Financing of investments through green bonds has grown rapidly in recent years. But definitions of what makes a bond "green" vary. Various certification mechanisms have evolved to allow more granularity as well as continuity in assessment. Green bonds have been priced at issuance at a premium on...

Credit has grown at a rapid pace in emerging markets (EMs) over the last 10 years. Banks have played a major role in the extension of credit and have continued to be its main source. Domestic banks have taken over business from foreign banks since 2008. However, developments across EMEs have...