5 LIDAM entities
Upcoming Events
LFIN Seminar - Klaas Mulier
09/05/2025 - 11:00 - LIDAM D.251
> "The poor, the rich, and the credit channel of monetary policy".
Klaas Mulier (UGent)
give a presentation on :
The poor, the rich, and the credit channel of monetary policy.
Abstract :
Monetary policy can have contrasting effects on economic inequality via distinct channels. We examine an effect working via the credit channel, whereby monetary policy induces heterogeneous access to credit for business owners based on their wealth. Using unique data on business loan applications from small firms, we find that monetary expansions increase the likelihood to approve loan applications, particularly so for low-wealth entrepreneurs, translating to higher future income and wealth. Survey data from 19 euro area countries on loan applications by SMEs confirms these findings, and shows that the effects transmit especially via weakly capitalized and less liquid banks.
LFIN Seminar - Syrine Ayachi
16/05/2025 - 11:00 - LIDAM D.251
> "Green Bonds and Competitive Markets: Exploring Incentives for Sustainable Financing".
Syrine Ayachi (UNamur)
will give a presentation on :
Green Bonds and Competitive Markets: Exploring Incentives for Sustainable Financing.
Abstract :
This paper examines the impact of market competition on firms' decisions to issue green bonds, with emphasis on whether competition from firms with previous green bond issuances influences such a decision. Using a Cragg model on a sample of green bond issuers from the MSCI World Index between 2012 and 2023, we find that greater competition significantly increases the likelihood of green bond issuance. Firms are more likely to issue green bonds when a greater proportion of their competitors have already done so, supporting the signaling theory, where firms use green bond issuance to communicate positive information about their financial stability and environmental commitments. Furthermore, competition from firms that have previously issued green bonds leads to an increase in the amount of green bonds issued, while competition from non-issuers has the opposite effect, aligning with the differentiation strategy. Our findings also highlight the influence of corporate governance in green bond issuance, showing that firms with a higher proportion of independent directors and female executives are more likely to adopt green financing. Additionally, firm size plays a significant role in green bond issuance. Large companies dominate the market, with superior access to capital markets, more financial resources, and better investors' confidence. In contrast, smaller firms, despite showing early interest in green bonds, face greater constraints that limit their ability to issue green bonds on a large scale. Macroeconomic factors such as trade openness and inflation also positively influence green bond issuance, and it indicates how the general economic environment affects firms' sustainable financing. These results connect green bond issuance to competitive pressures and provide valuable insights into how competitive forces, firm characteristics, and macroeconomic conditions collectively determine the adoption of sustainable financial practices worldwide. Understanding these dynamics is crucial for policymakers, investors, and business leaders seeking to foster green financing and accelerate the transition to a more sustainable economy.
IRES Lunch Seminar - Keiti kondi
13 May | 12:45 | Dupriez D. 144
Keiti Kondi
(Bureau Fédéral du Plan)
will give a presentation on
The importance of migration hypothesis in population projections
Abstract
Migration is a crucial yet inherently uncertain component of population projections, particularly in the context of long-term demographic forecasting and economic planning. This presentation examines the "migration hypothesis"—the set of assumptions and modeling techniques used to account for migration flows—and its profound implications for population structure. Given its high sensitivity to policy changes, economic conditions, and geopolitical events, migration introduces significant volatility into demographic forecasts. Using comparative analyses of projection scenarios with varying migration assumptions, we illustrate how shifts in migration can markedly affect total population size, age distribution, and dependency ratios. By highlighting the importance of methodology and scenario-based modeling, the presentation underscores the need to better integrate migration uncertainty into population projections to inform policy decision-making.
About the speaker
Keiti Kondi is an expert in demography and population dynamics at the Federal Planning Bureau. She is responsible for population and household projections.
