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Financial Analytics: Science and Experience

Analyzing the institutional environment for the issuance of green bonds in Asian countries

Vol. 17, Iss. 2, JUNE 2024

Received: 25 December 2023

Received in revised form: 12 January 2024

Accepted: 20 January 2024

Available online: 30 May 2024


JEL Classification: F01, H23

Pages: 178–195


Svetlana S. GUTMAN Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation


Maiya M. EGOROVA Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation


Subject. The article addresses the features of the issue of green bonds in the newly industrialized countries of the Asian region, the relationship between macroeconomic indicators and the development of the market of green financing.
Objectives. The aim is to study the existing ESG strategies of the countries selected for analysis, to determine factors influencing the issue of green bonds and economic growth.
Methods. The study employs methods of analysis and synthesis, comparative and correlation-regression analysis.
Results. The paper defines positive correlation between the indicators of the size of the economy and the issuance of green bonds, shows the insignificance of the model of dependence of the level of GDP and capital inflows from investment activity on the growth of the green market under the accepted limitations of the study.
Conclusions. To ensure sustainable development, it is necessary to attract additional resources, including through the issuance of green bonds. The analysis of factors demonstrated the presence of significant links between the indicators of the state of the economy and the volume of issued green bonds. The findings can be used by investors and financial analysts to make decisions in the field of green financing.

Keywords: ESG, green bond, Asia


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ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

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Vol. 17, Iss. 2
June 2024