The Green Effect of Central Bank Monetary Policy Innovation:Quasi-natural Experimental Evidence from the Inclusion of Green Bonds in Qualified Collateral
This paper analyzes the green effect of China's central bank's monetary policy innovation by using the daily data of the green financial bond market and the difference-difference model.The results show that China's central bank's inclusion of green financial bonds in the scope of qualified collateral can increase the yield difference between green financial bonds and non-green financial bonds by 20 basis points;The effect of this policy is more significant in bonds with high credit ratings,govern-ment-backed banks and those issued by banks located in the green finance reform experimental innovation zone.Therefore,this paper proposes that the central bank can comprehensively use the monetary policy tools under the framework of collateral,strengthen the targeted regulation function of monetary policy,and help the realization of China's"30·60"double carbon goal.
New monetary policyGreen bondsCollateral channelsQuasi-natural experiment
NETL
NSTL
万方数据
