Natural Capital and Sovereign Bonds

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dc.creatorWang, Dieter
dc.date2021-04-08T15:43:06Z
dc.date2021-04-08T15:43:06Z
dc.date2021-04
dc.date.accessioned2026-07-01T00:37:33Z
dc.descriptionNatural capital is related to government bonds through the macroeconomy and credit risks. This paper estimates this relationship from the long-term, between-country view and the short-term, within-country view. The paper cautions against the former, as it is dominated by income differences. These are de facto ingrained, as they cannot be overcome by short-term policy efforts. The within-country view is unaffected by the ingrained income bias and leaves room for recent natural capital changes to affect bond yields. The paper finds that non-renewables (fossil fuels and mineral assets) raise bond yields, possibly due to the resource curse. Renewables (forests and agricultural wealth) lower borrowing costs because they are economically worthwhile investments. Protected areas are more likely to be luxury investments.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/628001617289818802/Natural-Capital-and-Sovereign-Bonds
dc.identifierhttps://hdl.handle.net/10986/35401
dc.identifier10.1596/1813-9450-9606
dc.identifier.urihttp://hdl.handle.net/123456789/407667
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 9606
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo
dc.rightsWorld Bank
dc.subjectNATURAL CAPITAL
dc.subjectNATURAL RESOURCE MANAGEMENT
dc.subjectSOVEREIGN BOND YIELD
dc.subjectINGRAINED INCOME BIAS
dc.subjectINTERACTIVE FIXED EFFECT
dc.subjectLATENT COMMON BOND FACTORS
dc.subjectGREENHOUSE GAS EMISSIONS
dc.subjectRENEWABLE RESOURCES
dc.titleNatural Capital and Sovereign Bonds
dc.typeWorking Paper
dc.typeDocument de travail
dc.typeDocumento de trabajo

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