IMF-央行气候沟通对绿色债券的影响（英）

The Impact of Central Bank Communication on Sustainable Finance InstrumentsMarina Conesa Martinez WP/25/169 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2025 AUG* PhD candidate at Universidad Autónoma de Madrid.This paper was prepared while the author was working at the Research Department of the International Monetary Fund. The work inthis paper is partly supported by the Macroeconomic Policy in Low-Income Countries program of the UK’s Foreign, Commonwealth and Development Office (FCDO) and the Macroeconomic Research on Climate Change and Emerging Risks in Asia program of the Ministry of Economy and Finance of the Government of Korea. The author would like to thank the participants of the IMF RESDM Seminar Series, the CETEx Monetary and Financial Markets team discussion, and the Faculty of Economics Seminar at the University of Valencia for their thoughtful comments and feedback. The views expressed in this paper are those of the author and should not be attributed to the International Monetary Fund, its Executive Board, and IMF Management. © 2025 International Monetary Fund WP/25/169IMF Working Paper Research Department The Impact of Central Bank Communication on Sustainable Finance Instruments Prepared by Marina Conesa* Authorized for distribution by Petia Topalova July 2025 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: This paper analyzes how central banks' communication influences corporate financial decisions and instruments. Empirically, we find that more active central bank communication is associated with a rise in firms' green bond issuance. The effect seems to be particularly strong among commercial banks, firms closely monitoring central bank climate communication, and firms with higher exposure to weather-related risks and opportunities. This likely reflects strategic responses to anticipated regulatory and market shifts. JEL Classification Numbers: E58, Q54, E44, G32, C55, C32 Keywords: Central banking, Communication, Climate change, Green bonds, Sustainable finance, Natural language processing. Author’s E-Mail Address: marina.conesa@estudiante.uam.es or conesa.martinez.marina@gmail.com IMF WORKING PAPERS The Impact of Central Bank Communication on Sustainable Finance Instruments INTERNATIONAL MONETARY FUND 3 WORKING PAPERS The Impact of Central Bank Communication on Sustainable Finance Instruments Prepared by Marina Conesa Martinez1 1 PhD candidate at Universidad Autónoma de Madrid. This paper was prepared while the author was working at