Abstract

The monetary policy operations of a central bank (CB) involve allocation decisions when purchasing assets and taking collateral. A green monetary policy aims to steer or tilt the allocation of assets and collateral toward low-carbon industries, to reduce the cost of capital for these sectors in comparison to high-carbon ones. Starting from a corporate bonds purchase program (e.g., CSPP) that follows a carbon-neutral monetary policy, we analyze how a shift in the CB portfolio allocation toward bonds issued by low-carbon companies can favor green firms in the market. Relying on optimal portfolio theory, we study how the CB might include the risk related to the environmental sustainability of firms in its balance sheet. In addition, we analyze the interactions between the neutral or green CB re-balancing policy and the evolutionary choice (i.e., by means of exponential replicator dynamics) of a population of firms that can decide to be green or not according to bonds borrowing cost.

中文翻译：

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绿色货币政策对企业融资成本的影响

摘要

中央银行（CB）的货币政策操作涉及购买资产和获取抵押品时的分配决策。绿色货币政策旨在引导或倾斜资产和抵押品的配置向低碳行业倾斜，以降低这些行业相对于高碳行业的资本成本。从遵循碳中性货币政策的企业债券购买计划（例如CSPP）开始，我们分析了CB投资组合配置向低碳公司发行的债券的转变如何有利于市场上的绿色企业。依靠最优投资组合理论，我们研究了CB如何将与企业环境可持续性相关的风险纳入其资产负债表中。此外，我们还分析了中性或绿色债券再平衡政策与一群企业的进化选择（即通过指数复制动态）之间的相互作用，这些企业可以根据债券借贷成本决定是否绿色。