Deciphering Municipal Bonds Research in Context of Sustainable Financing and Associated Risk in Emerging Economies: An Integrated Bibliometric and Content Analysis Approach

In emerging economies like India Municipal bonds are considered risky investments due to the financial health of municipals. Recently, four Indian municipalities have issued green bonds, putting forward the best practices and innovative strategies. However, it further adds to the risk perspective for the investors. This article presents a bibliometric and thematic analysis of research around municipal bonds worldwide, focussing on green bond issuance by municipals. The study uses the Preferred Reporting Items for Systematic Analysis and Meta-Analyses (PRISMA) approach to examine 206 papers indexed with Scopus and WOS between 1985 and 2024. The findings reveal that research on green municipal bonds needs greater attention due to ESG norms and sustainability concerns. Most research has focused on developed nations, with major themes not explored. In emerging markets, the review is the breakthrough research examining, synthesising and outlining the future research agenda in municipal bond scenarios, useful for potential researchers, public policymakers and finance professionals.