The green bond market has increased rapidly in recent years amid growing concerns about climate change and wider environmental issues. However, whether green bonds provide cheaper funding to issuers by trading at a premium, so-called greenium, is still an open discussion. This paper provides...

This paper develops a general equilibrium model of a productive economy with negative externalities. Investors are not willing to accept lower returns than their best investment alternatives and entrepreneurs maximize profits. If capital markets are subject to a search friction, an ESG fund can...

Chapter 1: Introduction -- Part 1 Paradigm Shift I: Seek Financial Health, Not Financial Access -- Chapter 2 Reassess the Financial Inclusion Revolution -- Chapter 3 Design Services That Build Financial Health -- Chapter 4 “Measure impact with client voices” – an interview with Sasha...