EFFECTIVENESS OF FINANCING SPECIFIC PUBLIC INTEREST PURPOSES BY NEW BOND STRUCTURES

Branka Tuskan Sjaus ()
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Branka Tuskan Sjaus: University of Zagreb

Economic Thought and Practice, 2020, vol. 29, issue 1, 289-306

Abstract: This paper analyses specific public interest purposes financing: environment protection and small- and medium- sized enterprises, by issuing new bond structures stimulating socially and environmentally responsible investments. Bonds issued by off-balance sheet securitisation and balance sheet covered bonds issuance techniques significantly contributed to mortgage financing development. However, structured financing application yields limited success and results, when dealing with some specific public interest purposes. The main research goal is to determine effectiveness of innovative bond structures, issued as a combination of the above mentioned techniques best practice, or issued as plain vanilla bonds but respecting more strict regulation and transparency of dedicated fund use. In the paper, green bonds and small- and medium- sized enterprises securities are analysed and compared. Their effectiveness is determined by comparative analysis of data on the representation and results achieved in financing of the chosen public interest purposes.

Keywords: securitisation; covered bonds; green bonds; SME securities; responsible financial investments (search for similar items in EconPapers)
JEL-codes: G20 G31 M14 O16 (search for similar items in EconPapers)
Date: 2020
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