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Journals / Journal of Research in Economics / 2026 / Issue: Special Issue in Honor of Prof. Dr. Mine Çınar Special Issue

DETERMINANTS OF GREEN BONDS PERFORMANCE IN EMERGING MARKETS: A CRITICAL LITTERATURE REVIEW

Wissal Gamraoui

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Publication Date
2026-05-17
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Abstract

Green bonds have emerged as a crucial financial innovation for channeling proceeds toward environmentally responsible projects. Nevertheless, their adoption in emerging economies remains limited and studies regarding the key determinants of their performance in these contexts are relatively scarce. This article suggests a critical review of the literature and highlights four principal categories influencing the performance of green bonds: macroeconomic factors, financial and asset class dynamics, bonds characteristics and social and behavioral preferences. However, several obstacles continue to limit market development, such as the lack of standardized regulations, high cost of issuance, greenwashing risks, etc. The literature indicates that the public-sector intervention is crucial to enhance market confidence and boost the growth of green bonds as an instrument for sustainable development in emerging countries.

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Cite This Article

Gamraoui, W. (2026). DETERMINANTS OF GREEN BONDS PERFORMANCE IN EMERGING MARKETS: A CRITICAL LITTERATURE REVIEW. Journal of Research in Economics, Issue: Special Issue in Honor of Prof. Dr. Mine Çınar Special Issue. https://ajindex.com/articles/1060271

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