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Analysis of the Effect of Monetary Policy on Green Bonds in ASEAN-5 Countries

Year: 2026

Type: article

Abstract: : This study aims to examine the impact of monetary policy on green bonds in ASEAN-5 countries in both the short and long term. The monetary policy variables include foreign exchange reserves, exchange rates, and reference interest rates, with trading volume as a supporting variable. This study uses quarterly data from 2016:Q1 to 2023:Q4 and applies the ARDL Pooled Mean Group (PMG) approach. The results show that, in the short term, all independent variables have no significant effect on green bonds. However, in the long term, foreign exchange reserves and interest rates have a negative effect, while exchange rates and trading volume have a positive effect on green bonds. These findings provide important implications for policymakers in promoting sustainable finance development.

Source: Account and Financial Management Journal

DOI: 10.5281/zenodo.19662616

Authors: Nadila, Vadilla Mutia Zahara, Stannia Cahaya Suci, Cep Jandi Anwar, Deswita Herlina

Institution: Sultan Ageng Tirtayasa University

Language: English

Topic: Sustainable Finance and Green Bonds

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Climate action

Open Access status: diamond

OpenAlex ID: W7154997430

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