Ursula Wiriadinata's Books

How Large is the Sovereign Greenium?

By: Mr. Sakai Ando,Mr. Chenxu Fu,Mr. Francisco Roch,Ursula Wiriadinata

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How Large is the Sovereign Greenium?

By: Mr. Sakai Ando,Mr. Chenxu Fu,Mr. Francisco Roch,Ursula Wiriadinata

This paper assembles a comprehensive sovereign green bond database and estimates the sovereign greenium. The development of green bond markets has been one of the most important financial breakthroughs in the domain of sustainable finance during the last 15 years. A central benefit associated with green bonds has been that they exhibit a positive green premium (greenium), i.e., a lower yield relative to a similar conventional bond. Yet, issuances at the sovereign level have been relatively recent and not well documented in the literature. We find that green bonds are issued at a relatively small premium (4 basis points on average) in Advanced Economies. Yet, importantly, the greenium is growing over time and is considerably larger (11 basis points on average) for Emerging Market Economies.

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International Monetary Fund

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ISBN 13

9798400235160

E-Money and Monetary Policy Transmission

By: Zixuan Huang,Ms. Amina Lahreche,Mika Saito,Ursula Wiriadinata

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E-Money and Monetary Policy Transmission

By: Zixuan Huang,Ms. Amina Lahreche,Mika Saito,Ursula Wiriadinata

E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.

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International Monetary Fund

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ISBN 13

9798400270543

Sovereign Climate Debt Instruments

An Overview of the Green and Catastrophe Bond Markets

By: Ando Sakai,Mr. Francisco Roch,Ursula Wiriadinata,Mr. Chenxu Fu

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Sovereign Climate Debt Instruments

An Overview of the Green and Catastrophe Bond Markets

By: Ando Sakai,Mr. Francisco Roch,Ursula Wiriadinata,Mr. Chenxu Fu

Financial markets will play a catalytic role in financing the adaptation and mitigation to climate change. Catastrophe and green bonds in the private sector have become the most prominent innovations in the field of sustainable finance in the last fifteen years. Yet, the issuances at the sovereign level have been relatively recent and not well documented in the literature. This Note discusses the benefits of issuing these instruments as well as practical implementation challenges impairing the scaling-up of these markets. The issuance of these instruments could provide an additional source of stable financing with more favorable market access conditions, mitigate the stress of climate risks on public finances and facilitate the transition to greener low-carbon economies. Emerging market and developing economies stand to benefit the most from these financial innovations.

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