Akademik Veri Yönetim Sistemi
Review of World Economics, 2025 (SSCI)
This study investigates the macroeconomic and environmental determinants of green bond issuances in a sample of nine countries, including eight OECD members and Brazil, from 2013 to 2023. Employing a fixed effects model on a comprehensive unbalanced panel dataset, our analysis reveals that strong institutional and structural factors are paramount. We find that Regulatory Quality, R&D Expenditures, and rising Energy Prices are significant positive drivers of green bond issuance. Conversely, a higher reliance on Fossil Fuels in the energy mix is associated with lower issuance. Critically, we uncover a counter-intuitive negative relationship between green bond issuance and the national Carbon Intensity of Economic Production. This suggests that for the most carbon-intensive economies, the perceived ‘need’ for a green transition is insufficient on its own to attract green investment. The robustness of these findings is rigorously tested and confirmed through multiple advanced methods, including the application of False Discovery Rate (FDR) corrections to address multiple hypothesis testing and first-difference estimations to guard against spurious regressions. Furthermore, our analysis demonstrates that these effects are not only statistically significant but also economically substantial. Our results indicate that market credibility, strong governance, and a commitment to innovation, rather than structural environmental challenges, are the primary drivers of a successful green bond market.