Publication:
Natural Capital and Sovereign Bonds

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dc.contributor.authorWang, Dieter
dc.date.accessioned2021-04-08T15:43:06Z
dc.date.available2021-04-08T15:43:06Z
dc.date.issued2021-04
dc.description.abstractNatural 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/628001617289818802/Natural-Capital-and-Sovereign-Bonds
dc.identifier.doi10.1596/1813-9450-9606
dc.identifier.urihttps://hdl.handle.net/10986/35401
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9606
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
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 Bondsen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleNatural Capital and Sovereign Bonds
okr.date.disclosure2021-04-01
okr.date.doiregistration2025-04-10T11:51:33.548632Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/628001617289818802/Natural-Capital-and-Sovereign-Bonds
okr.guid628001617289818802
okr.identifier.doi10.1596/1813-9450-9606
okr.identifier.externaldocumentum090224b0884674f6_1_0
okr.identifier.internaldocumentum32966734
okr.identifier.reportWPS9606
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/628001617289818802/pdf/Natural-Capital-and-Sovereign-Bonds.pdfen
okr.statistics.combined2014
okr.statistics.dr628001617289818802
okr.statistics.drstats1160
okr.topicAgriculture::Climate Change and Agriculture
okr.topicEnvironment::Climate Change Mitigation and Green House Gases
okr.topicEnvironment::Natural Resources Management
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Strategic Debt Management
okr.unitFinance, Competitiveness and Innovation Global Practice
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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