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Penser la stabilité financière à l'ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes

Author

Listed:
  • Patrick Bolton
  • Morgan Després
  • Luiz A. Pereira da Silva
  • Frédéric Samama
  • Romain Svartzman

Abstract

This article explores the potential implications on financial stability of new global and systemic ecological risks (?Green Swans?), including climate-related risks and the Covid-19 pandemic. Rather than proposing a single policy tool (such as a supposedly optimal carbon tax or measurement of climate-related risks) to address extremely complex and non-linear phenomena, it explores broader analytical frameworks that can better embrace the radical uncertainty and the need for structural transformations associated with contemporary ecological risks. An unprecedented level of cooperation among multiple players, including central banks, will be required. Such cooperation raises new challenges. In particular, it requires making difficult trade-offs between the quest for more efficiency and the need for more resilience in the governance of our complex socio-ecological systems. Classification JEL : B41, E58, Q54, Q58.

Suggested Citation

  • Patrick Bolton & Morgan Després & Luiz A. Pereira da Silva & Frédéric Samama & Romain Svartzman, 2020. "Penser la stabilité financière à l'ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 41-54.
    • Handle: RePEc:cai:refaef:ecofi_138_0041
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    Citations

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    Cited by:

    1. William Oman & Romain Svartzman, 2021. "What Justifies Sustainable Finance Measures? Financial-Economic Interactions and Possible Implications for Policymakers," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 22(03), pages 03-11, May.
    2. Alexander Bassen & Kerstin Lopatta & Karsten Löffler & Sebastian Rink & Christa Hainz & Tanja Stitteneder & Johann Wackerbauer & Sylvie Goulard & Sabine Mauderer & Andreas Dombret & Michael Leister & , 2020. "Sustainable Finance: New Strategy in the Financial Sector Despite Coronavirus Crisis?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(10), pages 03-29, October.

    More about this item

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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