Between Global and Local Standards: The Adoption of Global Green Bond Standards in China

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dc.contributor.advisorPearson, Margareten_US
dc.contributor.authorLin, Jiun-Daen_US
dc.contributor.departmentGovernment and Politicsen_US
dc.contributor.publisherDigital Repository at the University of Marylanden_US
dc.contributor.publisherUniversity of Maryland (College Park, Md.)en_US
dc.date.accessioned2022-02-04T06:34:10Z
dc.date.available2022-02-04T06:34:10Z
dc.date.issued2021en_US
dc.description.abstractThis dissertation analyzes the political economy of green bonds and global green bond standards in China. This research explains two puzzles: (1) Why did China’s green bond market grow faster than other emerging economies? (2) Why do some Chinese green bond issuers comply with international standards – the Green Bond Principles (GBP) or the Climate Bonds Standard (CBS), while others do not? Regarding the first question, this study argues that state capitalism, transnational climate governance, and support from top-level leadership are critical driving forces of the rapid development of green finance in China. In answering the second question, the variation in Chinese green bond issuers’ compliance with international standards is determined by domestic regulatory agencies’ preferences, firms’ ties, and firm characteristics. Specifically, bond issuers will be more likely to comply with GBP and CBS when (1) domestic regulators encourage compliance with global standards or (2) the issuers have more political connections or Western linkages. Moreover, this study finds that firms’ Western linkages could further moderate the effect of regulators’ preferences.en_US
dc.identifierhttps://doi.org/10.13016/uy0i-gvbm
dc.identifier.urihttp://hdl.handle.net/1903/28423
dc.language.isoenen_US
dc.subject.pqcontrolledPolitical scienceen_US
dc.subject.pqcontrolledInternational relationsen_US
dc.subject.pqcontrolledClimate changeen_US
dc.subject.pquncontrolledClimate Bonds Standarden_US
dc.subject.pquncontrolledGreen Bondsen_US
dc.subject.pquncontrolledGreen financeen_US
dc.subject.pquncontrolledPrivate authorityen_US
dc.subject.pquncontrolledState capitalismen_US
dc.subject.pquncontrolledTransnational climate governanceen_US
dc.titleBetween Global and Local Standards: The Adoption of Global Green Bond Standards in Chinaen_US
dc.typeDissertationen_US

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