New Financing for Sustainable Development The Case for NNP- or Inclusive Wealth-Linked Bonds

• 山口, 臨太郎

  九州大学都市研究センター

• 馬奈木, 俊介

  九州大学都市研究センター | 九州大学大学院工学研究院

抄録

We propose that national governments could issue bonds whose interest payments are linked to green net national product (gNNP) or, almost equivalently, to inclusive wealth. The main intention of this new financial instrument is to entice investors and the national government to invest in human and natural capital for which the corresponding financial assets currently do not exist. As the concept of wealth expands to include human and natural capital, so should the corresponding assets side in the balance sheet of nations. While the argument for gross national product (GNP)–linked bonds focuses on trimming public debt toward fiscal sustainability, the proposed bonds aim to ensure long-term sustainability. The theoretical link associated with welfare economics is also more plausible. Moreover, it could lead to the virtuous cycle of increased government expenditure directed toward inclusive wealth, expanding tax revenue, increased coupon payment to investors, and increased social well-being.

Introduction / Literature Review / Bond Design / Strengths and Weaknesses / Example / Conclusion

収録刊行物

• The Journal of Environment & Development

  The Journal of Environment & Development 26 (2), 214-239, 2017-06-01

  SAGE Publications

キーワード

• inclusive wealth
• genuine savings
• sustainable development
• GDP-linked bond
• net national product (NNP)

詳細情報

• CRID: 1050580007682048128
• NII論文ID: 120005972901
• NII書誌ID: AA10857888
• HANDLE: 2324/1792715
• 本文言語コード: en
• 資料種別: journal article
• データソース種別:
  • IRDB
  • CiNii Articles