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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Budgeting --- Macroeconomics --- Public Finance --- Social Security and Public Pensions --- National Budget --- Budget Systems --- Fiscal Policy --- Pensions --- Budgeting & financial management --- Pension spending --- Budget planning and preparation --- Pension reform --- Fiscal stance --- Fiscal sustainability --- Expenditure --- Public financial management (PFM) --- Fiscal policy --- Budget --- Slovak Republic

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This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset and find that green investment has become a key driver of the energy sector and that its rapid growth is now mostly driven by China. Our econometric results suggest that green investment is boosted by economic growth, a sound financial system conducive to low interest rates, and high fuel prices. We also find that some policy interventions, such as the introduction of carbon pricing schemes, or "feed-in-tariffs," which require use of "green" energy, have a positive and significant impact on green investment. Other interventions, such as biofuel support, do not appear to be associated with higher green investment.

Renewable energy sources --- Investments --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Alternate energy sources --- Alternative energy sources --- Energy sources, Renewable --- Sustainable energy sources --- Power resources --- Renewable natural resources --- Agriculture and energy --- Econometric models. --- Environmental Conservation and Protection --- Natural Resources --- Energy --- Renewable Resources and Conservation: Issues in International Trade --- Energy: General --- Environmental Economics: General --- Alternative Energy Sources --- Renewable Resources and Conservation: General --- Nonrenewable Resources and Conservation: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Environmental management --- Climate change --- Technology --- general issues --- Renewable energy --- Renewable resources --- Non-renewable resources --- Greenhouse gas emissions --- Natural resources --- Greenhouse gases --- China, People's Republic of