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Emilia Németh-Durkó

Emilia Németh-Durkó

She holds an assistant lecturer position of the Department of Finance at the Corvinus University of Budapest, where she teaches Corporate Finance and Business Valuation. She is now working on her PhD thesis about income inequality and changes in electricity consumption patterns. Her field of research is related to energy economics and environmental finance.

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Emilia Németh-Durkó: Financing a low-carbon economy

Financial system is affected by climate change in many ways. The transition to a low-carbon society requires investing large amounts of economic resources in green sectors. The most common financial instrument for financing climate change is green bonds. Green bonds are becoming increasingly popular for investors, but many consider it is a diplomatic tool rather than a financial instrument. The purpose of the study is to compare the performance of green bonds with a conventional bonds based on a LOT model by Wulandari et al. (2018). One of the major statement that conventional bonds are less liquid than green bonds. The authors said that the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds. The question arises when discovering the contradictory results of the literature whether illiquidity problems can be responsible for positive yield spreads relative to non-green bonds.

Last modified: 2019.09.17.