ANALIZA I KOMPARACIJA KRETANJA PRINOSA ZELENIH OBVEZNICA I KONVENCIONALNIH MUNICIPALNIH OBVEZNICA

This study analyses the yield movements of green bonds and municipal bonds in the United States over the past decade. The main hypothesis of the research is that green bonds have lower average yields compared to conventional municipal bonds. The study utilizes data from the S&P U.S. Municipal Green Bond Index and the S&P U.S. Municipal Bond Index. The research methodology includes descriptive statistics, correlation analysis, and hypothesis testing (F-test and Ttest). The results show a high positive correlation between the yields of green and conventional municipal bonds, indicating similar market behaviour. At the same time, the results suggest that green municipal bonds have slightly lower average yields than conventional municipal bonds, but this difference is not statistically significant. These findings are consistent with some previous studies that found no significant difference in yields between green and conventional bonds. Possible reasons for this include the lack of difference in credit risk between green and conventional municipal bonds. The study has certain limitations, such as its focus on a single market (the U.S.) and one segment (local governments), as well as a relatively short time period. Future research could focus on other markets, longer time periods, and alternative methods of analysis.