This study documents a significant and positive impact of country-level sustainability scores on cross-border bank-to-nonbank flows. This result is robust after mitigating endogeneity concerns by applying instrumental variable regression, generalized method of moments estimation, Fama-MacBeth...

Banks might now seem odd candidates for the role of global sustainability regulator. Nonetheless, in limited areas of their operation, where global banks kept risk on their balance sheets and were financially exposed to many types of risk often otherwise treated as “externalities,” banks...

This paper investigates the synergies between the policy response to the European crisis and the green economy. We begin by examining the causes of the European crisis, including the potential role played by resource constraints, in particular the rise in oil prices 2004-2008. Then we develop a...