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Innovative businesses and startups contribute to job creation, economic growth, and technological advancement in most countries. Finance helps nurture innovative firms like startups. Unfortunately, most startups and innovative projects cannot secure finance through the usual and conventional methods. This book goes beyond traditional financing to explore innovative ways to help finance startups and novel businesses. The book covers institutional innovation, innovation in products and processes, and the recent progress in financial innovations in various countries through empirical and case studies. It gives an in-depth look at regulatory, policy frameworks, and risk assessments for financial innovations. It also assesses the role of various innovations, including Fintech, machine learning, big data, scoring models, credit databases, digital platforms, credit guarantees in funding startups, and novel technologies. This book offers valuable insights into how policymakers can nurture a more conducive ecosystem for startups and technologies through innovative finance.

The Handbook of Energy Policy is a unique and novel reference for addressing the policy implications of energy demand and supply from their economic, political, social, planning, and environmental aspects. The Handbook of Energy Policy provides several studies from the global, regional, national, or local perspectives that are of wider policy significance. Studies provided in this book are of interest to the international organizations, governments, public and private sector entities, local communities, universities, research institutions, and other non-governmental organizations. Topics covered in the Handbook of Energy Policy are including energy security, energy poverty, energy finance, energy pricing, energy and environment, energy and sustainability, energy and growth, energy efficiency, energy trade, technological innovation and energy, energy transition, energy nexus studies, economics, and policy of fossil fuels, economics, and policy of renewable and green energies. The policy recommendations provided in all chapters are supported by a rigorous empirical or theoretical analysis.

Cover -- Guest editorial: Green and energy efficiency finance -- Energy efficiency financing and the role of green bond: policies for post Covid period -- Energy financing in COVID-19: how public supports can benefit? -- The green bond market and its use for energy efficiency finance in Africa -- The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies -- The impact of green finance, economic growth and energy usage on CO2 emission in Vietnam â€" a multivariate time series analysis -- Role of green financing and (CSR) in technological innovation and corporate environmental performance: a Covid-19 perspective -- Does green finance matter for sustainable entrepreneurship and environmental corporate social responsibility during COVID-19? -- Investigating the determining factors of sustainable FDI in Vietnam.

This book aims to fill the literature gap on digital instruments and FinTech in enhancing green finance. Technological innovation can increase transparency, accountability, and speed, decentralize the financial system, improve risk management, increase competition, lower costs, improve efficiency, increase cross-sectoral collaboration and integration, and scale up green finance. Artificial intelligence (AI), distributed ledger technologies (DLT) or blockchain, peer-to-peer lending platforms, big data, Internet-based and mobile-based payment platforms, Internet of Things (IoT), matchmaking platforms including crowdlending, tokenizing green assets are potential means to scale up the green finance for achieving the SDGs. The COVID-19 pandemic, the economic downturns, and the uncertainties shrank the new investments in renewable energy projects globally. Low investment in renewable energy projects could threaten the expansion of green energy needed to provide energy security and meet SDG7 and SDG13. Investments in renewable energy projects are scarce because of several risks and a low rate of return. Although several new green financing solutions such as green bonds, green banks, green credit guarantee, carbon taxation, carbon trade, village funds, and community trust funds have been established in different countries, these are insufficient, and alternative ways to finance projects are required. The book provides several high-quality studies on utilizing digitalization, FinTech, financial innovations, and other new technologies to fill the finance gap of green projects to meet the SDG goals. The chapters are written by scholars in diverse countries and regions and include practical policy recommendations.

Smes' role in asia, difficulties in accessing finance, and remedies -- Role of smes in Asia and the financing challenges they face / Naoyuki Yoshino and Farhad Taghizadeh-Hesary -- Enhancing access to finance for SMEs : the case of Central Asia / Arnault Prêtet and Tabea Klang -- Credit risk databases and credit scoring of SMEs -- A comprehensive method for credit risk assessment of small and medium-sized enterprises based on Asian data / Naoyuki Yoshino and Farhad Taghizadeh-Hesary -- The role of credit rating agencies in addressing gaps in micro and small enterprise financing : the case of India / Savita Shankar -- Establishment of the credit risk database : concrete use to evaluate creditworthiness of SMEs / Satoshi Kuwahara, Naoyuki Yoshino, Megumi Sagara, and Farhad Taghizadeh-Hesary -- Credit risk analysis of small and medium-sized enterprises based on Thai data / Naoyuki Yoshino, Farhad Taghizadeh-Hesary, Phadet Charoensivakorn, and Baburam Niraula -- Credit guarantee schemes and SME finance -- Oil price fluctuations, creditworthiness of the financial system, and SME financing in Kazakhstan / Yergali Dosmagambet, Yessengali Oskenbayev, Farhad Taghizadeh-Hesary, and Moldir Mukan -- The role of credit guarantee schemes in financing micro, small, and medium enterprises : the case of India / Navin Kumar Maini -- Role of credit guarantee for financing MSMEs : evidence from rural and urban areas in Indonesia / Adhitya Wardhono, Mohamad Ikhsan Modjo, and Eka Wahyu Utami -- Role of credit guarantee scheme in the development of small and medium-sized enterprises : with emphasis on knowledge-based enterprises / Roohollah Aboojafari, Alireza Daliri, Farhad Taghizadeh-Hesary, Mohammad Mokhtari, and Mohsen Makhitiari -- Credit supplementation system for unlocking sme and start-up access to finance : the case of Japan / Atsuo Kuroda -- The Korea credit guarantee fund and its contribution to the economy / Jong-goo Lee, Sunyoung Hong, Taehyun Lee, and Wooinn Park -- Marketing: the crucial success factor for Pakistan's credit guarantee scheme / Talha Nadeem and Raheel Rasool -- Small and medium-sized enterprises' financing in Singapore / Youngho Chang and Cedric Rimaud -- Credit guarantee scheme and small and medium-sized enterprise finance : the case of Turkey / Mustafa Yagci -- Challenges in implementing the credit guarantee scheme for SMEs : the case of Vietnam / Le Ngoc Dang and Anh Tu Chuc.

Summary -- Preface and Introductory Remarks -- Contents -- About the Editors and Contributors -- Editors -- Contributors -- Abbreviations -- 1 Japan's Lost Decade: Causes and Remedies -- 1.1 Introduction -- 1.2 Causes of the Long-Term Recession in Japan -- Aging Population -- Monetary Transfers from Central to Local Governments -- Banking Behavior -- Excessive Contractionary Monetary Policy -- Reduced Effectiveness of Fiscal Policy -- High Appreciation of the Yen in the Mid-1990s -- Banking Crisis of 1998 -- Japan's Ineffective Monetary Policy -- 1.3 Comparison of the Economic Collapse in Japan and Greece -- 1.4 Empirical Analysis -- Empirical Model -- Unit Root Test -- Empirical Results -- 1.5 Remedies for Stimulating Growth in Japan -- Remedy 1: Required Reforms Regarding the Aging Population -- Remedy 2: Increasing Female Participation in the Economy -- Remedy 3: Reduction of Transfers from Central to Local Governments -- Remedy 4: Reform of the Agriculture Sector -- Remedy 5: Diversification of Households' Asset Allocation -- Remedy 6: Switching Asset Allocation Pension Funds and Insurance Companies from Pay-as-You-Go to 401(k)-Style -- Remedy 7: Review of Asset Management Fees -- Remedy 8: Use of Hometown Investment Trust Funds to Finance Riskier Businesses -- Remedy 9: Optimal Mix of Public and Private Funds -- Remedy 10: Review of Monetary Policy Goals -- Remedy 11: Diversification of the Energy Basket -- 1.6 Concluding Remarks -- References -- 2 Changes in Economic Effect of Infrastructure and Financing Methods: The Japanese Case -- 2.1 Introduction -- 2.2 Changes to and Evaluation of Productivity Effect of Public Capital in Recent Years -- Estimation Model of the Economic Effect of Public Capital -- Methods for Measuring the Productivity Effect of Public Capital -- Industrial and Regional Classification

The Islamic finance industry has grown substantially in Asia over the last 2 decades. The Muslim populations in different Asian countries, especially in Southeast Asia, are increasing. Rapid Muslim population growth and improving living standards may enhance the popularity of Islamic finance as a keen alternative to conventional financing mechanisms. In addition, investors from the Middle East and Asia are increasingly seeking to invest in products that are in line with their religious beliefs. The governments and financial authorities in several Asian countries have played active roles in promoting the development of Islamic financial markets in line with the efforts to boost investments and achieve sustainable funding to enhance economic growth by tapping the huge liquidity from oil- and commodity-producing countries. The ethical character and financial stability of Islamic financial products may increase their attraction. Islamic financial products have an ethical focus (notably excluding investment in alcohol and gambling) with a risk profile that appeals to wider ethically conscious investors. Given that in Islamic banking returns on investments are based on underlying economic activities and/or assets that structure the contractual relationship between transacting parties, it is possible to use the asset-based nature and risk-sharing aspects of Islamic finance for greater integration with the real economy and to improve the overall economic balance between the real and the finance sector.

In 2016, 88.90% of Asia and the Pacific's primary energy consumption was from fossil fuel, and almost 40% of the global CO2 emissions were from Asia and the Pacific. In order to ensure the increasing energy needs of the region are in line with sustainable development goals, addressing the financing gaps of green-energy projects is critical. The major challenge for filling the financing gaps of green energy is the lower rate of return on green projects compared to fossil fuels. Electricity tariffs are often regulated by governments. Electricity has to be kept low in price to serve every household as a necessary good. Green energy's sources of revenue are only from user charges. Hence, it is not so attractive to investors. This paper proposes a model for utilization of the tax revenue spillover from green-energy supply by returning a portion of the taxes to green-energy projects in order to increase their rate of return. In addition, the paper proposes a social community-based funding scheme for smaller-scale green projects (e.g., solar and wind). The paper theoretically shows that using this model for funding green-energy projects will increase the rate of return and make them feasible and interesting to private investors.

The main obstacle to developing green energy projects is lack of access to finance. For larger energy projects (e.g., large hydropower projects), insurance and pensions are sustainable financing alternatives. Large energy projects are long-term investment projects; banks are not able to provide long-term loans because their resources (deposits) are short- to medium-term. Pension funds and insurance companies hold long-term savings, so these institutions could be a proper alternative for financing mega-size energy projects. On the other hand, because electricity tariffs are often regulated by the government, to increase the investment incentives the spillover effects originally created by energy supplies need to be used, and tax revenues refunded to the investors in energy projects. For smaller-size green projects, the paper provides a theoretical model for combining utilisation of carbon tax and a new way of financing risky capital, i.e., Hometown Investment Trust Funds (HITs). Because of the Basel capital requirement, and because most green energy projects from the point of view of financers are considered to be risky projects, many financers are reluctant to lend to them or they lend at high interest rates. The paper theoretically shows that by taxing carbon dioxide (CO2), sulphur dioxide (SO2), and nitrogen oxides (NOx) and allocating those tax revenues to HITs, green projects will become more feasible and more interesting for hometown investors; hence the supply of investment money to these funds will increase.

In April 2013, the Bank of Japan (BOJ) introduced an inflation target of 2% with the aim of overcoming deflation and achieving sustainable economic growth. But due to lower international oil prices it was unable to achieve this target and was forced to take further measures. Hence, in February 2016, the BOJ adopted a negative interest rate policy by massively increasing the money supply through purchasing long-term Japanese government bonds (JGBs). The BOJ had previously only purchased short-term government bonds, a policy that flattened the yield curve of JGBs. On the one hand, banks reduced the number of government bonds they purchased because short-term bond yields had become negative. Even the interest rates of long-term government bonds up to 15 years became negative. On the other hand, bank loans to the corporate sector did not increase, due to the Japanese economy's vertical investment-saving (IS) curve. This paper firstly explains why, in the view of the authors, the BOJ has to reduce its 2% inflation target in the present low oil price era. Secondly, it argues that Japan cannot make a sustainable recovery from its long-lasting recession and tackle its long-standing deflation problem by means of its current monetary policy and its negative interest policy in particular. It is of key importance to make the IS curve downward rather than vertical. That means the rate of return on investment must be positive and companies must be willing to invest even if interest rates are set too low. Japan's long-term recession is due to structural problems that cannot be solved by its current monetary policy.

Difficulty in accessing finance is one of the critical factors constraining the development of small and medium-sized enterprises (SMEs) in Asia. Owing to their significance to national economies, it is important to find ways to provide SMEs with stable finance. One efficient way to promote SME financing is through credit guarantee schemes, where the government guarantees a portion (ratio) of a loan provided by a bank to an SME. This research provides a theoretical model and an empirical analysis of factors that determine optimal credit guarantee ratio. The ratio should be able to fulfill the government's goal of minimizing the bank's nonperforming loans to SMEs, and at the same time fulfill the government policies for supporting SMEs. Our results show that three categories of factors can determine the optimal credit guarantee ratio: (i) government policy, (ii) macroeconomic conditions, and (iii) banking behavior. It is crucial for governments to set the optimal credit guarantee ratio based on macroeconomic conditions and vary it for each bank or each group of banks based on their soundness, in order to avoid moral hazard and ensure the stability of lending to SMEs.