2,440 research outputs found
Fostering green finance for sustainable development in Asia
No full textPlacing the Asian economies onto a sustainable development pathway requires an unprecedented shift in investment away from greenhouse gas, fossil fuel and natural resource intensive industries towards more resource efficient technologies and business models. The financial sector will have to play a central role in this "green transformation". This study discusses the need for greening the financial system and the role of financial governance. It reviews the state of green lending and investment in Asia and provides an overview of green financial governance initiatives across Asia. It also identifies market innovations to increase green finance in Asia as well as barriers to green investments and financial policy and highlights priority areas for policy makers
Inclusive Green Finance
No full textThis chapter discusses challenges and opportunities related to developing inclusive green finance (IGF) approaches. It highlights the importance of social risk and equity concerns in devising green policies and outlines how IGF can be instrumental for a just transition to a sustainable economy. Moreover, the chapter presents a framework for policy approaches on how to leverage IGF for climate change adaptation and mitigation. It also reflects on how IGF-related policies could contribute to a sustainable recovery after the global pandemic and help countries meet commitments made under the Paris Agreement and the Sustainable Development Agenda
When You Got Nothing, You Got Nothing to Lose: Monetary Integration and Monetary Policy Independence
No full textSustainable Finance in Southeast Asia
No full textThis chapter provides an overview of sustainable finance policies and frameworks that have been established in Southeast Asian countries and at the regional level, reviews developments in sustainable financial markets across the region, contextualises the challenges in scaling up sustainable finance and investment, and discusses the opportunities and actions that could be undertaken both individually and collectively. It provides recommendations for ASEAN countries to further align finance with sustainability objectives
Scaling Up Sustainable Finance and Investment in the Global South: Introduction
No full textCreating economically and politically legitimate solutions to tackle climate change is one of the most pressing and challenging issues of our time. For emerging and developing economies, the task is made more difficult due to a lack of financing, increasing debt accumulation and the need to address domestic socio-economic issues. This eBook provides a comprehensive overview of the financing gap that emerging and developing countries face to meet the Sustainable Development Goals and Paris climate goals. It provides detailed country- and region-level analysis of the challenges and opportunities of scaling up sustainable finance and investment and discusses the range of instruments that could be used to reach these climate and development objectives
Prospects for Monetary Cooperation and Integration in East Asia
No full textEast Asian countries were notably uninterested in regional monetary integration until the late 1990s, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book, Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. Volz points out that monetary cooperation can be defined broadly to include options ranging from informal policy consultations to European-style monetary union. He recommends a gradual approach toward monetary integration in East Asia, one that pursues less extensive forms of monetary cooperation before tackling such highly challenging projects as a regional exchange rate system or a regional monetary union. The simpler, less demanding forms of policy coordination would, Volz argues, allow East Asian countries to develop an integrationist spirit and gain experience in cooperation. Monetary integration is not an end in itself, Volz reminds us, but a means to promote economic and financial development and create a stable macroeconomic environment that is conducive to investment and growth. After providing an in-depth analysis of the costs and benefits of monetary integration, Volz examines different options for East Asian countries. He then proposes a strategy whereby countries first opt for a managed float of exchange rates guided by a regional currency basket into which an "Asian currency unit" is introduced as a virtual parallel currency to circulate alongside national currencies
The development and transformation of the People's Republic of China's financial system
No full textThis paper looks at the development and transformation of the People's Republic of China (PRC)'s financial system since the start of economic and financial reforms in 1978. It describes how despite the rapid development of capital markets since the 1990s, the PRC's financial system continues to be dominated by bank lending. Reforms have not eliminated the credit expansion impetus of large commercial banks, while the effectiveness of capital-based constraints and administrative measures is far below potential. Large state-owned banks have become important players in bond and equity markets, as well as important sources of liquidity provision for smaller commercial banks and a range of non-bank financial institutions through a combination of inter-bank funding activities, wealth management products and shadow banking/grey capital market activities. The importance of non-bank financial institutions has also continued to grow. Off-shore markets have increased the overseas holdings of financial assets, but their potential remains limited by capital controls and the fragility of the domestic financial system. An unintended consequence of this is that although the PRC's state run financial system has become more complex and more interconnected domestically, foreign participation remains low
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