South? A synthesis of the literature and refined social-ecological systems framework," Renewable and Sustainable Energy Reviews, Elsevier, vol. 109(C), pages 307-320.
    9. Torsten Ehlers & Frank Packer, 2017. "Green bond finance and certification," BIS Quarterly Review, Bank for International Settlements, September.
    10. Zaheer Allam & David Jones, 2019. "Climate Change and Economic Resilience through Urban and Cultural Heritage: The Case of Emerging Small Island Developing States Economies," Economies, MDPI, vol. 7(2), pages 1-23, June.
    11. Khaled El Sakty & Mohamed Abdelraouf & Samira Allam, 2023. "How Logistics Performance Reshapes The Movement Of Stocks In The Context Of Climate Change?," Business Logistics in Modern Management, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 23, pages 43-62.
    12. Rami Abdelkafi & Houssem Eddine Bedoui, 2016. "Challenges in Infrastructure Financing Through Sukuk Issuance," Policy Papers 2016-3, The Islamic Research and Teaching Institute (IRTI).
    13. Roumboutsos, Athena & Pantelias, Aristeidis, 2021. "Addressing infrastructure investor risk aversion: Can project delivery resilience ratings help?," Utilities Policy, Elsevier, vol. 71(C).
    14. A. H. S. Garmabaki & Adithya Thaduri & Stephen Famurewa & Uday Kumar, 2021. "Adapting Railway Maintenance to Climate Change," Sustainability, MDPI, vol. 13(24), pages 1-27, December.
    15. Wouter Thierie & Lieven Moor, 2016. "The characteristics of infrastructure as an investment class," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 30(3), pages 277-297, August.
    16. Ms. Valerie Cerra & Mr. Alfredo Cuevas & Carlos Góes & Ms. Izabela Karpowicz & Mr. Troy D Matheson & Issouf Samaké & Svetlana Vtyurina, 2016. "Highways to Heaven: Infrastructure Determinants and Trends in Latin America and the Caribbean," IMF Working Papers 2016/185, International Monetary Fund.
    17. David Large & Ahmad Teymouri, 2023. "A Review of Funding and Financing Models for Infrastructure Corridor Megaprojects, and Implications for the Canadian Northern Corridor," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 16(13), April.

Articles

  1. Torsten Ehlers & Bryan Hardy & Patrick McGuire, 2025. "International finance through the lens of BIS statistics: the international dimensions of credit," BIS Quarterly Review, Bank for International Settlements, March.

    Cited by:

    1. Wenqian Huang & Ingomar Krohn & Vladyslav Sushko, 2025. "Global FX markets when hedging takes centre stage," BIS Quarterly Review, Bank for International Settlements, December.
    2. Shin, Wonmun, 2025. "Housing and consumption volatility: the role of rental price rigidity," European Economic Review, Elsevier, vol. 180(C).

  2. Torsten Ehlers & Karamfil Todorov, 2025. "Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Wenqian Huang & Ingomar Krohn & Vladyslav Sushko, 2025. "Global FX markets when hedging takes centre stage," BIS Quarterly Review, Bank for International Settlements, December.
    2. Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2025. "International finance through the lens of BIS statistics: derivatives markets," BIS Quarterly Review, Bank for International Settlements, December.

  3. Torsten Ehlers & Ulrike Elsenhuber & Anandakumar Jegarasasingam & Eric Jondeau, 2024. "Deconstructing ESG scores: investing at the category score level," Journal of Asset Management, Palgrave Macmillan, vol. 25(3), pages 222-244, May.

    Cited by:

    1. Carlei, Vittorio & Furia, Donatella & Ceccarelli, Alessandro & Cascioli, Piera, 2025. "Outperforming ESG stocks portfolio: A machine learning ranking model with catboots regressor," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
    2. Guerrero, Santiago & Viteri, Juan Pablo, 2025. "What are environmental, social, and governance scores measuring? The role of outcome and impact indicators in ESG scores," Finance Research Letters, Elsevier, vol. 72(C).
    3. Maghyereh, Aktham & Awartani, Basel, 2026. "Does ESG shape systemic risk in oil and gas exploration?," International Review of Economics & Finance, Elsevier, vol. 106(C).
    4. Benuzzi, Matteo & Bax, Karoline & Paterlini, Sandra & Taufer, Emanuele, 2025. "Chasing ESG performance: How methodologies shape outcomes," International Review of Financial Analysis, Elsevier, vol. 104(PA).

  4. Ehlers, Torsten & Packer, Frank & de Greiff, Kathrin, 2022. "The pricing of carbon risk in syndicated loans: Which risks are priced and why?," Journal of Banking & Finance, Elsevier, vol. 136(C).
    See citations under working paper version above.
  5. Aldasoro, Iñaki & Ehlers, Torsten & Eren, Egemen, 2022. "Global banks, dollar funding, and regulation," Journal of International Economics, Elsevier, vol. 137(C).

    Cited by:

    1. Luis Garcia & Ulf Lewrick & Taja Sečnik, 2023. "Window Dressing and the Designation of Global Systemically Important Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 64(2), pages 231-264, October.
    2. Pelizzon, Loriana & Mattiello, Riccardo & Schlegel, Jonas, 2025. "Growth of non-bank financial intermediaries, financial stability, and monetary policy," SAFE Working Paper Series 458, Leibniz Institute for Financial Research SAFE.
    3. Pelizzon, Loriana & Mattiello, Riccardo & Schlegel, Jonas, 2025. "Growth of non-bank financial intermediaries, financial stability, and monetary policy: Prepared for the ECB Forum," SAFE White Paper Series 114, Leibniz Institute for Financial Research SAFE.
    4. Manac, Radu-Dragomir & Banti, Chiara & Kellard, Neil, 2024. "How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 96(C).
    5. Matteo Aquilina & Giulio Cornelli & Nikola Tarashev, 2025. "Commonality under pressure: banks and funds," BIS Quarterly Review, Bank for International Settlements, March.
    6. Huber, Amy Wang, 2023. "Market power in wholesale funding: A structural perspective from the triparty repo market," Journal of Financial Economics, Elsevier, vol. 149(2), pages 235-259.
    7. Schwartz, Herman M., 2024. "Triffin reloaded: The matrix of contradictions around global quasi-state money," MPIfG Discussion Paper 24/3, Max Planck Institute for the Study of Societies.
    8. Egemen Eren & Philip Wooldridge, 2022. "The role of non-bank financial institutions in cross-border spillovers," BIS Papers, Bank for International Settlements, number 129.
    9. Iñaki Aldasoro & Sebastian Doerr & Haonan Zhou, 2026. "Liquidity regulation and bank funding costs," BIS Working Papers 1352, Bank for International Settlements.
    10. Florian Balke & Andreas Barth & Arne Reichel & Mark Wahrenburg, 2024. "Peg Abandonment and Cross-Currency Contagion," Management Science, INFORMS, vol. 70(8), pages 5599-5606, August.
    11. Ferreira, Thiago R.T. & Shousha, Samer, 2023. "Determinants of global neutral interest rates," Journal of International Economics, Elsevier, vol. 145(C).
    12. Aldasoro, Iñaki & Balke, Florian & Barth, Andreas & Eren, Egemen, 2022. "Spillovers of funding dry-ups," Journal of International Economics, Elsevier, vol. 137(C).
    13. Sebastian Doerr & Sebastian Egemen Eren & Semyon Malamud, 2023. "Money market funds and the pricing of near-money assets," BIS Working Papers 1096, Bank for International Settlements.
    14. Matteo Aquilina & Andreas Schrimpf & Karamfil Todorov, 2023. "CP and CDs markets: a primer," BIS Quarterly Review, Bank for International Settlements, September.

  6. Gong Cheng & Torsten Ehlers & Frank Packer, 2022. "Sovereigns and sustainable bonds: challenges and new options," BIS Quarterly Review, Bank for International Settlements, September.

    Cited by:

    1. Richard Schmidt & Pinar Yesin, 2022. "The growing importance of investment funds in capital flows," Working Papers 2022-13, Swiss National Bank.
    2. Giusy Chesini, 2024. "Can Sovereign Green Bonds Accelerate the Transition to Net-Zero Greenhouse Gas Emissions?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 30(2), pages 177-197, May.
    3. Di Tommaso, Caterina & Perdichizzi, Salvatore & Vigne, Samuel & Zaghini, Andrea, 2024. "Is the government always greener?," CFS Working Paper Series 718, Center for Financial Studies (CFS).
    4. Georgeta Ilie & Claudia Gabriela Baicu, 2023. "Green Finance €“ International Initiatives And Relevant Practices In Supporting Global Sustainable Goals," Social-Economic Debates, Association for Entreprenorial Spirit Promotion, vol. 12(1), pages 28-38, octombrie.
    5. Daniel C. L. Hardy, 2022. "Alternatives in the Design of Sovereign Green Bonds," wiiw Policy Notes 62, The Vienna Institute for International Economic Studies, wiiw.
    6. Van Roosebeke, Bert & Defina, Ryan, 2023. "The Role of Climate in Deposit Insurers' Fund Management: More Than a Financial Risk Management Factor?," MPRA Paper 116936, University Library of Munich, Germany.
    7. Gong Cheng & Torsten Ehlers & Frank Packer & Yanzhe Xiao, 2024. "Sovereign green bonds: a catalyst for sustainable debt market development?," BIS Working Papers 1198, Bank for International Settlements.
    8. Clarisse Heck Machado & Miguel Sousa & Manuel Castelo Branco, 2025. "Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review," IJFS, MDPI, vol. 13(2), pages 1-22, April.
    9. Seiwan Kim & Resi Ong Olivares & Donghyun Park & Shu (Grace) Tian & Sunjoo Yang, 2026. "How Sovereign Sustainable Bond Issuance Shakes Up the Corporate Sustainable Bond Market?: Evidence From Asian Markets," Asian Economic Policy Review, Japan Center for Economic Research, vol. 21(1), pages 57-67, January.
    10. Swayam Prava Mishra & Rajnish Kumar & Jashasya Rout, 2023. "An overview of green, social, sustainability, and sustainability-linked (GSSS) bonds," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 25(1), pages 127-145, December.

  7. Torsten Ehlers & Benoit Mojon & Frank Packer, 2020. "Green bonds and carbon emissions: exploring the case for a rating system at the firm level," BIS Quarterly Review, Bank for International Settlements, September.

    Cited by:

    1. Aghion, Philippe & Boneva, Lena & Breckenfelder, Johannes & Laeven, Luc & Olovsson, Conny & Popov, Alexander & Rancoita, Elena, 2022. "Financial Markets and Green Innovation," Working Paper Series 2686, European Central Bank.
    2. John Caramichael & Andreas Rapp, 2022. "The Green Corporate Bond Issuance Premium," International Finance Discussion Papers 1346, Board of Governors of the Federal Reserve System (U.S.).
    3. Lars Reitsema & Bert Scholtens, 2025. "The role of corporate green bonds in managing greenhouse gas emissions," Climatic Change, Springer, vol. 178(8), pages 1-20, August.
    4. Boitan, Iustina Alina & Marchewka-Bartkowiak, Kamilla, 2022. "Climate change and the pricing of sovereign debt: Insights from European markets," Research in International Business and Finance, Elsevier, vol. 62(C).
    5. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    6. Meryem Filiz Baştürk, 2024. "Does Green Finance Reduce Carbon Emissions? Global Evidence Based on System Generalized Method of Moments," Sustainability, MDPI, vol. 16(18), pages 1-13, September.
    7. Michela Scatigna & Dora Xia & Anna Zabai & Omar Zulaica, 2021. "Achievements and challenges in ESG markets," BIS Quarterly Review, Bank for International Settlements, December.
    8. Anandakumar Jegarasasingam, 2025. "Climate-aware investing," BIS Papers, Bank for International Settlements, number 155.
    9. Jiang, Wei & Dong, Lingfei & Liu, Xinyi, 2023. "How does COVID-19 affect the spillover effects of green finance, carbon markets, and renewable/non-renewable energy markets? Evidence from China," Energy, Elsevier, vol. 281(C).
    10. Lu, Juan & Li, He & Yang, Ran, 2024. "Low carbon finance drives corporate carbon emissions reduction: A perspective from issuing carbon neutral bonds," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    11. Jakub Demski & Yingwei Dong & Patrick McGuire & Benoit Mojon, 2025. "Growth of the green bond market and green house gas emissions," BIS Quarterly Review, Bank for International Settlements, March.
    12. Eric Jondeau & Benoit Mojon & Cyril Monnet, 2021. "Greening (runnable) brown assets with a liquidity backstop," BIS Working Papers 929, Bank for International Settlements.
    13. Gong Cheng & Eric Jondeau & Benoit Mojon, 2022. "Building portfolios of sovereign securities with decreasing carbon footprints," BIS Working Papers 1038, Bank for International Settlements.
    14. Moran Wang & Yuying Sun & Shouyang Wang, 2026. "Can Chinese firms benefit from issuing carbon–neutral bonds?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-28, December.
    15. Jan Willem van den End & Guido Schotten & Sophie Steins Bisschop, 2021. "Financing the transition: seizing opportunities for a green recovery," Occasional Studies 1902, DNB.
    16. Daniel Ramos-García & Carmen López-Martín & Raquel Arguedas-Sanz, 2023. "Climate transition risk in determining credit risk: evidence from firms listed on the STOXX Europe 600 index," Empirical Economics, Springer, vol. 65(5), pages 2091-2114, November.
    17. Muñiz, José Antonio & Larkin, Charles & Corbet, Shaen, 2025. "Understanding the use of unconventional monetary policy for portfolio decarbonisation in Europe," Journal of International Money and Finance, Elsevier, vol. 150(C).
    18. Gong Cheng & Torsten Ehlers & Frank Packer, 2022. "Sovereigns and sustainable bonds: challenges and new options," BIS Quarterly Review, Bank for International Settlements, September.
    19. Enrico Bernardini & Ivan Faiella & Luciano Lavecchia & Alessandro Mistretta & Filippo Natoli, 2021. "Central banks, climate risks and sustainable finance," Questioni di Economia e Finanza (Occasional Papers) 608, Bank of Italy, Economic Research and International Relations Area.
    20. Ehlers, Torsten & Packer, Frank & de Greiff, Kathrin, 2022. "The pricing of carbon risk in syndicated loans: Which risks are priced and why?," Journal of Banking & Finance, Elsevier, vol. 136(C).
    21. André Tomfort, 2023. "Making Green Bonds Greener: Proposals to Increase the Efficiency of Green Bonds," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 13(1), pages 1-5.
    22. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix Joachim & Schwarz, Milena, 2021. "Unconventionally green: A monetary policy between engagement and conflicting goals," Working Papers 05/2021, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    23. Juan J. Cortina & Claudio Raddatz & Sergio L. Schmukler & Tomas Williams, 2025. "Green versus Conventional Corporate Debt:From Issuances to Emissions," Mo.Fi.R. Working Papers 193, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    24. Danilo Liberati & Giuseppe Marinelli, 2024. "Was Covid-19 a wake-up call on climate risks? Evidence from the greenium," Questioni di Economia e Finanza (Occasional Papers) 832, Bank of Italy, Economic Research and International Relations Area.
    25. Daniel C. L. Hardy, 2022. "Alternatives in the Design of Sovereign Green Bonds," wiiw Policy Notes 62, The Vienna Institute for International Economic Studies, wiiw.
    26. Joseph Akpan & Oludolapo Olanrewaju, 2023. "Towards a Common Methodology and Modelling Tool for 100% Renewable Energy Analysis: A Review," Energies, MDPI, vol. 16(18), pages 1-42, September.
    27. Pang, Lidong & Zhu, Meng Nan & Yu, Haiyan, 2022. "Is green finance really a blessing for green technology and carbon efficiency?," Energy Economics, Elsevier, vol. 114(C).
    28. Pietsch, Allegra & Salakhova, Dilyara, 2022. "Pricing of green bonds: drivers and dynamics of the greenium," Working Paper Series 2728, European Central Bank.
    29. Moisson, Paul-Henri, 2024. "Social Responsibility, Consequentialism and Public Policy," TSE Working Papers 24-1521, Toulouse School of Economics (TSE).
    30. Mertzanis, Charilaos, 2023. "Energy policy diversity and green bond issuance around the world," Energy Economics, Elsevier, vol. 128(C).
    31. Gong, Xu & Fu, Chengbo & Li, Huijing & Pirabi, Mansoor, 2024. "The impact of U.S. political decisions on renewable and fossil energy companies in the era of the Paris Agreement," Finance Research Letters, Elsevier, vol. 69(PA).
    32. Liang, Hao & Ng, Lilian & Yoon, Aaron, 2025. "Editorial: What have we learned about green and climate finance?," The British Accounting Review, Elsevier, vol. 57(5).
    33. Satoshi Shimizu & Mika Goto, 2024. "Why do companies participate in climate change‐related initiatives? Theoretical and empirical analyses of motivations for Japanese companies," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 3440-3454, August.
    34. Gong Cheng & Torsten Ehlers & Frank Packer & Yanzhe Xiao, 2024. "Sovereign green bonds: a catalyst for sustainable debt market development?," BIS Working Papers 1198, Bank for International Settlements.
    35. Arnone, Massimo & Leogrande, Angelo, 2024. "Modelli Creditizi nel Contesto ESG: La Domanda dei Mutui delle Famiglie Consumatrici nelle Regioni Italiane [Credit Models in an ESG Context: Mortgage Demand from Consumer Families in Italian Regions]," MPRA Paper 122773, University Library of Munich, Germany.
    36. Gaganis, Chrysovalantis & Galariotis, Emilios & Pasiouras, Fotios & Tasiou, Menelaos, 2023. "Managerial ability and corporate greenhouse gas emissions," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 438-453.
    37. Dunbar, Kwamie & Treku, Daniel N., 2025. "Do energy transition investment flows aid climate commitments?," Energy Economics, Elsevier, vol. 142(C).
    38. Qingxian Jia, 2023. "The impact of green finance on the level of decarbonization of the economies: An analysis of the United States', China's, and Russia's current agenda," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 110-119, January.
    39. Fuchs, Larissa & Ngyuen, Huyen & Nguyen, Trang & Schaeck, Klaus, 2024. "Climate stress tests, bank lending, and the transition to the carbon-neutral economy," IWH Discussion Papers 9/2024, Halle Institute for Economic Research (IWH), revised 2024.
    40. Josep Ferret Mas & Alexander Mihailov, 2021. "Green Quantitative Easing as Intergenerational Climate Justice: On Political Theory and Pareto Efficiency in Reversing Now Human-Caused Environmental Damage," Economics Discussion Papers em-dp2021-16, Department of Economics, University of Reading.
    41. Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    42. Alexander Dryden & Enrico Pulieri, 2025. "The Price of Trust: Greenium and Greenwashing in Asia’s Green Bond Markets," Working Papers 266, Department of Economics, SOAS University of London, UK.
    43. Salvatore Cardillo & Raffaele Gallo & Francesco Guarino, 2021. "Main challenges and prospects for the European banking sector: a critical review of the ongoing debate," Questioni di Economia e Finanza (Occasional Papers) 634, Bank of Italy, Economic Research and International Relations Area.

  8. Inaki Aldasoro & Torsten Ehlers, 2019. "Concentration in cross-border banking," BIS Quarterly Review, Bank for International Settlements, June.

    Cited by:

    1. Torsten Ehlers & Mathias Hoffmann & Alexander Raabe, 2020. "Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized," ECON - Working Papers 374, Department of Economics - University of Zurich.
    2. Stijn Claessens, 2019. "Fragmentation in global financial markets: good or bad for financial stability?," BIS Working Papers 815, Bank for International Settlements.
    3. Aldasoro, Iñaki & Beltrán, Paula & Grinberg, Federico & Mancini-Griffoli, Tommaso, 2023. "The macro-financial effects of international bank lending on emerging markets," Journal of International Economics, Elsevier, vol. 142(C).
    4. Gandy, Axel & Veraart, Luitgard A. M., 2021. "Compound poisson models for weighted networks with applications in finance," LSE Research Online Documents on Economics 104185, London School of Economics and Political Science, LSE Library.
    5. Emter, Lorenz & McQuade, Peter & Pradhan, Swapan-Kumar & Schmitz, Martin, 2024. "Determinants of currency choice in cross-border bank loans," Working Paper Series 2918, European Central Bank.
    6. Ana Kristel Lapid & Rogelio Jr Mercado & Peter Rosenkranz, 2021. "Concentration in Asia s Cross-border Banking: Determinants and Impacts," Trinity Economics Papers tep0121, Trinity College Dublin, Department of Economics.
    7. Capasso,Salvatore & Ohnsorge,Franziska Lieselotte & Shu Yu, 2022. "From Financial Development to Informality : A Causal Link," Policy Research Working Paper Series 10192, The World Bank.
    8. Ozgur, Gokcer, 2023. "The cross-border interconnectedness of shadow banking," Economic Modelling, Elsevier, vol. 126(C).
    9. Raphael Cunha & Andreas Kern, 2022. "Global banking and the spillovers from political shocks at the core of the world economy," The Review of International Organizations, Springer, vol. 17(4), pages 717-749, October.
    10. Nissinen, Juuso, 2024. "Cross-country spillover effects of interest rate and credit constraint policies," Finance Research Letters, Elsevier, vol. 66(C).

  9. Torsten Ehlers & Bryan Hardy, 2019. "The evolution of OTC interest rate derivatives markets," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Scheicher, Martin, 2023. "Intermediation in US and EU bond and swap markets: stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020," ESRB Occasional Paper Series 24, European Systemic Risk Board.
    2. Sirio Aramonte & Wenqian Huang, 2019. "OTC derivatives: euro exposures rise and central clearing advances," BIS Quarterly Review, Bank for International Settlements, December.
    3. Turquet, Briac & Bajgrowicz, Pierre & Scaillet, Olivier, 2025. "Mean reversion trading on the naphtha crack," Energy Economics, Elsevier, vol. 148(C).
    4. Wenqian Huang & Karamfil Todorov, 2022. "The post-Libor world: a global view from the BIS derivatives statistics," BIS Quarterly Review, Bank for International Settlements, December.
    5. Nikhil Patel & Dora Xia, 2019. "Offshore markets drive trading of emerging market currencies," BIS Quarterly Review, Bank for International Settlements, December.
    6. Orlov, Alexei G. & Sharma, Rajiv, 2024. "Which witch is which? Deconstructing the foreign exchange markets activity," Global Finance Journal, Elsevier, vol. 60(C).
    7. Vikranth Lokeshwar Dhandapani & Shashi Jain, 2024. "Neural Networks for Portfolio-Level Risk Management: Portfolio Compression, Static Hedging, Counterparty Credit Risk Exposures and Impact on Capital Requirement," Papers 2402.17941, arXiv.org.
    8. Philip Wooldridge, 2019. "FX and OTC derivatives markets through the lens of the Triennial Survey," BIS Quarterly Review, Bank for International Settlements, December.
    9. Torsten Ehlers & Karamfil Todorov, 2025. "Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover," BIS Quarterly Review, Bank for International Settlements, December.
    10. Xiaoxi Liu & Jinming Xie, 2023. "Forecasting swap rate volatility with information from swaptions," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(4), pages 455-479, April.
    11. Jared Berry & Akber Khan & Marcelo Rezende, 2025. "How Do Global Systemically Important Banks Lower Capital Surcharges?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 67(3), pages 73-99, June.

  10. Iñaki Aldasoro & Torsten Ehlers, 2018. "The geography of dollar funding of non-US banks," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Aldasoro, Inaki & Balke, Florian & Barth, Andreas & Eren, Egemen, 2019. "Spillovers of funding dry-ups," SAFE Working Paper Series 259, Leibniz Institute for Financial Research SAFE.
    2. Torsten Ehlers & Mathias Hoffmann & Alexander Raabe, 2020. "Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized," ECON - Working Papers 374, Department of Economics - University of Zurich.
    3. Balke, Florian & Aldasoro, Inaki & Barth, Andreas & Eren, Egemen, 2019. "Bank Competition for Wholesale Funding: Evidence from Corporate Deposits," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203578, Verein für Socialpolitik / German Economic Association.
    4. Jonas Becker & Maik Schmeling & Andreas Schrimpf, 2024. "Global Bank Lending and Exchange Rates," BIS Working Papers 1161, Bank for International Settlements.
    5. Demir, Ender & Danisman, Gamze Ozturk, 2021. "Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses," Research in International Business and Finance, Elsevier, vol. 58(C).
    6. Gottardi, Piero & Maurin, Vincent & Monnet, Cyril, 2021. "Financial Fragility with Collateral Circulation," CEPR Discussion Papers 15757, Centre for Economic Policy Research.
    7. Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank.
    8. Bryan Hardy & Patrick McGuire & Goetz von Peter, 2024. "International finance through the lens of BIS statistics: the geography of banks' operations," BIS Quarterly Review, Bank for International Settlements, December.
    9. Bank for International Settlements, 2020. "US dollar funding: an international perspective," CGFS Papers, Bank for International Settlements, number 65.
    10. Piero Gottardi & Vincent Maurin & Cyril Monnet, 2023. "Fragility of Secured Credit Chains," Working Papers 23.01, Swiss National Bank, Study Center Gerzensee.
    11. Torsten Ehlers & Mathias Hoffmann & Alexander Raabe, 2026. "Dollar funding and housing markets: the role of non-US global banks," BIS Working Papers 1332, Bank for International Settlements.
    12. Homma, Yasutake & Suzuki, Katsushi, 2025. "Carry trade behavior by non-US banks," Research in International Business and Finance, Elsevier, vol. 73(PA).
    13. Iñaki Aldasoro & Perry Mehrling & IDaniel H. Neilson, 2023. "On par: A Money View of stablecoins," BIS Working Papers 1146, Bank for International Settlements.
    14. Takáts, Előd & Temesvary, Judit, 2020. "The currency dimension of the bank lending channel in international monetary transmission," Journal of International Economics, Elsevier, vol. 125(C).
    15. Iñaki Aldasoro & Torsten Ehlers & Patrick McGuire & Goetz von Peter, 2020. "Global banks' dollar funding needs and central bank swap lines," BIS Bulletins 27, Bank for International Settlements.
    16. Pablo Garcia Luna & Bryan Hardy, 2019. "Non-bank counterparties in international banking," BIS Quarterly Review, Bank for International Settlements, September.
    17. John Caparusso & Bryan Hardy, 2022. "Bank funding: evolution, stability and the role of foreign offices," BIS Quarterly Review, Bank for International Settlements, September.

  11. Iñaki Aldasoro & Torsten Ehlers, 2018. "The credit default swap market: what a difference a decade makes," BIS Quarterly Review, Bank for International Settlements, June.

    Cited by:

    1. Gregor Helmut Schoenemann, 2022. "The man in the middle—liquidity provision under central clearing in the credit default swap market: A regression discontinuity approach," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(3), pages 446-471, March.
    2. Evgenia Grigoryeva, 2021. "Determinants of Russia's Sovereign Risk," Russian Journal of Money and Finance, Bank of Russia, vol. 80(4), pages 74-97, December.
    3. Nimita Azam & Abdullah Mamun & George F. Tannous, 2022. "Credit derivatives and loan yields," The Financial Review, Eastern Finance Association, vol. 57(1), pages 205-241, February.
    4. Robert Czech, 2019. "Credit default swaps and corporate bond trading," Bank of England Staff Working Paper series 810, Bank of England.
    5. Erica Paulos & Bruno Sultanum & Elliot Tobin, 2019. "CDS Auctions: An Overview," Economic Quarterly, Federal Reserve Bank of Richmond, issue 2Q, pages 105-132.
    6. Chamizo, Álvaro & Novales, Alfonso, 2021. "Evaluation of market risk associated with hedging a credit derivative portfolio," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 411-430.
    7. Scheicher, Martin, 2023. "Intermediation in US and EU bond and swap markets: stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020," ESRB Occasional Paper Series 24, European Systemic Risk Board.
    8. Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    9. Manac, Radu-Dragomir & Banti, Chiara & Kellard, Neil, 2024. "How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 96(C).
    10. Layna Mosley & Victoria Paniagua & Erik Wibbels, 2020. "Moving markets? Government bond investors and microeconomic policy changes," Economics and Politics, Wiley Blackwell, vol. 32(2), pages 197-249, July.
    11. Peng Liang & Nan Hu & Ling Liu & Ting Zhang, 2023. "Managerial tone and investors' hedging activities: Evidence from credit default swaps," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 3971-3998, December.
    12. Daniel Dimitrov & Sweder van Wijnbergen, 2022. "Quantifying Systemic Risk in the Presence of Unlisted Banks: Application to the Dutch Financial Sector," Tinbergen Institute Discussion Papers 22-034/VI, Tinbergen Institute.
    13. Matthias Weber & John Duffy & Arthur Schram, 2019. "Credit Default Swap Regulation in Experimental Bond Markets," Tinbergen Institute Discussion Papers 19-039/I, Tinbergen Institute.
    14. Banerjee, Suman & Kong, Mingyuan, 2025. "Modeling optimal strategies in CDS markets: The role of creditor-issuer dynamics," International Review of Financial Analysis, Elsevier, vol. 103(C).
    15. Halili, Alba & Fenech, Jean-Pierre & Contessi, Silvio, 2021. "Credit Derivatives and Bank Systemic Risk: Risk Enhancing or Reducing?," Finance Research Letters, Elsevier, vol. 42(C).
    16. Vikranth Lokeshwar Dhandapani & Shashi Jain, 2024. "Neural Networks for Portfolio-Level Risk Management: Portfolio Compression, Static Hedging, Counterparty Credit Risk Exposures and Impact on Capital Requirement," Papers 2402.17941, arXiv.org.
    17. Weber, Matthias & Duffy, John & Schram, Arthur, 2024. "Regulation and the demand for credit default swaps in experimental bond markets," European Economic Review, Elsevier, vol. 165(C).
    18. Zhao, Hui & Shen, Yang & Zeng, Yan & Zhang, Wenjun, 2019. "Robust equilibrium excess-of-loss reinsurance and CDS investment strategies for a mean–variance insurer with ambiguity aversion," Insurance: Mathematics and Economics, Elsevier, vol. 88(C), pages 159-180.
    19. Bilan, Andrada & Ongena, Steven & Pancaro, Cosimo, 2023. "Bank private information in CDS markets," Working Paper Series 2818, European Central Bank.
    20. Marco D’Errico & Tarik Roukny, 2021. "Compressing Over-the-Counter Markets," Operations Research, INFORMS, vol. 69(6), pages 1660-1679, November.
    21. Antulio N. Bomfim, 2022. "Credit Default Swaps," Finance and Economics Discussion Series 2022-023, Board of Governors of the Federal Reserve System (U.S.).
    22. Matthew Cedergren & Ting Luo & Jing Wu & Jianqiao Yu & Yue Zhang, 2025. "Spillover effects of credit default swaps on corporate disclosure along the supply chain," Review of Quantitative Finance and Accounting, Springer, vol. 64(3), pages 1309-1339, April.
    23. Randy Priem, 2025. "Enhanced Transparency on Single‐Name Credit Default Swaps: A Comparison Between the United States and the European Union," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 54(1), February.
    24. Baltodano López Ovielt & Bulfone Giacomo & Casarin Roberto & Ravazzolo Francesco, 2024. "Modeling Corporate CDS Spreads Using Markov Switching Regressions," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 28(2), pages 271-292, April.
    25. Alexander W. Butler & Xiang Gao & Cihan Uzmanoglu, 2021. "Financial Innovation and Financial Intermediation: Evidence from Credit Default Swaps," Management Science, INFORMS, vol. 67(5), pages 3150-3173, May.
    26. Umar Faruqui & Wenqian Huang & Előd Takáts, 2018. "Clearing risks in OTC derivatives markets: the CCP-bank nexus," BIS Quarterly Review, Bank for International Settlements, December.
    27. Chan, Ka Kei & Kolokolova, Olga & Lin, Ming-Tsung & Poon, Ser-Huang, 2023. "Price convergence between credit default swap and put option: New evidence," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 188-213.
    28. Ferrara, Gerardo & Kim, Jun Sung & Koo, Bonsoo & Liu, Zijun, 2021. "Counterparty choice in the UK credit default swap market: An empirical matching approach," Economic Modelling, Elsevier, vol. 94(C), pages 58-74.
    29. Taurai Muvunza & Yong Jiang, 2023. "Determinants and hedging effectiveness of China's sovereign credit default swaps," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 2074-2087, April.
    30. Ezgi Deryol & Duygu Konukçu & Robert Szemere & Bruno Tissot, 2019. "Mind the data gap: commercial property prices for policy," IFC Reports 8, Bank for International Settlements.
    31. Mary S. Hill & Gary K. Taylor, 2023. "Default risk and earnings expectations: The role of contract maturity in the credit default swap market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4275-4298, December.
    32. Sweder van Wijnbergen & Daniel Dimitrov, 2023. "Quantifying Systemic Risk in the Presence of Unlisted Banks: Application to the European Banking Sector," Working Papers 768, DNB.
    33. Tomohiro Ando & Matthew Greenwood-Nimmo & Yongcheol Shin, 2022. "Quantile Connectedness: Modeling Tail Behavior in the Topology of Financial Networks," Management Science, INFORMS, vol. 68(4), pages 2401-2431, April.
    34. Nan Hu & Jian Li & Alexis Meyer-Cirkel, 2019. "Completing the Market: Generating Shadow CDS Spreads by Machine Learning," IMF Working Papers 2019/292, International Monetary Fund.
    35. Wang, Ruolin & Basu, Anup & Clements, Adam, 2023. "Are credit default swaps still a sideshow? How information flow between equity and CDS markets has changed since the financial crisis," Global Finance Journal, Elsevier, vol. 57(C).
    36. Wang, Xinjie & (Ken) Zhong, Zhaodong, 2022. "Post-crisis regulations, market making, and liquidity in over-the-counter markets," Journal of Banking & Finance, Elsevier, vol. 134(C).
    37. Marta Gómez-Puig & Mary Pieterse-Bloem & Simón Sosvilla-Rivero, 2022. ""Dynamic connectedness between credit and liquidity risks in EMU sovereign debt markets"," IREA Working Papers 202217, University of Barcelona, Research Institute of Applied Economics, revised Oct 2022.
    38. Manuel Ammann & Mathis Mörke, 2019. "Credit Variance Risk Premiums," Working Papers on Finance 1908, University of St. Gallen, School of Finance.
    39. José María Serena Garralda & Bruno Tissot, 2018. "Central banks and trade repositories derivatives data," IFC Reports 7, Bank for International Settlements.

  12. Inaki Aldasoro & Torsten Ehlers, 2018. "Global liquidity: changing instrument and currency patterns," BIS Quarterly Review, Bank for International Settlements, September.

    Cited by:

    1. Abraham,Facundo & Cortina Lorente,Juan Jose & Schmukler,Sergio L., 2020. "Growth of Global Corporate Debt : Main Facts and Policy Challenges," Policy Research Working Paper Series 9394, The World Bank.
    2. Georgiadis, Georgios & Zhu, Feng, 2021. "Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies?," Journal of International Money and Finance, Elsevier, vol. 110(C).
    3. Swapan-Kumar Pradhan & Előd Takáts & Judit Temesvary, 2024. "How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence," International Finance Discussion Papers 1400, Board of Governors of the Federal Reserve System (U.S.).
    4. Irving Fisher Committee, 2020. "Using financial accounts," IFC Bulletins, Bank for International Settlements, number 51.
    5. Stijn Claessens, 2019. "Fragmentation in global financial markets: good or bad for financial stability?," BIS Working Papers 815, Bank for International Settlements.
    6. Avdjiev, Stefan & Burger, John & Hardy, Bryan, 2025. "New spare tires: local currency credit as a global shock absorber," Journal of International Money and Finance, Elsevier, vol. 158(C).
    7. Hoek, Jasper & Kamin, Steve & Yoldas, Emre, 2022. "Are higher U.S. interest rates always bad news for emerging markets?," Journal of International Economics, Elsevier, vol. 137(C).
    8. Inaki Aldasoro & Wenqian Huang & Esti Kemp, 2020. "Cross-border links between banks and non-bank financial institutions," BIS Quarterly Review, Bank for International Settlements, September.
    9. Stefan Avdjiev & Leonardo Gambacorta & Linda S. Goldberg & Stefano Schiaffi, 2025. "The Risk Sensitivity of Global Liquidity Flows: Heterogeneity, Evolution, and Drivers," Staff Reports 1149, Federal Reserve Bank of New York.
    10. Nina Boyarchenko & Leonardo Elias & Philippe Mueller, 2019. "Corporate Credit Provision," Staff Reports 895, Federal Reserve Bank of New York.
    11. Brendan Brown, 2019. "Inflation and the Boom-Bust Cycle in Corporate Leverage," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 47(1), pages 25-34, March.
    12. Villca, Alfredo, 2022. "Commodity prices, bank balance sheets and macroprudential policies in small open economies," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(1).
    13. Bryan Hardy, 2020. "Assessing global liquidity: beyond borders," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Using financial accounts, volume 51, Bank for International Settlements.
    14. Gandy, Axel & Veraart, Luitgard A. M., 2021. "Compound poisson models for weighted networks with applications in finance," LSE Research Online Documents on Economics 104185, London School of Economics and Political Science, LSE Library.
    15. José-Luis Peydró [AP BACKUP – NOW EXTERNAL] & Martha López Piñeros & Andrea Fabiani & Paul E. Soto & José-Luis Peydró, 2022. "Capital Controls, Corporate Debt and Real Effects," Working Papers 1339, Barcelona School of Economics.
    16. Banti, Chiara & Bose, Udichibarna, 2024. "Shifts in global credit and corporate access to finance," Journal of Financial Stability, Elsevier, vol. 74(C).
    17. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, Centre for Economic Policy Research.
    18. Gergely Hudecz & Edmund Moshammer & Alexander Raabe & Gong Cheng, 2021. "The euro in the world," Discussion Papers 16, European Stability Mechanism, revised 27 Oct 2021.
    19. Kumhof, Michael & Rungcharoenkitkul, Phurichai & Sokol, Andrej, 2021. "How Does International Capital Flow?," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242328, Verein für Socialpolitik / German Economic Association.
    20. Yannis Dafermos & Daniela Gabor & Jo Michell, 2023. "FX swaps, shadow banks and the global dollar footprint," Environment and Planning A, , vol. 55(4), pages 949-968, June.
    21. Bryan Hardy, 2019. "Emerging markets' reliance on foreign bank credit," BIS Quarterly Review, Bank for International Settlements, March.
    22. Pavlidis, Georgios, 2019. "Promoting responsible sovereign lending and borrowing: the role of sovereign wealth funds," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(4), pages 443-452.
    23. Ivan, Miruna-Daniela & Banti, Chiara & Kellard, Neil, 2022. "Prime money market funds regulation, global liquidity, and the crude oil market," Journal of International Money and Finance, Elsevier, vol. 127(C).
    24. Pami Dua & Neha Verma, 2024. "Dynamics of Capital Flows and Global Factors: Case of Emerging Economies," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 22(4), pages 945-975, December.
    25. Bryan Hardy & Goetz von Peter, 2023. "Global liquidity: a new phase?," BIS Quarterly Review, Bank for International Settlements, December.
    26. Hiro Ito & Cesar M. Rodriguez, 2020. "Clamoring for greenbacks: Explaining the resurgence of the U.S. dollar in international debt," International Finance, Wiley Blackwell, vol. 23(3), pages 370-391, December.

  13. Torsten Ehlers & Frank Packer, 2017. "Green bond finance and certification," BIS Quarterly Review, Bank for International Settlements, September.

    Cited by:

    1. Shashank Bansal & Satya Prakash Mani & Himanshu Gupta & Shipra Maurya, 2023. "Sustainable development of the green bond markets in India: Challenges and strategies," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 237-252, February.
    2. Elsayed, Ahmed H. & Naifar, Nader & Nasreen, Samia & Tiwari, Aviral Kumar, 2022. "Dependence structure and dynamic connectedness between green bonds and financial markets: Fresh insights from time-frequency analysis before and during COVID-19 pandemic," Energy Economics, Elsevier, vol. 107(C).
    3. John Caramichael & Andreas Rapp, 2022. "The Green Corporate Bond Issuance Premium," International Finance Discussion Papers 1346, Board of Governors of the Federal Reserve System (U.S.).
    4. Yan, Ming & Li, Xiangqian & Zhao, Xing & He, Zhuoyi, 2025. "Liquidity and cost advantage of green bonds," Finance Research Letters, Elsevier, vol. 71(C).
    5. Lars Reitsema & Bert Scholtens, 2025. "The role of corporate green bonds in managing greenhouse gas emissions," Climatic Change, Springer, vol. 178(8), pages 1-20, August.
    6. Nhung Do Hong & Vu Pham Nguyen & Quy Le Hong & Minh Nguyen Nhu Duc & Hau Nguyen Phan Hien & Nhi Han Yen & Van Trinh Mai, 2025. "Impact of COP26 and COP27 Events on Investor Attention and Investor Yield to Green Bonds," Sustainability, MDPI, vol. 17(4), pages 1-22, February.
    7. Chuc Anh Tu & Tapan Sarker & Ehsan Rasoulinezhad, 2020. "Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis," JRFM, MDPI, vol. 13(6), pages 1-14, June.
    8. Alessandro Moro, 2021. "Can capital controls promote green investments in developing countries?," Temi di discussione (Economic working papers) 1348, Bank of Italy, Economic Research and International Relations Area.
    9. Simeth, Nagihan, 2022. "The value of external reviews in the secondary green bond market," Finance Research Letters, Elsevier, vol. 46(PA).
    10. Alessandro Moro & Andrea Zaghini, 2024. "The green sin: how exchange rate volatility and financial openness affect green premia," Temi di discussione (Economic working papers) 1447, Bank of Italy, Economic Research and International Relations Area.
    11. Chaoxi Liang & Xiaoming Ma & Xiawei Liao, 2025. "Unveiling Investor Motivation and Trust in Impact Investing: Evidence from Global Green Bond Issuances," Journal of Business Ethics, Springer, vol. 200(2), pages 445-468, August.
    12. Fornari, Fabio & Pianeselli, Daniele & Zaghini, Andrea, 2026. "Environmental score and bond pricing: it better be good, it better be green," Working Paper Series 3176, European Central Bank.
    13. Elsayed, Ahmed H. & Khalfaoui, Rabeh & Nasreen, Samia & Gabauer, David, 2024. "The impact of oil shocks on green, clean, and socially responsible markets," Energy Economics, Elsevier, vol. 136(C).
    14. Yu, Qing & Hui, Eddie Chi-Man & Shen, Jianfu, 2024. "The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market," Journal of Corporate Finance, Elsevier, vol. 89(C).
    15. Zhou, You & Lin, Lichao & Huang, Ziling, 2024. "Diversification value of green Bonds: Fresh evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    16. Clara I. González & Soledad Núñez, 2019. "Mercados, entidades financieras y bancos centrales ante el cambio climático: retos y oportunidades," Working Papers 2019-06, FEDEA.
    17. Elettra Agliardi & Rossella Agliardi, 2021. "Corporate Green Bonds: Understanding the Greenium in a Two-Factor Structural Model," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 80(2), pages 257-278, October.
    18. Almas Fortunatus Mazigo, 2025. "Banking on sustainability: pathways of ESG and SDGs integration into CRDB and NMB, Tanzania," International Journal of Corporate Social Responsibility, Springer, vol. 10(1), pages 1-16, December.
    19. Hinsche, Isabelle Cathérine, 2021. "A greenium for the next generation EU green bonds: Analysis of a potential green bond premium and its drivers," CFS Working Paper Series 663, Center for Financial Studies (CFS).
    20. Annarita Colasante & Andrea Morone & Piergiuseppe Morone, 2024. "The importance of the Greenium: experimental evidence on the role of certifications," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 121-148, March.
    21. Paola D'Orazio & Lilit Popoyan, 2018. "Fostering green investments and tackling climate-related financial risks: which role for macroprudential policies?," LEM Papers Series 2018/35, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    22. Giuseppe Cortellini & Ida Claudia Panetta, 2021. "Green Bond: A Systematic Literature Review for Future Research Agendas," JRFM, MDPI, vol. 14(12), pages 1-29, December.
    23. Michela Scatigna & Dora Xia & Anna Zabai & Omar Zulaica, 2021. "Achievements and challenges in ESG markets," BIS Quarterly Review, Bank for International Settlements, December.
    24. Wang, Jiazhen & Chen, Xin & Li, Xiaoxia & Yu, Jing & Zhong, Rui, 2020. "The market reaction to green bond issuance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    25. Addisu A. Lashitew, 2021. "Corporate uptake of the Sustainable Development Goals: Mere greenwashing or an advent of institutional change?," Journal of International Business Policy, Palgrave Macmillan, vol. 4(1), pages 184-200, March.
    26. Pieter Bosmans & Frederic de Mariz, 2023. "The Blue Bond Market: A Catalyst for Ocean and Water Financing," JRFM, MDPI, vol. 16(3), pages 1-48, March.
    27. Khan, Muhammad Arif & Vismara, Silvio, 2025. "Green bond issuance and corporate environmental and financial performance: A meta-analysis," International Review of Economics & Finance, Elsevier, vol. 102(C).
    28. Fatica, Serena & Panzica, Roberto & Rancan, Michela, 2021. "The pricing of green bonds: Are financial institutions special?," Journal of Financial Stability, Elsevier, vol. 54(C).
    29. Allen, Franklin & Barbalau, Adelina, 2024. "Security design: A review," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    30. Rakesh Kumar Verma & Rohit Bansal, 2023. "Stock Market Reaction on Green-Bond Issue: Evidence from Indian Green-Bond Issuers," Vision, , vol. 27(2), pages 264-272, April.
    31. Kristin Ulrike Löffler & Aleksandar Petreski & Andreas Stephan, 2021. "Drivers of green bond issuance and new evidence on the “greenium”," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 1-24, March.
    32. Joao Leitao & Joaquim Ferreira & Ernesto Santibanez‐Gonzalez, 2021. "Green bonds, sustainable development and environmental policy in the European Union carbon market," Business Strategy and the Environment, Wiley Blackwell, vol. 30(4), pages 2077-2090, May.
    33. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
    34. Petr Jakubik & Sibel Uguz, 2021. "Impact of green bond policies on insurers: evidence from the European equity market," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(2), pages 381-393, April.
    35. K. Thomas Liaw, 2020. "Survey of Green Bond Pricing and Investment Performance," JRFM, MDPI, vol. 13(9), pages 1-12, August.
    36. Roudari, Soheil & Ahmadian- Yazdi, Farzaneh & Mensi, Walid & Tiwari, Aviral, 2024. "Exploring the ripple effect: Time-frequency dynamics of uncertainty indexes, green bonds, oil, and stocks," MPRA Paper 126835, University Library of Munich, Germany.
    37. Allegra Pietsch & Dilyara Salakhova, 2025. "Pricing of Green Bonds: Greenium Dynamics and the Role of Retail Investors," Working papers 1010, Banque de France.
    38. Peter Lau & Angela Sze & Wilson Wan & Alfred Wong, 2022. "The Economics of the Greenium: How Much is the World Willing to Pay to Save the Earth?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(2), pages 379-408, February.
    39. Jakub Demski & Yingwei Dong & Patrick McGuire & Benoit Mojon, 2025. "Growth of the green bond market and green house gas emissions," BIS Quarterly Review, Bank for International Settlements, March.
    40. Zenno, Yoshihiro & Aruga, Kentaka, 2023. "Investing the factors affecting green bond investments in China: Cases for Beijing and Shenzhen," MPRA Paper 116203, University Library of Munich, Germany.
    41. Abakah, Emmanuel Joel Aikins & Tiwari, Aviral Kumar & Adekoya, Oluwasegun B. & Oteng-Abayie, Eric Fosu, 2023. "An analysis of the time-varying causality and dynamic correlation between green bonds and US gas prices," Technological Forecasting and Social Change, Elsevier, vol. 186(PA).
    42. Anghel, Dan Gabriel & Boitan, Iustina Alina & Marchewka-Bartkowiak, Kamilla, 2025. "Climate risk impact on Treasury securities pricing: A global perspective of short-term and long-term period," International Review of Financial Analysis, Elsevier, vol. 103(C).
    43. Malcolm Baker & Daniel Bergstresser & George Serafeim & Jeffrey Wurgler, 2018. "Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds," NBER Working Papers 25194, National Bureau of Economic Research, Inc.
    44. Suk Hyun & Donghyun Park & Shu Tian, 2023. "The price of frequent issuance: the value of information in the green bond market," Economic Change and Restructuring, Springer, vol. 56(5), pages 3041-3063, October.
    45. Moran Wang & Yuying Sun & Shouyang Wang, 2026. "Can Chinese firms benefit from issuing carbon–neutral bonds?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-28, December.
    46. Danilo Liberati & Giuseppe Marinelli, 2025. "Was Covid-19 a wake-up call on climate risks? Evidence from the greenium," Empirical Economics, Springer, vol. 68(6), pages 2549-2585, June.
    47. Tibor Vegh & Todd K. BenDor & Jonas J. Monast, 2023. "Opportunities, tradeoffs, and caveats for private sector involvement in US floodplain buyout programs," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 28(8), pages 1-26, December.
    48. Gregor Dorfleitner & Sebastian Utz & Rongxin Zhang, 2022. "The pricing of green bonds: external reviews and the shades of green," Review of Managerial Science, Springer, vol. 16(3), pages 797-834, April.
    49. Jannis Poggensee, 2025. "The pricing of sustainability-linked bonds on the primary and secondary bond markets," Journal of Asset Management, Palgrave Macmillan, vol. 26(4), pages 411-431, July.
    50. Li, Quan & Zhang, Kai & Wang, Li, 2022. "Where's the green bond premium? Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
    51. Daniel Ramos-García & Carmen López-Martín & Raquel Arguedas-Sanz, 2023. "Climate transition risk in determining credit risk: evidence from firms listed on the STOXX Europe 600 index," Empirical Economics, Springer, vol. 65(5), pages 2091-2114, November.
    52. Muñiz, José Antonio & Larkin, Charles & Corbet, Shaen, 2025. "Understanding the use of unconventional monetary policy for portfolio decarbonisation in Europe," Journal of International Money and Finance, Elsevier, vol. 150(C).
    53. Deborah Cotton, 2020. "Transition Finance and Markets," Published Paper Series 2020-4, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    54. Reboredo, Juan C. & Ugolini, Andrea & Ojea-Ferreiro, Javier, 2022. "Do green bonds de-risk investment in low-carbon stocks?," Economic Modelling, Elsevier, vol. 108(C).
    55. Cotugno, Matteo & Fiorillo, Paolo & Monferrà, Stefano & Severini, Sabrina, 2025. "ESG incidents and corporate green bond market reaction," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
    56. Emre Arat & Britta Hachenberg & Florian Kiesel & Dirk Schiereck, 2023. "Greenium, credit rating, and the COVID-19 pandemic," Journal of Asset Management, Palgrave Macmillan, vol. 24(7), pages 547-557, December.
    57. Samuel Mutarindwa & Dorothea Schäfer & Andreas Stephan, 2024. "Certification against greenwashing in nascent bond markets: lessons from African ESG bonds," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 149-173, March.
    58. Gong Cheng & Torsten Ehlers & Frank Packer, 2022. "Sovereigns and sustainable bonds: challenges and new options," BIS Quarterly Review, Bank for International Settlements, September.
    59. Marchewka-Bartkowiak Kamilla & Wiśniewski Marcin, 2022. "Energy tokens as digital instruments of financial investment," Economics and Business Review, Paradigm, vol. 8(3), pages 109-125, October.
    60. Xiaoguang Zhou & Yadi Cui, 2019. "Green Bonds, Corporate Performance, and Corporate Social Responsibility," Sustainability, MDPI, vol. 11(23), pages 1-27, December.
    61. Karim Henide, 2026. "Green parachutes: the green bond asymmetric liquidity hypothesis," Journal of Asset Management, Palgrave Macmillan, vol. 27(3), pages 1-15, September.
    62. Mahmood, Faisal & Ben Zaied, Younes & Abedin, Mohammad Zoynul, 2024. "Role of green finance instruments in shaping economic cycles," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    63. Zerbib, Olivier David, 2019. "The effect of pro-environmental preferences on bond prices: Evidence from green bonds," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 39-60.
    64. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix Joachim & Schwarz, Milena, 2021. "Unconventionally green: A monetary policy between engagement and conflicting goals," Working Papers 05/2021, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    65. Marcin Wisniewski & Jakub Zielinski, 2019. "Green bonds as an innovative sovereign financial instrument," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 83-96, March.
    66. Yoshihiro Zenno & Kentaka Aruga, 2023. "Investigating Factors Affecting Institutional Investors’ Green Bond Investments: Cases for Beijing and Shenzhen," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    67. De Vincentiis, Paola & Abis, Danilo, 2025. "Non-identical twins: Evidence on greenium in the German treasury bond market," Research in International Business and Finance, Elsevier, vol. 79(C).
    68. Chan, Ying Tung & Ji, Qiang & Zhang, Dayong, 2024. "Optimal monetary policy responses to carbon and green bubbles:A two-sector DSGE analysis," Energy Economics, Elsevier, vol. 130(C).
    69. Danilo Liberati & Giuseppe Marinelli, 2021. "Everything you always wanted to know about green bonds (but were afraid to ask)," Questioni di Economia e Finanza (Occasional Papers) 654, Bank of Italy, Economic Research and International Relations Area.
    70. Tiwari, Aviral Kumar & Aikins Abakah, Emmanuel Joel & Adekoya, Oluwasegun B. & Hammoudeh, Shawkat, 2023. "What do we know about the price spillover between green bonds and Islamic stocks and stock market indices?," Global Finance Journal, Elsevier, vol. 55(C).
    71. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix & Schwarz, Milena, 2020. "Current developments in green finance," Working Papers 05/2020, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    72. Karel Janda & Binyi Zhang, 2021. "Attractiveness of Chinese Bonds Financing Climate and Environmental Projects," FFA Working Papers 4.007, Prague University of Economics and Business, revised 26 Apr 2022.
    73. Bortz, Pablo Gabriel & Toftum, Nicole, 2020. "Climate Change and Green Finance in Emerging Market Economies: The Open Economy Dimension," MPRA Paper 101722, University Library of Munich, Germany.
    74. Hammoudeh, Shawkat & Ajmi, Ahdi Noomen & Mokni, Khaled, 2020. "Relationship between green bonds and financial and environmental variables: A novel time-varying causality," Energy Economics, Elsevier, vol. 92(C).
    75. Keum, Byounguk, 2025. "Do Stricter Green Standards Bring Higher Greenium? Evidence from Korea," Finance Research Letters, Elsevier, vol. 85(PE).
    76. Kocaarslan, Baris & Mushtaq, Rizwan, 2024. "The impact of liquidity conditions on the time-varying link between U.S. municipal green bonds and major risky markets during the COVID-19 crisis: A machine learning approach," Energy Policy, Elsevier, vol. 184(C).
    77. Davide Lauria & W. Brent Lindquist & Stefan Mittnik & Svetlozar T. Rachev, 2022. "ESG-Valued Portfolio Optimization and Dynamic Asset Pricing," Papers 2206.02854, arXiv.org.
    78. Piñeiro-Chousa, Juan & López-Cabarcos, M.Ángeles & Caby, Jérôme & Šević, Aleksandar, 2021. "The influence of investor sentiment on the green bond market," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    79. Larcker, David F. & Watts, Edward M., 2020. "Where's the greenium?," Journal of Accounting and Economics, Elsevier, vol. 69(2).
    80. Intonti, Mariantonietta & De Leonardis, Matteo & Bussoli, Candida, 2025. "What drives the Social Bond Premium? Evidence from certification and use of proceeds analysis," Research in International Business and Finance, Elsevier, vol. 77(PB).
    81. Torsten Ehlers & Benoit Mojon & Frank Packer, 2020. "Green bonds and carbon emissions: exploring the case for a rating system at the firm level," BIS Quarterly Review, Bank for International Settlements, September.
    82. Pietsch, Allegra & Salakhova, Dilyara, 2022. "Pricing of green bonds: drivers and dynamics of the greenium," Working Paper Series 2728, European Central Bank.
    83. Pietsch, Allegra & Salakhova, Dilyara, 2025. "Pricing of green bonds: Greenium dynamics and the role of retail investors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 104(C).
    84. Ban, Nannan & Che, Xinxin & Walker, Thomas & Zhao, Yunfei, 2025. "Does green bond issuance affect firm value? Evidence from China," Global Finance Journal, Elsevier, vol. 66(C).
    85. Jankovic, Irena & Vasic, Vladimir & Kovacevic, Vlado, 2022. "Does transparency matter? Evidence from panel analysis of the EU government green bonds," Energy Economics, Elsevier, vol. 114(C).
    86. Reboredo, Juan C. & Ugolini, Andrea & Aiube, Fernando Antonio Lucena, 2020. "Network connectedness of green bonds and asset classes," Energy Economics, Elsevier, vol. 86(C).
    87. Kocaarslan, Baris & Soytas, Ugur, 2023. "The role of major markets in predicting the U.S. municipal green bond market performance: New evidence from machine learning models," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    88. Pauline Deschryver & Frederic de Mariz, 2020. "What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?," JRFM, MDPI, vol. 13(3), pages 1-26, March.
    89. Kamila Tomczak, 2024. "Sovereign Green Bond Market: Drivers of Yields and Liquidity," IJFS, MDPI, vol. 12(2), pages 1-18, May.
    90. Adekoya, Oluwasegun B. & Oliyide, Johnson A. & Asl, Mahdi Ghaemi & Jalalifar, Saba, 2021. "Financing the green projects: Market efficiency and volatility persistence of green versus conventional bonds, and the comparative effects of health and financial crises," International Review of Financial Analysis, Elsevier, vol. 78(C).
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    93. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, March.
    94. Yuan, Xi & Qin, Meng & Zhong, Yifan & Nicoleta-Claudia, Moldovan, 2023. "Financial roles in green investment based on the quantile connectedness," Energy Economics, Elsevier, vol. 117(C).
    95. Paola Galfrascoli & Gianna Serafina Monti & Elisa Ossola, 2025. "The greenness of European Green Bonds," Working Papers 556, University of Milano-Bicocca, Department of Economics.
    96. Hu, Xin & Zhu, Bo & Lin, Renda & Li, Xiru & Zeng, Lidan & Zhou, Sitong, 2024. "How does greenness translate into greenium? Evidence from China's green bonds," Energy Economics, Elsevier, vol. 133(C).
    97. Ozili, Peterson K, 2021. "Digital finance, green finance and social finance: is there a link?," MPRA Paper 110151, University Library of Munich, Germany.
    98. Yevheniia Antoniuk & Thomas Leirvik, 2021. "Climate Transition Risk and the Impact on Green Bonds," JRFM, MDPI, vol. 14(12), pages 1-19, December.
    99. Mariantonietta Intonti & Laura Serlenga & Giovanni Ferri & Matteo De Leonardis, 2022. "The Green Bond Premium: A Comparative Analysis," CERBE Working Papers wpC40, CERBE Center for Relationship Banking and Economics.
    100. Dr. Mohammed Jahangir Ali, 2025. "“The Impact of Green Financing Instruments on the Capital Structure of Muscat Stock Exchange – Listed Companies in Omanâ€," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(14), pages 1445-1459, June.
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    102. Eftichios S. Sartzetakis, 2019. "Green Bonds as an instrument to finance low carbon transition," Working Papers 258, Bank of Greece.
    103. Kocaarslan, Baris, 2023. "Funding liquidity risk and the volatility of U.S. municipal green bonds during the COVID-19 pandemic," Finance Research Letters, Elsevier, vol. 58(PD).
    104. Gong Cheng & Torsten Ehlers & Frank Packer & Yanzhe Xiao, 2024. "Sovereign green bonds: a catalyst for sustainable debt market development?," BIS Working Papers 1198, Bank for International Settlements.
    105. Liu, Min, 2022. "The driving forces of green bond market volatility and the response of the market to the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 288-309.
    106. Ricardo Gimeno & Fernando Sols, 2020. "Incorporating sustainability factors into asset management," Financial Stability Review, Banco de España, issue Autumn.
    107. Anser, Muhammad Khalid & Yousaf, Zahid & Zaman, Khalid & Nassani, Abdelmohsen A. & Alotaibi, Saad M. & Jambari, Hanifah & Khan, Aqeel & Kabbani, Ahmad, 2020. "Determination of resource curse hypothesis in mediation of financial development and clean energy sources: Go-for-green resource policies," Resources Policy, Elsevier, vol. 66(C).
    108. Dahlen, Niklas & Fehrenkötter, Rieke & Schreiter, Maximilian, 2024. "The new bond on the block — Designing a carbon-linked bond for sustainable investment projects," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 316-325.
    109. Chi Wei Su & Xin Yue Song & Meng Qin & Oana‐Ramona Lobonţ, 2025. "Green intent or black smoke: Exploring investor sentiment on sustainable development," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1856-1872, April.
    110. Wei Su, Chi & Yue Song, Xin & Qin, Meng & Lobonţ, Oana-Ramona & Umar, Muhammad, 2024. "Optimistic or pessimistic: How do investors impact the green bond market?," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    111. Sheenan, Lisa & Schweers, Koen & Klein, Tony, 2024. "Interactions between sustainable bonds, renewable energy and other financial markets: A macroprudential perspective," Energy Economics, Elsevier, vol. 138(C).
    112. Pham, Linh & Nguyen, Canh Phuc, 2022. "How do stock, oil, and economic policy uncertainty influence the green bond market?," Finance Research Letters, Elsevier, vol. 45(C).
    113. Mathias Lund Larsen, 2023. "Bottom-up market-facilitation and top-down market-steering: comparing and conceptualizing green finance approaches in the EU and China," Asia Europe Journal, Springer, vol. 21(1), pages 61-80, March.
    114. Siddique, Md. Abubakar & Nobanee, Haitham & Hasan, Md. Bokhtiar & Uddin, Gazi Salah & Nahiduzzaman, Md., 2024. "Is investing in green assets costlier? Green vs. non-green financial assets," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1460-1481.
    115. Peng, Daoju & Du, Siyu & Li, Jing & Shen, Jianfu, 2026. "Climate policy uncertainty and green premium: Evidence from China," Finance Research Letters, Elsevier, vol. 92(C).
    116. Mariantonietta Intonti & Laura Serlenga & Giovanni Ferri & Matteo De Leonardis & Giuseppe Starace, 2023. "The “Greenium” in Green Bonds: How Did It Change with COVID-19?," Sustainability, MDPI, vol. 15(7), pages 1-17, March.
    117. Fiorillo, Paolo & Meles, Antonio & Salerno, Dario & Verdoliva, Vincenzo, 2024. "Geopolitical turmoil and investor green preference: Evidence from the corporate bond market," Journal of International Money and Finance, Elsevier, vol. 149(C).
    118. Arif, Muhammad & Hasan, Mudassar & Alawi, Suha M. & Naeem, Muhammad Abubakr, 2021. "COVID-19 and time-frequency connectedness between green and conventional financial markets," Global Finance Journal, Elsevier, vol. 49(C).
    119. Rongnan Li & Zhongfei Li & Kexin Hu & Kai Gan, 2024. "The spillover effects of green bond issuance: a study based on Chinese firms’ stock price synchronicity," Economic Change and Restructuring, Springer, vol. 57(1), pages 1-41, February.
    120. Raffaele Doronzo & Vittorio Siracusa & Stefano Antonelli, 2021. "Green Bonds: the Sovereign Issuers' Perspective," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 3, Bank of Italy, Directorate General for Markets and Payment System.
    121. Fornari, Fabio & Pianeselli, Daniele & Zaghini, Andrea, 2024. "It better be good, it better be green," CFS Working Paper Series 723, Center for Financial Studies (CFS).
    122. Tang, Ying & Wang, Biliang & Pan, Ningning & Li, Zhiyong, 2023. "The impact of environmental information disclosure on the cost of green bond: Evidence from China," Energy Economics, Elsevier, vol. 126(C).
    123. Román Ferrer & Rafael Benítez & Vicente J. Bolós, 2021. "Interdependence between Green Financial Instruments and Major Conventional Assets: A Wavelet-Based Network Analysis," Mathematics, MDPI, vol. 9(8), pages 1-20, April.
    124. Ingo Fender & Mike McMorrow & Vahe Sahakyan & Omar Zulaica, 2019. "Green bonds: the reserve management perspective," BIS Quarterly Review, Bank for International Settlements, September.
    125. Das, Narasingha & Pradhan, Rudra Prakash & Janjua, Laeeq Razzak, 2026. "Climate commitments and market risks: Analysing the drivers of sovereign green bond issuance in India," Finance Research Letters, Elsevier, vol. 90(C).
    126. Alessandro Moro, 2025. "Optimal policies in a small open economy with an environmental externality and shallow foreign exchange markets," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 24(1), pages 35-50, January.
    127. Rongnan Li & Zhuang Liu & Kai Gan, 2024. "Impact of cities’ issuance of green bonds on local firm performance: evidence from China," Operational Research, Springer, vol. 24(3), pages 1-30, September.
    128. Shouzhen Zeng & Junfang Hu & Fengjuan Gu & Llopis- Albert Carlos, 2023. "Financial information, green certification, government subsidies and green bond credit spreads–evidence from China," International Entrepreneurship and Management Journal, Springer, vol. 19(1), pages 321-341, March.
    129. Martijn Boermans, 2023. "Preferred habitat investors in the green bond market," Working Papers 773, DNB.
    130. Andreas Lichtenberger & Joao Paulo Braga & Willi Semmler, 2022. "Green Bonds for the Transition to a Low-Carbon Economy," Econometrics, MDPI, vol. 10(1), pages 1-31, March.
    131. Ben Ameur, Hachmi & Ftiti, Zied & Louhichi, Waël & Yousfi, Mohamed, 2024. "Do green investments improve portfolio diversification? Evidence from mean conditional value-at-risk optimization," International Review of Financial Analysis, Elsevier, vol. 94(C).
    132. Dragotto, Massimo & Dufour, Alfonso & Varotto, Simone, 2025. "Greenium fluctuations and climate awareness in the corporate bond market," International Review of Financial Analysis, Elsevier, vol. 105(C).
    133. Wang, Yi & Wang, Rui & Mason, Tajul Ariffin, 2025. "Exploring the impact of green bonds on sustainable development And financial markets: an ARDL-based causality approach," Finance Research Letters, Elsevier, vol. 85(PC).
    134. Koziol, Christian & Proelss, Juliane & Roßmann, Philipp & Schweizer, Denis, 2022. "The price of being green," Finance Research Letters, Elsevier, vol. 50(C).
    135. Yuan, Mingqing, 2024. "Beyond green bonds: Stock market reactions to ESG bond announcements and issuances in Japan," MPRA Paper 120943, University Library of Munich, Germany.
    136. Mingyu Hu & Xinyin Zhang & Yeyu Zhang, 2025. "The spillover effect of green bond issuance on corporate financial performances: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 64(4), pages 1567-1593, May.
    137. Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    138. Mensi, Walid & Selmi, Refk & Al-Kharusi, Sami & Belghouthi, Houssem Eddine & Kang, Sang Hoon, 2024. "Connectedness between green bonds, conventional bonds, oil, heating oil, natural gas, and petrol: new evidence during bear and bull market scenarios," Resources Policy, Elsevier, vol. 91(C).
    139. Simone Borghesi & Nicola Comincioli & Peter M. Kort & Jacco J. J. Thijssen & Sergio Vergalli, 2025. "Brown Price and Green Firms: An ETS Price Floor for a Clean Transition?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 88(11), pages 2907-2936, November.
    140. Kariyawasam Galoluwage Madurika Nanayakkara & Sisira Colombage, 2021. "Does compliance with Green Bond Principles bring any benefit to make G20’s ‘Green economy plan’ a reality?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 4257-4285, September.
    141. Alexander Dryden & Enrico Pulieri, 2025. "The Price of Trust: Greenium and Greenwashing in Asia’s Green Bond Markets," Working Papers 266, Department of Economics, SOAS University of London, UK.
    142. Anne‐Marie Anderson & Richard Kish, 2024. "Rewarding performance through sustainability‐linked bonds," Economic Affairs, Wiley Blackwell, vol. 44(2), pages 294-319, June.
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  14. Inaki Aldasoro & Torsten Ehlers, 2017. "Risk transfers in international banking," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Bryan Hardy & Patrick McGuire & Goetz von Peter, 2024. "International finance through the lens of BIS statistics: bank exposures and country risk," BIS Quarterly Review, Bank for International Settlements, September.
    2. Iñaki Aldasoro & Bryan Hardy & Goetz von Peter & Philip Wooldridge, 2026. "International finance through the lens of BIS statistics: offshore activity," BIS Quarterly Review, Bank for International Settlements, March.

  15. Torsten Ehlers & Egemen Eren, 2016. "The changing shape of interest rate derivatives markets," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Andreas Schrimpf & Semyon Malamud, 2017. "Intermediation Markups and Monetary Policy Passthrough," 2017 Meeting Papers 812, Society for Economic Dynamics.
    2. Lawrence L Kreicher & Robert Neil McCauley & Philip Wooldridge, 2017. "The bond benchmark continues to tip to swaps," BIS Quarterly Review, Bank for International Settlements, March.
    3. Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2025. "International finance through the lens of BIS statistics: derivatives markets," BIS Quarterly Review, Bank for International Settlements, December.
    4. Robert Neil McCauley & Chang Shu, 2016. "Non-deliverable forwards: impact of currency internationalisation and derivatives reform," BIS Quarterly Review, Bank for International Settlements, December.
    5. Christian Upper & Marcos Valli, 2016. "Emerging derivatives markets?," BIS Quarterly Review, Bank for International Settlements, December.
    6. Torsten Ehlers & Bryan Hardy, 2019. "The evolution of OTC interest rate derivatives markets," BIS Quarterly Review, Bank for International Settlements, December.
    7. Iñaki Aldasoro & Torsten Ehlers, 2018. "The credit default swap market: what a difference a decade makes," BIS Quarterly Review, Bank for International Settlements, June.
    8. Pawe³ Fiedor & Sarah Lapschies & Lucia Országhová, 2017. "Networks of counterparties in the centrally cleared EU-wide interest rate derivatives market," Working and Discussion Papers WP 7/2017, Research Department, National Bank of Slovakia.
    9. Marco D'Errico & Tarik Roukny, 2017. "Compressing Over-the-Counter Markets," Papers 1705.07155, arXiv.org, revised Jun 2019.
    10. D'Errico, Marco & Roukny, Tarik, 2017. "Compressing over-the-counter markets," ESRB Working Paper Series 44, European Systemic Risk Board.

  16. Torsten Ehlers & Frank Packer, 2013. "FX and derivatives markets in emerging economies and the internationalisation of their currencies," BIS Quarterly Review, Bank for International Settlements, December.

    Cited by:

    1. Yin-Wong Cheung & Louisa Grimm & Frank Westermann, 2020. "The Evolution of Offshore Renminbi Trading: 2016 to 2019," IEER Working Papers 119, Institute of Empirical Economic Research, Osnabrueck University, revised 16 Dec 2020.
    2. Chen, Yu-Lun & Mo, Wan-Shin & Qin, Rong-Ling & Yang, J. Jimmy, 2023. "Return spillover across China's financial markets," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    3. Yin-Wong Cheun & Robert N McCauley, 2019. "Geographic spread of currency trading: the renminbi and other EM currencies," BIS Working Papers 806, Bank for International Settlements.
    4. Funke, Michael & Shu, Chang & Cheng, Xiaoqiang & Eraslan, Sercan, 2015. "Assessing the CNH–CNY pricing differential: Role of fundamentals, contagion and policy," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 245-262.
    5. Sonali Das, 2019. "China’s Evolving Exchange Rate Regime," IMF Working Papers 2019/050, International Monetary Fund.
    6. Frank Westermann, 2023. "On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(2), pages 263-287, June.
    7. Richard M. Levich & Frank Packer, 2017. "Development and Functioning of FX Markets in Asia and the Pacific," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 26(1), pages 3-58, February.
    8. Joshua Aizenman & Mahir Binici, 2015. "Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal," NBER Working Papers 21662, National Bureau of Economic Research, Inc.
    9. Juliana Robbert & Vladyslav Sushko & Frank Westermann, 2026. "Shifting forces behind RMB internationalization: evidence from the 2025 Triennial Survey," BIS Working Papers 1345, Bank for International Settlements.
    10. Bank for International Settlements, 2015. "Currency carry trades in Latin America," BIS Papers, Bank for International Settlements, number 81.
    11. He, Dong & Yu, Xiangrong, 2016. "Network effects in currency internationalisation: Insights from BIS triennial surveys and implications for the renminbi," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 203-229.
    12. Katarzyna Glinka, 2016. "Adaptations Within The Financial Market In China After Global Financial Crisis," Oeconomia Copernicana, Institute of Economic Research, vol. 7(4), pages 565-591, December.
    13. Morten Bech & Jhuvesh Sobrun, 2013. "FX market trends before, between and beyond Triennial Surveys," BIS Quarterly Review, Bank for International Settlements, December.
    14. Torsten Ehlers & Karamfil Todorov, 2025. "Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover," BIS Quarterly Review, Bank for International Settlements, December.
    15. Jacob Gyntelberg & Christian Upper, 2013. "The OTC interest rate derivatives market in 2013," BIS Quarterly Review, Bank for International Settlements, December.
    16. Bank for International Settlements, 2015. "Introduction to BIS statistics," BIS Quarterly Review, Bank for International Settlements, September.
    17. Chiappini, Raphaël & Lahet, Delphine, 2020. "Exchange rate movements in emerging economies - Global vs regional factors in Asia," China Economic Review, Elsevier, vol. 60(C).
    18. Marlene Amstad & Steven Kong & Frank Packer & Eli Remolona, 2016. "A spare tire for capital markets: Fostering corporate bond markets in Asia," BIS Papers, Bank for International Settlements, number 85.
    19. He, Qing & Liang, Bailin & Zhang, Ce, 2026. "Does policy uncertainty affect firms' exchange rate exposure? Evidence from China11," China Economic Review, Elsevier, vol. 95(C).
    20. Ezgi Deryol & Duygu Konukçu & Robert Szemere & Bruno Tissot, 2019. "Mind the data gap: commercial property prices for policy," IFC Reports 8, Bank for International Settlements.
    21. Geyikçi, Utku Bora & Özyıldırım, Süheyla, 2023. "Deviations from covered interest parity in the emerging markets after the global financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    22. Robert N McCauley & Chang Shu & Guonan Ma, 2014. "Non-deliverable forwards: 2013 and beyond," BIS Quarterly Review, Bank for International Settlements, March.
    23. Dagfinn Rime & Andreas Schrimpf, 2013. "The anatomy of the global FX market through the lens of the 2013 Triennial Survey," BIS Quarterly Review, Bank for International Settlements, December.
    24. Fei Su, 2018. "Essays on Price Discovery and Volatility Dynamics in the Foreign Exchange Market," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2018, January-A.
    25. Delphine Lahet & Stéphanie Prat, 2021. "Internationalisation of emerging market currencies and original sin: Empirical evidence," The World Economy, Wiley Blackwell, vol. 44(7), pages 1973-2003, July.
    26. Hao, Xiangchao & Sun, Qinru & Xie, Fang, 2020. "Does foreign exchange derivatives market promote R&D? International industry-level evidence," Economic Modelling, Elsevier, vol. 91(C), pages 33-42.
    27. Delphine Lahet & Stéphanie Prat, 2023. "Local-currency debt and currency internationalization dynamics: A nonlinear framework," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(1), pages 215-254, February.
    28. Hwee K. Chow, 2021. "Connectedness of Asia Pacific forex markets: China's growing influence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3807-3818, July.
    29. Cheung, Yin-Wong, 2020. "A decade of RMB internationalization," BOFIT Policy Briefs 13/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    30. José María Serena Garralda & Bruno Tissot, 2018. "Central banks and trade repositories derivatives data," IFC Reports 7, Bank for International Settlements.
    31. Atilgan, Yigit & Demirtas, K. Ozgur & Simsek, Koray D., 2016. "Derivative markets in emerging economies: A survey," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 88-102.

Chapters

  1. Torsten Ehlers & Frank Packer & Kathrin de Greiff, 2022. "The pricing of carbon risk in syndicated loans: which risks are priced and why?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistics for Sustainable Finance, volume 56, Bank for International Settlements.
    See citations under working paper version above.
  2. Frederic Boissay & Torsten Ehlers & Leonardo Gambacorta & Hyun Song Shin, 2021. "Big Techs in Finance: On the New Nexus Between Data Privacy and Competition," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 855-875, Springer.
    See citations under working paper version above.
  3. Torsten Ehlers & Patrick McGuire, 2017. "Foreign banks and credit conditions in EMEs," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial systems and the real economy, volume 91, pages 101-123, Bank for International Settlements.

    Cited by:

    1. Ashima Goyal & Akhilesh K. Verma, 2020. "Cross border flows, financial Intermediation and interactions of policy rules in a small open economy model," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2020-008, Indira Gandhi Institute of Development Research, Mumbai, India.
    2. Patty Duijm, 2022. "Foreign‐funded credit: Funding the credit cycle?," International Finance, Wiley Blackwell, vol. 25(2), pages 167-182, August.
    3. Inaki Aldasoro & Torsten Ehlers, 2018. "Global liquidity: changing instrument and currency patterns," BIS Quarterly Review, Bank for International Settlements, September.
    4. Stefan Avdjiev & Patrick McGuire & Goetz von Peter, 2020. "International dimensions of EME corporate debt," BIS Quarterly Review, Bank for International Settlements, June.
    5. Avdjiev, Stefan & Burger, John & Hardy, Bryan, 2025. "New spare tires: local currency credit as a global shock absorber," Journal of International Money and Finance, Elsevier, vol. 158(C).
    6. Garcia Revelo, José David & Lucotte, Yannick & Pradines-Jobet, Florian, 2020. "Macroprudential and monetary policies: The need to dance the Tango in harmony," Journal of International Money and Finance, Elsevier, vol. 108(C).
    7. Torsten Ehlers & Bryan Hardy & Patrick McGuire, 2025. "International finance through the lens of BIS statistics: the international dimensions of credit," BIS Quarterly Review, Bank for International Settlements, March.
    8. Inaki Aldasoro & Torsten Ehlers, 2019. "Concentration in cross-border banking," BIS Quarterly Review, Bank for International Settlements, June.
    9. Bryan Hardy, 2019. "Emerging markets' reliance on foreign bank credit," BIS Quarterly Review, Bank for International Settlements, March.
    10. Pablo Garcia Luna & Bryan Hardy, 2019. "Non-bank counterparties in international banking," BIS Quarterly Review, Bank for International Settlements, September.
    11. Fathi Mohamed Bouzidi & Aida Arbi Nefzi, 2024. "The Impact of Foreign Bank Entry on the Efficiency and Sustainability of Domestic Banks in Developing Countries: A Meta-Frontier Approach," Sustainability, MDPI, vol. 16(24), pages 1-23, December.
    12. De Nicola,Francesca & Melecky,Martin & Iootty De Paiva Dias,Mariana, 2023. "Bank Ownership and Firm Innovation," Policy Research Working Paper Series 10458, The World Bank.
    13. John Caparusso & Bryan Hardy, 2022. "Bank funding: evolution, stability and the role of foreign offices," BIS Quarterly Review, Bank for International Settlements, September.
    14. Hardy, Bryan, 2023. "Foreign currency borrowing, balance sheet shocks, and real outcomes," Journal of International Money and Finance, Elsevier, vol. 139(C).

  4. Torsten Ehlers & Agustín Villar, 2015. "The role of banks," BIS Papers chapters, in: Bank for International Settlements (ed.), What do new forms of finance mean for EM central banks?, volume 82, pages 9-40, Bank for International Settlements.

    Cited by:

    1. Ashima Goyal & Akhilesh K. Verma, 2020. "Cross border flows, financial Intermediation and interactions of policy rules in a small open economy model," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2020-008, Indira Gandhi Institute of Development Research, Mumbai, India.
    2. Ashima Goyal & Akhilesh K. Verma & Rajeswari Sengupta, 2022. "External shocks, cross-border flows and macroeconomic risks in emerging market economies," Empirical Economics, Springer, vol. 62(5), pages 2111-2148, May.
    3. Ashima Goyal & Rajeswari Sengupta & Akhilesh Verma, 2019. "External debt financing and macroeconomic instability in emerging market economies," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2019-013, Indira Gandhi Institute of Development Research, Mumbai, India.

  5. Torsten Ehlers & Philip D Wooldridge, 2015. "Channels and determinants of foreign bank lending," BIS Papers chapters, in: Bank for International Settlements (ed.), Cross-border Financial Linkages: Challenges for Monetary Policy and Financial Stability, volume 82, pages 29-68, Bank for International Settlements.

    Cited by:

    1. Luis Cabezas & Alejandro Jara & Faruk Miguel, 2017. "Exposición internacional de la banca en Chile: características y riesgos," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 20(3), pages 102-118, December.
    2. Sangyup Choi & Kimoon Jeong & Jiseob Kim, 2025. "One Size Does Not Fit All: Unveiling Asymmetric Transmission of Monetary Policy in the Euro Area," Working papers 2025rwp-256, Yonsei University, Yonsei Economics Research Institute.
    3. Tien Nguyen & Dung Phuong Hoang & Thang Ngoc Doan, 2022. "On the uncertainty-global bank linkage nexus: The moderation of crises, financial regulations, and institutional quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(4), pages 623-645, October.
    4. Eli M Remolona & Ilhyock Shim, 2015. "The rise of regional banking in Asia and the Pacific," BIS Quarterly Review, Bank for International Settlements, September.
    5. Bryan Hardy, 2019. "Emerging markets' reliance on foreign bank credit," BIS Quarterly Review, Bank for International Settlements, March.
    6. Stefan Avdjiev & Bat-el Berger & Hyun Song Shin, 2018. "Gauging procyclicality and financial vulnerability in Asia through the BIS banking and financial statistics," BIS Working Papers 735, Bank for International Settlements.
    7. Bank for International Settlements, 2018. "Structural changes in banking after the crisis," CGFS Papers, Bank for International Settlements, number 60.
    8. Torsten Ehlers & Patrick McGuire, 2017. "Foreign banks and credit conditions in EMEs," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial systems and the real economy, volume 91, pages 101-123, Bank for International Settlements.

  6. Torsten Ehlers & Frank Packer & Eli Remolona, 2014. "Infrastructure and Corporate Bond Markets in Asia," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Read (ed.),Financial Flows and Infrastructure Financing, Reserve Bank of Australia.

    Cited by:

    1. Asian Development Bank Institute, 2017. "Asia Bond Monitor - November 2016," Working Papers id:11732, eSocialSciences.
    2. Eduardo Engel & Ronald D. Fischer & Alexander Galetovic, 2020. "When and How to Use Public-Private Partnerships in Infrastructure: Lessons From the International Experience," NBER Working Papers 26766, National Bureau of Economic Research, Inc.
    3. Torsten Ehlers, 2014. "Understanding the challenges for infrastructure finance," BIS Working Papers 454, Bank for International Settlements.
    4. Ng, Thiam Hee & Tao, Jacqueline Yujia, 2016. "Bond financing for renewable energy in Asia," Energy Policy, Elsevier, vol. 95(C), pages 509-517.
    5. Joseph Mawejje, 2024. "Private sector participation in infrastructure in emerging market and developing economies: Evolution, constraints, and policies," Global Policy, London School of Economics and Political Science, vol. 15(2), pages 465-474, May.
    6. Renu Kohli & Pravakar Sahoo & M. Shuheb Khan, 2017. "Developing India's Offshore Local Currency Bond Market: Lessons from Emerging Countries," Working Papers id:12039, eSocialSciences.
    7. Marlene Amstad & Steven Kong & Frank Packer & Eli Remolona, 2016. "A spare tire for capital markets: Fostering corporate bond markets in Asia," BIS Papers, Bank for International Settlements, number 85.
    8. Torsten Ehlers & Frank Packer, 2017. "Green bond finance and certification," BIS Quarterly Review, Bank for International Settlements, September.
    9. Zaheer Allam & David Jones, 2019. "Climate Change and Economic Resilience through Urban and Cultural Heritage: The Case of Emerging Small Island Developing States Economies," Economies, MDPI, vol. 7(2), pages 1-23, June.
    10. Rami Abdelkafi & Houssem Eddine Bedoui, 2016. "Challenges in Infrastructure Financing Through Sukuk Issuance," Policy Papers 2016-3, The Islamic Research and Teaching Institute (IRTI).
    11. Alberto Fuertes & Jose Maria Serena, 2016. "Insights from matched firm-bond level data: market of issuance and credit quality," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    12. Wayne Swan, 2015. "Financing Sustainable Development: What Can We Learn from the Australian Experience of Reform?," MPDD Working Paper Series WP/15/11, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    13. Michael Regan, 2017. "Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region," IJFS, MDPI, vol. 5(1), pages 1-28, February.
    14. Mili, Medhi & Sahut, Jean-Michel & Teulon, Frédéric, 2018. "Modeling recovery rates of corporate defaulted bonds in developed and developing countries," Emerging Markets Review, Elsevier, vol. 36(C), pages 28-44.
    15. Wayne Swan, 2015. "Financing sustainable development – What can we learn from the Australian experience of reform?," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 22(2), pages 135-164, December.
    16. Ronald Fischer & Nicolás Campos & Eduardo Engel & Alexander Galetovic, 2019. "Renegotiations and Corruption in Infrastructure: The Odebrecht Case," Documentos de Trabajo 346, Centro de Economía Aplicada, Universidad de Chile.

  7. Torsten Ehlers & Elod Takáts, 2013. "Capital flow dynamics and FX intervention," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 25-38, Bank for International Settlements.

    Cited by:

    1. Fischer, Andreas M. & Greminger, Rafael P. & Grisse, Christian & Kaufmann, Sylvia, 2021. "Portfolio rebalancing in times of stress," Journal of International Money and Finance, Elsevier, vol. 113(C).
    2. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    3. Gelos, Gaston & Gornicka, Lucyna & Koepke, Robin & Sahay, Ratna & Sgherri, Silvia, 2022. "Capital flows at risk: Taming the ebbs and flows," Journal of International Economics, Elsevier, vol. 134(C).
    4. Yeonjeong Lee & Seong-Min Yoon, 2020. "Relationship between International Reserves and FX Rate Movements," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    5. Blaise Gadanecz & Aaron Mehrotra, 2013. "The exchange rate, real economy and financial markets," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 11-23, Bank for International Settlements.
    6. Hasan Hüseyin YILDIRIM & Bahadır İLDOKUZ, 2018. "Korumasız Faiz Parite Kuramı ve 2005-2014 Dönemi Portföy Yatırımlarını Türkiye’ye Çeken Finansal Faktörlerin Tespiti," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 14(29), pages 247-268, December.

  8. Torsten Ehlers, 2012. "The effectiveness of the Federal Reserve's Maturity Extension Program - Operation Twist 2: the portfolio rebalancing channel and public debt management," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 245-255, Bank for International Settlements.

    Cited by:

    1. Philip Turner, 2013. "Benign neglect of the long-term interest rate," BIS Working Papers 403, Bank for International Settlements.
    2. Richhild Moessner & Philip Turner, 2012. "Threat of fiscal dominance? Workshop summary," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 1-12, Bank for International Settlements.
    3. Andrew Haldane & Matt Roberts-Sklar & Tomasz Wieladek & Chris Young, 2016. "QE: The Story so far," Bank of England Staff Working Paper series 624, Bank of England.
    4. Fabrizio Zampolli, 2012. "Sovereign debt management as an instrument of monetary policy: an overview," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 97-118, Bank for International Settlements.
    5. Hans J Blommestein & Philip Turner, 2012. "Interactions between sovereign debt management and monetary policy under fiscal dominance and financial instability," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 213-237, Bank for International Settlements.
    6. Masazumi Hattori & Andreas Schrimpf & Vladyslav Sushko, 2013. "The response of tail risk perceptions to unconventional monetary policy," BIS Working Papers 425, Bank for International Settlements.
    7. Masahiko Nakazawa, 2020. "The impact of government bond purchases by the central banks in Japan, the United States, and the United Kingdom," Pacific Economic Review, Wiley Blackwell, vol. 25(5), pages 660-676, December.
    8. Maciej Stefański, 2021. "Macroeconomic Effects of Quantitative Easing Using Mid-sized Bayesian Vector Autoregressions," KAE Working Papers 2021-068, Warsaw School of Economics, Collegium of Economic Analysis.

Books

  1. Torsten Ehlers & Diwen (Nicole) Gao & Frank Packer, 2021. "A taxonomy of sustainable finance taxonomies," BIS Papers, Bank for International Settlements, number 118.

    Cited by:

    1. Dekker, David & Huang, Chih-Yueh & Christopoulos, Dimitrios, 2025. "Price of greenness: Classifications and green bond premiums," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
    2. Bermúdez Morata, Lluís & Blay Berrueta, Daniel & Guillén Estany, Montserrat, 2008. "Análisis de la aparición de discapacidades en personas mayores de Cataluña = Analysis of disability onset of the elderly in Catalonia," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 5(1), pages 3-16, June.
    3. Chris Kenyon & Mourad Berrahoui & Andrea Macrina, 2021. "Sustainability Manifesto for Financial Products: Carbon Equivalence Principle," Papers 2112.04181, arXiv.org.
    4. Chris Kenyon & Mourad Berrahoui & Andrea Macrina, 2022. "Transparency principle for carbon emissions drives sustainable finance," Papers 2202.07689, arXiv.org.
    5. Keith Jin Deng Chan & Bon Cheung & Louis Yue Shen, 2024. "An economic foundation for assessing the credibility of corporate net zero transition pathways," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 8868-8881, December.
    6. Bert Van Roosebeke & Ryan Defina, 2023. "ESG and Deposit Insurance: Taking Stock and Looking Ahead," IADI Survey Briefs 4, International Association of Deposit Insurers.
    7. Duong, Huu Nhan & Kalev, Petko S. & Kalimipalli, Madhu & Trivedi, Saurabh, 2025. "Do firms benefit from carbon risk management? Evidence from the credit default swaps market," Journal of Corporate Finance, Elsevier, vol. 94(C).
    8. Daud, Ataullah & Jadoon, Atif Khan & Ali, Amjad & Audi, Marc, 2026. "Green Finance Regulations and Disclosure Effectiveness: The Role of Governance and Enforcement Capacity," MPRA Paper 129351, University Library of Munich, Germany.

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