On the basis of the European Commission’s 2015 Action Plan “on Building a Capital Markets Union” (CMU), as further specified in the 2017 “Mid-Term Review of the [CMU] Action Plan”, the European Parliament and the Council adopted on 27 November 2019 Regulation (EU) 2019/2088 “on...

We study the effects of green capital requirements that give preferential capital treatment to clean loans. From a positive perspective, our analysis clarifies the differential effects of green supporting and brown penalizing factors. From a normative perspective, we contrast optimal capital...

Recently, “Financial Technology-companies” (FinTechs) are increasingly changing the financial services industry worldwide and impose considerable challenges for regulators tasked to solve the arising trade-off between sound regulation and innovation support. In this regard, regulatory...

It is now well established fact that the present policies need to change to give priority to sustainable development. Various measures of satisfaction with life or happiness in developed countries appear not to have risen in recent years despite developed countries' high per capita incomes. The...

We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that green banks indeed reward firms for being green in...

Die Digitalisierung ist die gröt︢e gesellschaftsweite Transformation unserer Zeit. Ihre technologische Entwicklung verläuft exponentiell und macht dadurch Innovationssprünge und deren Nebenfolgen zunehmend unabsehbar. Trotzdem betonen Politik und Wirtschaft die Notwendigkeit, die...

Governments are increasingly seeking opportunities to leverage digital technologies to build a greener future. This guidance note provides useful advice to policy makers underlining adequate leadership and commitment are crucial to implement coordinated GovTech and Green policies. The climate...