1 option
Natural Capital and Sovereign Bonds / Dieter Wang.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Wang, Dieter.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Agriculture.
- Climate Change and Agriculture.
- Climate Change Mitigation and Green House Gases.
- Environment.
- Finance and Development.
- Finance and Financial Sector Development.
- Greenhouse Gas Emissions.
- Ingrained Income Bias.
- Interactive Fixed Effect.
- Latent Common Bond Factors.
- Natural Capital.
- Natural Resource Management.
- Natural Resources Management.
- Renewable Resources.
- Sovereign Bond Yield.
- Local Subjects:
- Agriculture.
- Climate Change and Agriculture.
- Climate Change Mitigation and Green House Gases.
- Environment.
- Finance and Development.
- Finance and Financial Sector Development.
- Greenhouse Gas Emissions.
- Ingrained Income Bias.
- Interactive Fixed Effect.
- Latent Common Bond Factors.
- Natural Capital.
- Natural Resource Management.
- Natural Resources Management.
- Renewable Resources.
- Sovereign Bond Yield.
- Physical Description:
- 1 online resource (44 pages)
- Place of Publication:
- Washington, D.C. : The World Bank, 2021.
- System Details:
- data file
- Summary:
- Natural capital is related to government bonds through the macroeconomy and credit risks. This paper estimates this relationship from the long-term, between-country view and the short-term, within-country view. The paper cautions against the former, as it is dominated by income differences. These are de facto ingrained, as they cannot be overcome by short-term policy efforts. The within-country view is unaffected by the ingrained income bias and leaves room for recent natural capital changes to affect bond yields. The paper finds that non-renewables (fossil fuels and mineral assets) raise bond yields, possibly due to the resource curse. Renewables (forests and agricultural wealth) lower borrowing costs because they are economically worthwhile investments. Protected areas are more likely to be luxury investments.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.