| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16692 |
| DP16692 Too-big-to-strand? Bond versus bank financing in the transition to a low-carbon economy. | |
| Winta Beyene; Manthos Delis; Kathrin De Greiff; Steven Ongena | |
| 发表日期 | 2021-11-03 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | What is the role market- and bank-based debt play in the climate transition process? We present evidence that bond markets price the risk that assets held by fossil fuel firms strand, while banks in the syndicated loan market seemingly do not price this risk much. Consequently, to fulfill their financing needs fossil fuel firms increasingly rely less on bonds and more on loans. We can interpret the within-firm bond-to-loan substitution along stranding risk as a contraction in the supply of bond versus bank funding. Within the banking sector especially the big banks are willing to provide cheaper and more financing to fossil fuel firms. |
| 主题 | Financial Economics |
| 关键词 | Climate policy risk Financial intermediation Stranded assets Credit misallocation |
| URL | https://cepr.org/publications/dp16692 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545628 |
| 推荐引用方式 GB/T 7714 | Winta Beyene,Manthos Delis,Kathrin De Greiff,et al. DP16692 Too-big-to-strand? Bond versus bank financing in the transition to a low-carbon economy.. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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