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Zonder onderwerpscode: financiewezen

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Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool, which is already used in major jurisdictions, may also help mitigate systemic risk. Here we develop and apply a methodology to investigate whether swing pricing does in fact help dampen flows out of funds, especially during periods of market stress. Drawing on evidence of first-mover advantage within a group of ‘swinging’ corporate bond funds, we provide policy considerations for enhancing the tool’s effectiveness as a systemic risk mitigant.

Banks and Banking --- Finance: General --- Financial Risk Management --- Public Finance --- Model Construction and Estimation --- Quantitative Policy Modeling --- Financial Crises --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- International Financial Markets --- Taxation, Subsidies, and Revenue: General --- Portfolio Choice --- Investment Decisions --- Finance --- Financial services law & regulation --- Public finance & taxation --- Systemic risk --- Liquidity risk --- Asset management --- Risk mitigation in revenue administration --- Liquidity management --- Financial sector policy and analysis --- Financial regulation and supervision --- Asset and liability management --- Revenue administration --- Financial risk management --- Asset-liability management --- Liquidity --- Economics --- United States

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This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance of sovereign ESG bonds entails. While green bonds are the instruments used to describe the issuance process, the paper also covers alternative instruments, including social and sustainability-linked bonds to provide issuers and other stakeholders with a comprehensive view of the ESG bond marketplace.

Colombia --- Macroeconomics --- Economics: General --- Investments: Bonds --- Environmental Economics --- Corporate Governance --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Corporate Finance and Governance: Government Policy and Regulation --- Taxation, Subsidies, and Revenues: Other Sources of Revenue --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Energy: Government Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Ecological Economics: Ecosystem Services --- Biodiversity Conservation --- Bioeconomics --- Industrial Ecology --- Environmental Economics: Government Policy --- Environmental Economics: General --- Corporate Culture --- Diversity --- Social Responsibility --- Economic & financial crises & disasters --- Economics of specific sectors --- Investment & securities --- Corporate governance --- role & responsibilities of boards & directors --- Green finance / sustainable finance --- Environmental economics --- Public finance & taxation --- Bonds --- Financial institutions --- Corporate social responsibility --- Economic sectors --- Climate finance --- Environment --- Sovereign bonds --- Currency crises --- Informal sector --- Economics --- Climatic changes --- Environmental sciences --- Debts, Public --- Role & responsibilities of boards & directors