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  1. Mind the ESG gaps
    transmission mechanisms and the governance of and by sustainable finance
    Author: Fichtner, Jan; Jaspert, Robin; Petry, Johannes
    Published: [2023]
    Publisher:  DIIS - Danish Institute for International Studies, [Copenhagen]

    Environmental, social and governance (ESG) funds are among the fastest growing investment styles. ESG funds can be used either to only mitigate risk (input ESG) or to go beyond that to create impact (output ESG). We argue that the governance by ESG... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 130
    Inter-library loan:
    No inter-library loan

     

    Environmental, social and governance (ESG) funds are among the fastest growing investment styles. ESG funds can be used either to only mitigate risk (input ESG) or to go beyond that to create impact (output ESG). We argue that the governance by ESG is characterised by three potential transmission mechanisms: ratings, shareholder engagement and capital allocation. These mechanisms can create sustainability impact or constitute 'ESG gaps', if they remain ineffective or unutilised. Based on financial data, an investigation of ESG methodologies and expert interviews, we provide a novel market analysis of the ESG industry, focusing primarily on the capital allocation mechanism. Our findings highlight that while ESG indices could have an impact, most currently do not meaningfully facilitate sustainability - we call this the 'ESG capital allocation gap'. This has important implications because without effective transmission mechanisms, ESG funds cannot have sustainability impact on companies and the real economy.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788772361093
    Series: DIIS working paper ; 2023, 04
    Subjects: Capital allocation; ESG; impact; sustainable finance; transmission mechanisms
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  2. Foreign price shocks and inflation targeting
    effects on income and inflation inequality
    Author: Rolim, Lilian; Marins, Nathalie
    Published: February 2023
    Publisher:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    Foreign price shocks have significant effects on functional income distribution and on inflation inequality. By increasing prices in domestic currency that are linked to foreign prices, they increase the profit share in some sectors and reduce real... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 369
    Inter-library loan:
    No inter-library loan

     

    Foreign price shocks have significant effects on functional income distribution and on inflation inequality. By increasing prices in domestic currency that are linked to foreign prices, they increase the profit share in some sectors and reduce real wages, in particular of workers whose consumption basket is more sensitive to the price of certain goods (e.g. food prices for low-wage workers). Based on the conflicting-claims inflation literature, we propose a new extension to this framework by incorporating worker's heterogeneity (in terms of nominal income and consumption patterns) in an open economy model with an inflation-targeting regime. We investigate the impacts of foreign price shocks on income and inflation inequality and analyze how monetary policy influences these outcomes. Our simulation results indicate that a positive foreign price shock increases the profit share and the within-workers inequality (in real terms), since low-wage workers are more affected by these shocks. Yet, such effects are mediated by the strength of the monetary policy's transmission channels (domestic economic activity or nominal exchange rate), indicating that the monetary authority response may exacerbate or attenuate these distributive effects.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268950
    Series: Working paper / Institute for International Political Economy Berlin ; no. 207 (2023)
    Subjects: inflation; inequality; monetary policy; foreign shocks; transmission mechanisms
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen