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Michael Flaherty

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RePEc Short-ID:pfl177
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Affiliation

Department of Economics
Trinity College

Hartford, Connecticut (United States)
http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/
RePEc:edi:edtrius (more details at EDIRC)

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Jump to: Working papers Articles

Working papers

  1. Heine,Dirk & Semmler,Willi & Mazzucato,Mariana & Braga,Joao Paulo & Flaherty,Michael & Gevorkyan,Arkady & Hayde,Erin Kate & Radpour,Siavash, 2019. "Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds," Policy Research Working Paper Series 8991, The World Bank.
  2. Michael Flaherty & Arkady Gevorkyan & Siavash Radpour & Willi Semmler, 2016. "Financing Climate Policies Through Climate Bonds," SCEPA working paper series. 2016-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.

Articles

  1. Dirk Heine & Willi Semmler & Mariana Mazzucato & João Paulo Braga & Michael Flaherty & Arkady Gevorkyan & Erin Hayde & Siavash Radpour, 2019. "Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(2), pages 29-49.
  2. Flaherty, Michael & Gevorkyan, Arkady & Radpour, Siavash & Semmler, Willi, 2017. "Financing climate policies through climate bonds – A three stage model and empirics," Research in International Business and Finance, Elsevier, vol. 42(C), pages 468-479.

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.

Working papers

  1. Heine,Dirk & Semmler,Willi & Mazzucato,Mariana & Braga,Joao Paulo & Flaherty,Michael & Gevorkyan,Arkady & Hayde,Erin Kate & Radpour,Siavash, 2019. "Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds," Policy Research Working Paper Series 8991, The World Bank.

    Cited by:

    1. Uddin, Gazi Salah & Jayasekera, Ranadeva & Park, Donghyun & Luo, Tianqi & Tian, Shu, 2022. "Go green or stay black: Bond market dynamics in Asia," International Review of Financial Analysis, Elsevier, vol. 81(C).
    2. 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).
    3. Jinhui Wu & Wullianallur Raghupathi & Viju Raghupathi, 2025. "An Exploratory Study of the Association Between Green Bond Features and ESG Performance," Sustainability, MDPI, vol. 17(5), pages 1-25, February.
    4. Qi, Shaozhou & Pang, Lidong & Qi, Tianbai & Zhang, Xiaoling & Pirtea, Marilen Gabriel, 2024. "The correlation between the green bond market and carbon trading markets under climate change: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    5. Zhang, Dongyang & Kong, Qunxi, 2022. "Renewable energy policy, green investment, and sustainability of energy firms," Renewable Energy, Elsevier, vol. 192(C), pages 118-133.
    6. Zhao, Jinjing & Pan, Jie & Xie, Xiangwei & Su, Miao, 2024. "Green outward foreign direct investment and host country environmental effects: The home country's carbon emission reduction system is crucial," Energy, Elsevier, vol. 290(C).
    7. Umar, Zaghum & Abrar, Afsheen & Hadhri, Sinda & Sokolova, Tatiana, 2023. "The connectedness of oil shocks, green bonds, sukuks and conventional bonds," Energy Economics, Elsevier, vol. 119(C).
    8. Murau, Steffen & Haas, Armin & Guter-Sandu, Andrei, 2022. "Monetary Architecture and the Green Transition," SocArXiv sw5tu, Center for Open Science.
    9. Baldi, Francesco & Pandimiglio, Alessandro, 2022. "The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and an econometric analysis," Global Finance Journal, Elsevier, vol. 52(C).
    10. Hu, Yuanfeng & Tian, Yixiang, 2024. "The role of green reputation, carbon trading and government intervention in determining the green bond pricing: An externality perspective," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 46-62.
    11. Skare, Marinko & Gavurova, Beata & Sinkovic, Dean, 2023. "Regional aspects of financial development and renewable energy: A cross-sectional study in 214 countries," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1142-1157.
    12. 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.
    13. 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.
    14. Arif, Muhammad & Naeem, Muhammad Abubakr & Farid, Saqib & Nepal, Rabindra & Jamasb, Tooraj, 2020. "Diversifier or More? Hedge and Safe Haven Properties of Green Bonds During COVID-19," Working Papers 1-2021, Copenhagen Business School, Department of Economics.
    15. Claudia Kemfert & Dorothea Schäfer & Willi Semmler, 2020. "Great Green Transition and Finance," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(3), pages 181-186, May.
    16. Billah, Mabruk & Elsayed, Ahmed H. & Hadhri, Sinda, 2023. "Asymmetric relationship between green bonds and Sukuk markets: The role of global risk factors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    17. 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).
    18. Steffen Murau & Armin Haas & Andrei Guter-Sandu, 2024. "Monetary architecture and the Green Transition," Environment and Planning A, , vol. 56(2), pages 382-401, March.
    19. Signe Krogstrup & William Oman, 2019. "Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature," IMF Working Papers 2019/185, International Monetary Fund.
    20. Siyu Ren & Yu Hao & Haitao Wu, 2022. "How Does Green Investment Affect Environmental Pollution? Evidence from China," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(1), pages 25-51, January.
    21. Thouraya Bahri & Aditya Singh, 2021. "COVID-19 and the Impact on Debt: Policy Implications," Working Papers 2107, New School for Social Research, Department of Economics.
    22. Rannou, Yves & Boutabba, Mohamed Amine & Barneto, Pascal, 2021. "Are Green Bond and Carbon Markets in Europe complements or substitutes? Insights from the activity of power firms," Energy Economics, Elsevier, vol. 104(C).
    23. Kai-Hua Wang & Shu-Mei Li, 2025. "Green bonds and carbon prices: a dynamic relationship revealed," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(12), pages 28995-29018, December.
    24. Braga, Joao Paulo & Semmler, Willi & Grass, Dieter, 2021. "De-risking of green investments through a green bond market – Empirics and a dynamic model," Journal of Economic Dynamics and Control, Elsevier, vol. 131(C).
    25. Carè, R. & Fatima, R. & Boitan, I.A., 2024. "Central banks and climate risks: Where we are and where we are going?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1200-1229.
    26. Ranjan, Ram, 2024. "Creating synergies between payments for ecosystem services, green bonds, and catastrophe insurance markets for enhanced environmental resilience," Land Use Policy, Elsevier, vol. 136(C).
    27. Feyen,Erik H.B. & Utz,Robert Johann & Zuccardi Huertas,Igor Esteban & Bogdan,Olena & Moon,Jisung, 2020. "Macro-Financial Aspects of Climate Change," Policy Research Working Paper Series 9109, The World Bank.
    28. Li, Qingtao & Sharif, Arshian & Razzaq, Asif & Yu, Yangyu, 2022. "Do climate technology, financialization, and sustainable finance impede environmental challenges? Evidence from G10 economies," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    29. Alsagr, Naif & Ozturk, Ilhan, 2024. "Natural resources rent and green investment: Does institutional quality matter?," Resources Policy, Elsevier, vol. 90(C).
    30. Ian W.H. Parry & Mr. Dirk Heine & Kelley Kizzier & Tristan Smith, 2018. "Carbon Taxation for International Maritime Fuels: Assessing the Options," IMF Working Papers 2018/203, International Monetary Fund.

  2. Michael Flaherty & Arkady Gevorkyan & Siavash Radpour & Willi Semmler, 2016. "Financing Climate Policies Through Climate Bonds," SCEPA working paper series. 2016-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.

    Cited by:

    1. Chantal P. Naidoo, 2019. "Relating Financial Systems to Sustainability Transitions: Challenges, Demands and Dimensions," SPRU Working Paper Series 2019-18, SPRU - Science Policy Research Unit, University of Sussex Business School.
    2. Febi Wulandari & Dorothea Schäfer & Andreas Stephan & Chen Sun, 2018. "Liquidity Risk and Yield Spreads of Green Bonds," Discussion Papers of DIW Berlin 1728, DIW Berlin, German Institute for Economic Research.
    3. F.H.J. Polzin & M.W.J.L. Sanders, 2019. "How to fill the ‘financing gap’ for the transition to low-carbon energy in Europe?," Working Papers 19-18, Utrecht School of Economics.
    4. Bizer, Kilian & Erlei, Alexander, 2018. "Ein intertemporaler Klimaschutzfonds zur Gebäudesanierung," University of Göttingen Working Papers in Economics 342, University of Goettingen, Department of Economics.
    5. Eftichios S. Sartzetakis, 2019. "Green Bonds as an instrument to finance low carbon transition," Working Papers 258, Bank of Greece.
    6. Juan Camilo Mejía-Escobar & Juan David González-Ruiz & Giovanni Franco-Sepúlveda, 2021. "Current State and Development of Green Bonds Market in the Latin America and the Caribbean," Sustainability, MDPI, vol. 13(19), pages 1-25, September.
    7. Francesco Saraceno, 2016. "When Keynes goes to Brussels : a new fiscal rule for the EMU," Working Papers hal-03459045, HAL.
    8. Stefan Mittnik & Willi Semmler & Alexander Haider, 2019. "Climate Disaster Risks – Empirics and a Multi-Phase Dynamic Model," IMF Working Papers 2019/145, International Monetary Fund.
    9. Reboredo, Juan C., 2018. "Green bond and financial markets: Co-movement, diversification and price spillover effects," Energy Economics, Elsevier, vol. 74(C), pages 38-50.
    10. Jaweria Yameen & Ploypailin Kijkasiwat & Anwar Hussain & Muhammad Azhar Farooq & Tahira Ajmal, 2024. "Green finance in banking industry: a systematic literature review," SN Business & Economics, Springer, vol. 4(8), pages 1-28, August.
    11. Julia Margarete Puaschunder, 2018. "Climate Policies with Burden Sharing: The Economics of Climate Financing," Advances in Financial Economics, in: International Corporate Governance and Regulation, volume 20, pages 1-13, Emerald Group Publishing Limited.
    12. Francesco Saraceno, 2018. "The end of the consensus ? The economic crisis and the crisis of macroeconomics," Post-Print hal-03443466, HAL.
    13. Reboredo, Juan C. & Ugolini, Andrea, 2020. "Price connectedness between green bond and financial markets," Economic Modelling, Elsevier, vol. 88(C), pages 25-38.
    14. Anthony Bonen & Mr. Prakash Loungani & Willi Semmler & Sebastian Koch, 2016. "Investing to Mitigate and Adapt to Climate Change: A Framework Model," IMF Working Papers 2016/164, International Monetary Fund.

Articles

  1. Dirk Heine & Willi Semmler & Mariana Mazzucato & João Paulo Braga & Michael Flaherty & Arkady Gevorkyan & Erin Hayde & Siavash Radpour, 2019. "Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 88(2), pages 29-49.
    See citations under working paper version above.
  2. Flaherty, Michael & Gevorkyan, Arkady & Radpour, Siavash & Semmler, Willi, 2017. "Financing climate policies through climate bonds – A three stage model and empirics," Research in International Business and Finance, Elsevier, vol. 42(C), pages 468-479.

    Cited by:

    1. Kamal, Javed Bin & Hassan, M. Kabir, 2022. "Asymmetric connectedness between cryptocurrency environment attention index and green assets," The Journal of Economic Asymmetries, Elsevier, vol. 25(C).
    2. Miklesh Yadav & Nandita Mishra & Shruti Ashok, 2023. "Dynamic connectedness of green bond with financial markets of European countries under OECD economies," Economic Change and Restructuring, Springer, vol. 56(1), pages 609-631, February.
    3. 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).
    4. Olabisi, Michael & Olabisi, Laura Schmitt & Richardson, Robert B., 2025. "Renewable energy finance in Africa as a global leverage point," Renewable and Sustainable Energy Reviews, Elsevier, vol. 210(C).
    5. Zhao, Wenqi & Toh, Moau Yong & Zhao, Jerry Zhirong, 2025. "Green growth in pilot zones for green finance and innovation," Energy Policy, Elsevier, vol. 202(C).
    6. Tao, Lizhu & Jiang, Wenting & Ren, Xiaohang, 2024. "Analyzing the green bond index: A novel quantile-based high-dimensional approach," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    7. Hammer, Thomas & Siegfried, Patrick, 2021. "Financial Management. Green Bonds – Success or Failure?," MPRA Paper 111394, University Library of Munich, Germany.
    8. Chen, Yaling & Jiang, Qinnan & Dai, Zhifeng & Liu, Yinpeng, 2025. "The impact of climate policy uncertainty on the correlations between green bond and green stock markets," International Review of Financial Analysis, Elsevier, vol. 102(C).
    9. Reboredo, Juan C. & Ugolini, Andrea & Aiube, Fernando Antonio Lucena, 2020. "Network connectedness of green bonds and asset classes," Energy Economics, Elsevier, vol. 86(C).
    10. Huynh, Toan Luu Duc & Hille, Erik & Nasir, Muhammad Ali, 2020. "Diversification in the age of the 4th industrial revolution: The role of artificial intelligence, green bonds and cryptocurrencies," Technological Forecasting and Social Change, Elsevier, vol. 159(C).
    11. Mensi, Walid & El-Khoury, Rim & Alshater, Muneer & Kang, Sang Hoon, 2026. "Asymmetric spillovers between US sector stocks, Islamic stock index, conventional bond, green bond, and commodity markets," Innovation and Green Development, Elsevier, vol. 5(1).
    12. Arif, Muhammad & Naeem, Muhammad Abubakr & Farid, Saqib & Nepal, Rabindra & Jamasb, Tooraj, 2022. "Diversifier or more? Hedge and safe haven properties of green bonds during COVID-19," Energy Policy, Elsevier, vol. 168(C).
    13. Susan, Enyang Besong & Pan, Yanchun, 2024. "Trust as a determinant of green finance through information sharing and technological penetration: Integrating the moderation of governance for sustainable growth," Technology in Society, Elsevier, vol. 77(C).
    14. Sangiorgi, Ivan & Schopohl, Lisa, 2023. "Explaining green bond issuance using survey evidence: Beyond the greenium," The British Accounting Review, Elsevier, vol. 55(1).
    15. Bizer, Kilian & Erlei, Alexander, 2018. "Ein intertemporaler Klimaschutzfonds zur Gebäudesanierung," University of Göttingen Working Papers in Economics 342, University of Goettingen, Department of Economics.
    16. Eftichios S. Sartzetakis, 2019. "Green Bonds as an instrument to finance low carbon transition," Working Papers 258, Bank of Greece.
    17. Juan Camilo Mejía-Escobar & Juan David González-Ruiz & Giovanni Franco-Sepúlveda, 2021. "Current State and Development of Green Bonds Market in the Latin America and the Caribbean," Sustainability, MDPI, vol. 13(19), pages 1-25, September.
    18. 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.
    19. Abdelzaher, Dina M. & Martynov, Aleksey & Abdel Zaher, Angie M., 2020. "Vulnerability to climate change: Are innovative countries in a better position?," Research in International Business and Finance, Elsevier, vol. 51(C).
    20. Kartal, Mustafa Tevfik & Magazzino, Cosimo & Taşkın, Dilvin & Depren, Özer & Ayhan, Fatih, 2025. "Efficiency of green bond, clean energy, oil price, and geopolitical risk on sectoral decarbonization: Evidence from the globe by daily data and marginal effect analysis," Applied Energy, Elsevier, vol. 392(C).
    21. 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.
    22. 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).
    23. Rongyan Liu & Deqing Wang & Li Zhang & Lihong Zhang, 2019. "Can green financial development promote regional ecological efficiency? A case study of China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 95(1), pages 325-341, January.
    24. Stefan Mittnik & Willi Semmler & Alexander Haider, 2019. "Climate Disaster Risks – Empirics and a Multi-Phase Dynamic Model," IMF Working Papers 2019/145, International Monetary Fund.
    25. Guo, Jianxin & Tan, Xianchun & Cheng, Yonglong & Chen, Xiangyin, 2026. "Financing climate-resilient infrastructure through long-term green bond," Ecological Economics, Elsevier, vol. 239(C).
    26. Naeem, Muhammad Abubakr & Farid, Saqib & Ferrer, Román & Shahzad, Syed Jawad Hussain, 2021. "Comparative efficiency of green and conventional bonds pre- and during COVID-19: An asymmetric multifractal detrended fluctuation analysis," Energy Policy, Elsevier, vol. 153(C).
    27. Richter, Sylvia & Heyde, Frank & Horsch, Andreas & Wünsche, Andreas, 2021. "Determinants of project bond prices – Insights into infrastructure and energy capital markets," Energy Economics, Elsevier, vol. 97(C).
    28. Wang, Kai-Hua & Zhao, Yan-Xin & Jiang, Cui-Feng & Li, Zheng-Zheng, 2022. "Does green finance inspire sustainable development? Evidence from a global perspective," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 412-426.
    29. Jovović, Jelena & Popović, Saša, 2025. "Investigating volatility spillovers: Connectedness between green bonds, conventional bonds, and energy markets," Research in International Business and Finance, Elsevier, vol. 76(C).
    30. 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).
    31. Zirek, Duygu & Unsal, Omer, 2023. "Green bonds: Do investors benefit from third-party certification?," Global Finance Journal, Elsevier, vol. 58(C).
    32. Andersen, Torben M. & Bhattacharya, Joydeep & Liu, Pan, 2020. "Resolving intergenerational conflict over the environment under the Pareto criterion," Journal of Environmental Economics and Management, Elsevier, vol. 100(C).
    33. Farhad Taghizadeh-Hesary & Naoyuki Yoshino & Han Phoumin, 2021. "Analyzing the Characteristics of Green Bond Markets to Facilitate Green Finance in the Post-COVID-19 World," Sustainability, MDPI, vol. 13(10), pages 1-24, May.
    34. Nyambuu, Unurjargal & Semmler, Willi, 2020. "Climate change and the transition to a low carbon economy – Carbon targets and the carbon budget," Economic Modelling, Elsevier, vol. 84(C), pages 367-376.
    35. Leonidas Paroussos & Kostas Fragkiadakis & Panagiotis Fragkos, 2020. "Macro-economic analysis of green growth policies: the role of finance and technical progress in Italian green growth," Climatic Change, Springer, vol. 160(4), pages 591-608, June.
    36. Signe Krogstrup & William Oman, 2019. "Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature," IMF Working Papers 2019/185, International Monetary Fund.
    37. Sangiorgi, Ivan & Schopohl, Lisa, 2021. "Why do institutional investors buy green bonds: Evidence from a survey of European asset managers," International Review of Financial Analysis, Elsevier, vol. 75(C).
    38. Andersen, Torben M. & Bhattacharya, Joydeep & Liu, Pan, 2018. "A way to resolve intergenerational conflict over the environment under the Pareto criterion using green bonds," ISU General Staff Papers 201808240700001070, Iowa State University, Department of Economics.
    39. Wei, Yu & Shi, Chunpei & Zhou, Chunyan & Wang, Qian & Liu, Yuntong & Wang, Yizhi, 2024. "Market volatilities vs oil shocks: Which dominate the relative performance of green bonds?," Energy Economics, Elsevier, vol. 136(C).
    40. Cao, Xiao & Jin, Cheng & Ma, Wenjie, 2021. "Motivation of Chinese commercial banks to issue green bonds: Financing costs or regulatory arbitrage?," China Economic Review, Elsevier, vol. 66(C).
    41. Morana, Claudio & Sbrana, Giacomo, 2019. "Climate change implications for the catastrophe bonds market: An empirical analysis," Economic Modelling, Elsevier, vol. 81(C), pages 274-294.

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Co-authorship network on CollEc

NEP Fields

NEP is an announcement service for new working papers, with a weekly report in each of many fields. This author has had 2 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates. If the author is listed in the directory of specialists for this field, a link is also provided.
  1. NEP-ENE: Energy Economics (2) 2017-01-08 2020-03-02
  2. NEP-ENV: Environmental Economics (2) 2017-01-08 2020-03-02

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