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Green bonds are about a decade old financial instrument with cash flows earmarked to improve the environment or combat …% of the entire fixed income market. The composition of the asset class has changed considerably over time. At the start … an aggregate fixed income allocation to reduce the impact on the risk and return characteristics of the existing …
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Sustainability and efficiency are potentially conflicting social objectives in natural resource management. We propose a market mechanism to allocate use rights over a stochastic resource to private managers. The mechanism endogenously determines the maximal tenure length guaranteeing that the...
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