Capital markets
Fabio Fornari, Daniele Pianeselli and Andrea Zaghini, “Environmental score and bond pricing: it better be good, it better be green”
European Central Bank, Working Paper n° 3176
Posted in: Articolo
Feb
26
2026
Abstract: We provide empirical evidence that the pricing of green bonds tends to be highly sophisticated and based on a two-tiered approach. When buying a green bond, investors do not look only at the presence of a green label, but also consider additional characteristics of ...more »
Tagged width: banking, capital markets
Anna Amirdjanova, David Lynch and Anni Zheng, “Initial Margin for Crypto Currencies Risks in Uncleared Markets”
Federal Reserve Board, Washington, D.C., Working n° 2026-009
Posted in: Articolo
Feb
26
2026
Abstract: We examine prospective classification of crypto currencies risks within the ISDA Standardized Initial Margin Model (SIMM) framework for calculation of initial margin on trades sensitive to cryptocurrencies’ risk factors in the uncleared market. Consistent with the view that cryptocurrencies are digital assets that fundamentally ...more »
Tagged width: banking, capital markets, fintech
Simone Di Paolo, Danilo Liberati and Lorenzo Rubeo, “(Green)washing the trust: climate information and banking policies”
Banca d’Italia, Working paper n° 1514
Posted in: Articolo
Feb
26
2026
Abstract: The paper proposes a methodology to identify firms engaged in greenwashing, that is, firms that claim to be more sustainable than they actually are. It then assesses the potential impact of this practice on the price and volume of bank loans, also following changes ...more »
Tagged width: banking, capital markets
Manuel Buchholz, Axel Loeffler and Patrick Sigel, “Do capital requirements and their international differences affect banks’ profitability?”
Deutsche Bundesbank, Working paper n° 31/2025
Posted in: Articolo
Gen
29
2026
Abstract: A key element of the Basel III reforms are stricter capital requirements, which have been implemented with varying degrees of stringency across jurisdictions. We examine the impact of these requirements on bank profitability in the US and Europe between 2019 and 2024. We find ...more »
Tagged width: banking, capital markets
Mahmoud Fatouh, Benjamin Guin and Haluk Unal, “Product innovation in the UK mortgage market: the case of green mortgages”
Bank of England, Working paper n° 1167
Posted in: Articolo
Gen
29
2026
Abstract: We study product innovation in the UK mortgage market by analysing when and how attributes outside the traditional structure of mortgage contracts become pricing relevant. To do so, we develop a stylised framework that treats mortgage products as structured bundles of attributes, focusing on ...more »
Tagged width: banking, capital markets
Alessandro Moro and Andrea Zaghini, “Cui prodest? The heterogeneous impact of green bonds on companies’ ESG score”
Banca d’Italia, Working paper n° 1499
Posted in: Articolo
Gen
29
2026
Abstract: This study analyses, from both a theoretical and empirical perspective, whether issuing green bonds improves companies’ environmental performance. The theoretical part develops a model with information asymmetries between investors and issuing companies, which can choose between polluting and clean technology. The empirical analysis, based ...more »
Tagged width: banking, capital markets
Somnath Chatterjee and David Humphry, “Solvency and systemic risk of European life insurers”
Bank of England, Working paper n° 1168
Posted in: Articolo
Gen
29
2026
Abstract: The paper presents two risk-based capital frameworks for systemically important European life insurers by drawing a distinction between solvency risk and systemic risk. Solvency risk arises when the value of a life insurer’s assets falls below some threshold proportion of its liabilities. To assess ...more »
Tagged width: banking, capital markets, insurance
Jonas Heim and Thomas Nitschka, “On the carbon premium in Swiss stock returns”
SWISS NATIONAL BANK, Working paper n° 13/2025
Posted in: Articolo
Gen
29
2026
Abstract: This paper evaluates whether CO2 emission levels or emission intensities are firm characteristics that drive Swiss firms’ stock returns. We show that standard characteristics such as size and the book-to-market equity ratio are more important determinants of firm-level stock returns than are CO2 levels ...more »
Tagged width: banking, capital markets
Marc Blatter and Joséphine Molleyres, “LCR optimization by banks: Evidence from changes in liquidity requirements in Switzerland”
SWISS NATIONAL BANK, Working paper n° 18/2025
Posted in: Articolo
Gen
29
2026
Abstract: In this paper, we analyze the effects of the introduction of the liquidity coverage ratio (LCR) on banks’ funding behavior. We use changes in regulatory liquidity requirements in Switzerland as a natural experiment. Using data for the period before and after the LCR was ...more »
Tagged width: banking, capital markets
Pablo Garcia, Pascal Jacquinot, Črt Lenarčič, Kostas Mavromatis, Niki Papadopoulou and Edgar Silgado-Gómez, “GREEN TRANSITION IN THE EURO AREA: DOMESTIC AND GLOBAL FACTORS”
BANCO DE ESPAÑA, Working paper n° 2537
Posted in: Articolo
Gen
29
2026
Abstract: We explore the macroeconomic effects of climate policies promoting the green energy transition in the euro area using an extended version of the Euro Area and Global Economy (EAGLE) model. The model differentiates between brown and green energy sectors and incorporates carbon taxes and ...more »
Tagged width: capital markets, eurozone, politica monetaria
