The Impact of Central Bank Climate Communication on Green Bonds

Marina Conesa Martinez

No 2025/169, IMF Working Papers from International Monetary Fund

Abstract: This paper analyzes how central banks' communication influences corporate financial decisions and instruments. Empirically, we find that more active central bank communication is associated with a rise in firms' green bond issuance. The effect seems to be particularly strong among commercial banks, firms closely monitoring central bank climate communication, and firms with higher exposure to weather-related risks and opportunities. This likely reflects strategic responses to anticipated regulatory and market shifts.

Keywords: Central banking; Communication; Climate change; Green bonds; Sustainable finance; Natural language processing (search for similar items in EconPapers)
Pages: 37
Date: 2025-08-29
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