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  1. The implementation of sustainability taxonomies
    the case of South Africa
    Author: Hilbrich, Sören; Berensmann, Kathrin; Artmann, Giovanna; Ashman, Sam; Herbold, Theresa; Lötters-Viehof, Steffen; Monti, Agnese; Paffhausen, Felix; Roigk, Stephanie; Steenkamp, Lee-Ann
    Published: 2023
    Publisher:  German Institute of Development and Sustainability (IDOS), Bonn

    In recent years, many jurisdictions have developed sustainability taxonomies that aim to increase transparency of financial markets and redirect capital flows to sustainable investments. Such sustainable finance policies can be important levers... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    In recent years, many jurisdictions have developed sustainability taxonomies that aim to increase transparency of financial markets and redirect capital flows to sustainable investments. Such sustainable finance policies can be important levers because today’s investments shape economic production processes for decades. This case study on South Africa’s Green Finance Taxonomy (GFT) addresses the question of what factors influence the adoption of sustainability taxonomies by potential users. It finds that one year after its publication, the GFT has hardly been used in practice. Important factors hindering an effective implementation are a lack of regulatory embedding, the absence of a legal recognition of the GFT by the European Union (EU), a hesitancy among financial market participants to build capacities to collect the necessary data, and fossil-fuel path dependencies in South Africa’s economy. These findings have important policy implications (e.g. regarding accompanying governance measures) for implementation processes in many countries in the coming years.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282979
    Series: IDOS discussion paper ; 2023, 15
    Subjects: Klimaänderung; Kreditmarkt; Finanzinstrument; Kapitalmarkt; Geldmarkt; Investitionslenkung; Transparenz; Politischer Prozess; Green finance; sustainable finance; green taxonomy; sustainability taxonomy; South Africa; financial markets; policy implementation
    Scope: 1 Online-Ressource (VI, 17 Seiten)
  2. Bank funding risk, reference rates, and credit supply
    Author: Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, Zachry; Yang, Yilin
    Published: [2023]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debtoverhang cost to bank shareholders. Until 2022,... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 207
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    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debtoverhang cost to bank shareholders. Until 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We show that transition to risk-free reference rates may exacerbate this friction. The adverse impact on credit supply is offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during the COVID recession.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272855
    Edition: Revised February 2023
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1042 (December 2022)
    Subjects: Kreditgeschäft; Interbankenmarkt; Kreditrisiko; Kreditwürdigkeit; Bankrisiko; Geldmarkt; Finanzkrise; bank funding risk; credit supply; reference rates; credit lines; London Interbank Offered Rate (LIBOR); Secured Overnight Financing Rate (SOFR)
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  3. Essays in market microstructure
    Author: Schaffner, Patrick
    Published: 2023

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Other identifier:
    hdl: 20.500.14171/107741
    5247
    Subjects: Geldmarkt; Wertpapierpensionsgeschäft; Interbankgeschäft; Geldpolitik; EMIR; collateral; tiered reserves; quantitative easing; Basler Eigenkapitalvereinbarung (2010); Repurchase agreement; Eurogeldmarkt; Basel III; Basel 3; Repo
    Scope: 1 Online-Ressource (circa 115 Seiten), Illustrationen
    Notes:

    Dissertation, University of St.Gallen, 2022
  4. Hawks and Doves
    financial market perception of Western support for Ukraine
    Author: Neuenkirch, Matthias; Repko, Maria; Weber, Enzo
    Published: [2023]
    Publisher:  IOS, Leibniz-Institut for East and Southeast European Studies, Arbeitsbereich Ökonomie, Regensburg

    Since the Russian invasion of Ukraine on February 24, 2022, the West has been intensively discussing its support strategy. Hawkish positions of strengthening Ukraine via armaments, financial resources, and sanctions against Russia compete with dovish... more

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    Universitätsbibliothek Mannheim
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    Mannheimer Zentrum für Europäische Sozialforschung, Bibliothek
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    Since the Russian invasion of Ukraine on February 24, 2022, the West has been intensively discussing its support strategy. Hawkish positions of strengthening Ukraine via armaments, financial resources, and sanctions against Russia compete with dovish views of avoiding further escalation of the military and geopolitical conflict. News from the war became a dominating factor for international politics and the world economy. In this paper, we analyse how international financial markets perceived this news, especially on Western positions. We create a comprehensive data set of news related to the war and measure reactions of five key financial markets. The results show that stronger support for Ukraine had a positive impact after the first weeks of the war when the Ukrainian position in the war improved, but a negative or at least less positive influence before. Thus, financial markets seem to have perceived support as a risk of further escalation threatening global economic activity in the first phase. However, a hawkish line was a positive signal for financial markets after the change in perceptions. The results also confirm that the war and escalation in general had harmful effects on international financial markets.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272224
    Series: IOS working papers ; no. 398 (May 2023)
    Subjects: Waffenhandel; Wirtschaftshilfe; Sanktion; Kreditmarkt; Kapitalmarkt; Geldmarkt; Wirkung; Auswirkung; Conflict; Event Study; Financial Markets; News; Russia; Sanctions; Ukraine
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  5. Essays on short-term funding markets
    Author: Ballensiefen, Benedikt
    Published: 2023

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
    Other identifier:
    hdl: 20.500.14171/107699
    5266
    Subjects: Finanzierung; Liquidität; Geldmarkt; Geldpolitik; Bewertung; Staatsanleihe; monetary policy; liquidity; Funding; money market; bond; asset pricing
    Scope: 1 Online-Ressource (circa 228 Seiten), Illustrationen
    Notes:

    Dissertation, University of St.Gallen, 2022
  6. Har strukturell likviditet større påvirkning på Nibor-påslaget enn tidligere?
    Author: Hagen, Marius; Stiansen, Kjetil
    Published: [2023]
    Publisher:  Norges Bank, [Oslo]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 674
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    Source: Union catalogues
    Language: Norwegian
    Media type: Ebook
    Format: Online
    ISBN: 9788283792805
    Other identifier:
    hdl: 11250/3073134
    hdl: 10419/298504
    Series: Staff memo / Norges Bank ; nr. 2023, 14
    Subjects: Geldmarkt; Norwegen
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  7. The implementation of sustainable finance taxonomies
    learning from South African experiences
    Author: Lötters-Viehof, Steffen; Hilbrich, Sören; Berensmann, Kathrin; Artmann, Giovanna; Ashman, Sam; Herbold, Theresa; Monti, Agnese; Paffhausen, Felix; Roigk, Stephanie; Steenkamp, Lee-Ann
    Published: 2023
    Publisher:  German Institute of Development and Sustainability (IDOS) gGmbH, Bonn

    To bring our economies on a path to climate neutrality, investments in carbon-intensive production processes have to stop. At the same time, we need to mobilise large amounts of capital for investments conducive to a just transition. Reforming the... more

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    Fachinformationsverbund Internationale Beziehungen und Länderkunde
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    German Institute of Development and Sustainability (IDOS), Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DSP 396
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    To bring our economies on a path to climate neutrality, investments in carbon-intensive production processes have to stop. At the same time, we need to mobilise large amounts of capital for investments conducive to a just transition. Reforming the financial sector in a way that allows this redirection of capital flows to take place is crucial. As one element of a comprehensive sustainable finance strategy, taxonomies can potentially play a pivotal role in this regard. By providing common definitions for sustainable economic activities, these taxonomies aim to increase transparency on financial markets and help market participants to align their investment decisions with sustainability considerations. This policy brief presents policy recommendations concerning the implementation of sustainable finance taxonomies based on experiences with the South African Green Finance Taxonomy (GFT). It mainly builds on data collected in semi-structured expert interviews with different stakeholders of the GFT conducted in South Africa between February and April 2023 (Hilbrich et al., 2023). The implementation phase of the GFT has revealed multiple challenges, including a need for improved regulatory embedding and enhanced capacities on the part of potential users. This has led to a low uptake by market participants. To address these challenges, this policy brief presents four recommendations that are of relevance not only for South Africa but also for many other countries that are currently implementing a sustainable finance taxonomy: Voluntary taxonomies are insufficient to facilitate the necessary widespread uptake. Public institutions need to set a credible signal that a taxonomy will indeed become the common standard on the financial market. National regulators should issue guidance notes on taxonomy usage and consider implementing mandatory reporting rules. Regulators or stock exchanges should require issuers of green financial instruments, including green bonds, to align their project eligibility criteria with a sustainable finance taxonomy. In addition, a good coordination and a clear distribution of responsibilities among governance actors is crucial in the implementation phase. A taxonomy can only fulfil its potential if it is meaningfully integrated into an overarching sustainability strategy. Taxonomy reporting requires both capacity and expertise. Both market and governance actors need to ensure possibilities for learning and for exchanging specialised knowledge. Pilot studies can help reduce uncertainties and train practitioners on the job. A lack of bankable green projects decreases the potential of a taxonomy to redirect capital flows and reduces incentives to adopt a taxonomy. Development banks should provide risk capital and seed funding to help develop green projects. Interoperability between different taxonomies is an essential goal. The European Union (EU) should formally recognise taxonomies of other jurisdictions that meet certain standards as equivalent to the EU taxonomy (and communicate under what conditions it is willing to do so). Accordingly, assets shown to align with a particular taxonomy would be recognised as aligned with the EU taxonomy without further assessment.

     
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  8. Bank funding risk, reference rates, and credit supply
    Author: Cooperman, Harry R.; Duffie, Darrell; Yang, Yilin; Luck, Stephan; Wang, Zachry Z.
    Published: [2023]
    Publisher:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

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  9. The implementation of sustainability taxonomies
    the case of South Africa
    Author: Hilbrich, Sören; Berensmann, Kathrin; Artmann, Giovanna; Ashman, Sam; Herbold, Theresa; Lötters-Viehof, Steffen; Monti, Agnese; Paffhausen, Felix; Roigk, Stephanie; Steenkamp, Lee-Ann
    Published: 2023
    Publisher:  German Institute of Development and Sustainability (IDOS), Bonn

    In recent years, many jurisdictions have developed sustainability taxonomies that aim to increase transparency of financial markets and redirect capital flows to sustainable investments. Such sustainable finance policies can be important levers... more

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

    Location:
    Fachinformationsverbund Internationale Beziehungen und Länderkunde
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    No inter-library loan

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Location:
    German Institute of Development and Sustainability (IDOS), Bibliothek
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    OA
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 644
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    In recent years, many jurisdictions have developed sustainability taxonomies that aim to increase transparency of financial markets and redirect capital flows to sustainable investments. Such sustainable finance policies can be important levers because today’s investments shape economic production processes for decades. This case study on South Africa’s Green Finance Taxonomy (GFT) addresses the question of what factors influence the adoption of sustainability taxonomies by potential users. It finds that one year after its publication, the GFT has hardly been used in practice. Important factors hindering an effective implementation are a lack of regulatory embedding, the absence of a legal recognition of the GFT by the European Union (EU), a hesitancy among financial market participants to build capacities to collect the necessary data, and fossil-fuel path dependencies in South Africa’s economy. These findings have important policy implications (e.g. regarding accompanying governance measures) for implementation processes in many countries in the coming years.

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282979
    Series: IDOS discussion paper ; 2023, 15
    Subjects: Klimaänderung; Kreditmarkt; Finanzinstrument; Kapitalmarkt; Geldmarkt; Investitionslenkung; Transparenz; Politischer Prozess; Green finance; sustainable finance; green taxonomy; sustainability taxonomy; South Africa; financial markets; policy implementation
    Scope: 1 Online-Ressource (VI, 17 Seiten)
  10. Bank Funding Risk, Reference Rates, and Credit Supply
    Author: Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, Zachry; Yang, Yilin
    Published: February 2023
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until 2022,... more

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Corporate credit lines are drawn more heavily when funding markets are more stressed. This covariance elevates expected bank funding costs. We show that credit supply is dampened by the associated debt-overhang cost to bank shareholders. Until 2022, this impact was reduced by linking the interest paid on lines to credit-sensitive reference rates such as LIBOR. We show that transition to risk-free reference rates may exacerbate this friction. The adverse impact on credit supply is offset if drawdowns are expected to be left on deposit at the same bank, which happened at some of the largest banks during the COVID recession

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30907
    Subjects: Kreditgeschäft; Interbankenmarkt; Kreditrisiko; Kreditwürdigkeit; Bankrisiko; Geldmarkt; Finanzkrise; Zins; Zinsstruktur; Money and Interest Rates; Interest Rates: Determination, Term Structure, and Effects; General; Financial Crises; Behavioral Finance: Underlying Principles; General; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers