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What drives the issuance of Green Bonds: what country characteristics have an effect on the issuance of Green Bonds?
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We perform a two-step analysis to (i) understand what country characteristics influence the probability that green bonds have been issued in it, and (ii) evaluate what country characteristics affect the volume of green bonds issued in it. By running a logistic regression with 119 countries, we find evidence that the level of development, environmental preferences, transparency and quality of the financial markets, and absence of corruption have a positive effect on the probability of green bonds having been issued in a country. Furthermore, our results suggest that conditional on issuance, environmental preferences also have a positive effect on the volume issued in a country.
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Climate finance Environmental preferences Green bonds Green finance