ABSTRACT

The relationship between the environment and climate change on one hand and the financial system, financial regulation and monetary policy on the other is growing in importance. This paper examines the possible impact of the European Central Bank’s monetary policy of quantitative easing on the environmental policy of the European Union. Using data from Climate Bonds Initiative, the paper analyses the variation in the amount of “green labelled bonds” issued in the individual member countries of the Eurozone areas, as a function of liquidity inducing monetary policy variables. The paper finds a positive and significant relationship between the two measures.

中文翻译：

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欧洲央行的量化宽松政策是否会影响环境政策目标？

摘要

一方面，环境和气候变化与金融体系、金融监管和货币政策之间的关系越来越重要。本文考察了欧洲央行量化宽松货币政策对欧盟环境政策可能产生的影响。使用来自气候债券倡议组织的数据，本文分析了欧元区各个成员国发行的“绿色标签债券”数量的变化，作为流动性诱导货币政策变量的函数。论文发现这两个指标之间存在积极且显着的关系。