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Costly Search And Mutual Fund Flows
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In most OECD pension funds, bonds remain by far the dominant asset class, accounting for 50% of
total assets under management on average (OECD Pension markets in focus July 2011). Green bonds could
therefore be a channel to direct significant pension fund capital towards green projects. However the
market size for green bonds is still small and illiquid at USD 15.6 billion as of August 2011 (see next
section for discussion). Veys (2010) points out that an asset allocation move from equities to bonds within
pension funds (as has happened in recent years) is a more significant change...
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Costly Search And Mutual Fund Flows
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Costly Search And Mutual Fund Flows
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