IDEAS home Printed from https://ideas.repec.org/a/ces/ifofor/v22y2021i03p03-11.html
   My bibliography  Save this article

What Justifies Sustainable Finance Measures? Financial-Economic Interactions and Possible Implications for Policymakers

Author

Listed:
  • William Oman
  • Romain Svartzman

Abstract

No abstract is available for this item.

Suggested Citation

  • 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.
    • Handle: RePEc:ces:ifofor:v:22:y:2021:i:03:p:03-11
    as

    Download full text from publisher

    File URL: https://www.cesifo.org/DocDL/CESifo-forum-2021-3-oman-svartzman-what-justifies-sustainable-finance-measures_0.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Stefano Battiston & Antoine Mandel & Irene Monasterolo & Franziska Schütze & Gabriele Visentin, 2017. "A climate stress-test of the financial system," Nature Climate Change, Nature, vol. 7(4), pages 283-288, April.
    2. Mr. Tobias Adrian & Mr. James Morsink & Miss Liliana B Schumacher, 2020. "Stress Testing at the IMF," IMF Departmental Papers / Policy Papers 2020/001, International Monetary Fund.
    3. Patrick Bolton & Morgan Despres & Luiz Awazu Pereira da Silva & Frédéric Samama & Romain Svartzman, 2020. "The green swan," BIS Books, Bank for International Settlements, number 31.
    4. Martin L. Weitzman, 2012. "GHG Targets as Insurance Against Catastrophic Climate Damages," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 14(2), pages 221-244, March.
    5. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(1), pages 11-32.
    6. Rafaty, R. & Dolphin, G. & Pretis, F., 2020. "Carbon pricing and the elasticity of CO2 emissions," Cambridge Working Papers in Economics 20116, Faculty of Economics, University of Cambridge.
    7. Romain Svartzman & Patrick Bolton & Morgan Despres & Luiz Awazu Pereira Da Silva & Frédéric Samama, 2021. "Central banks, financial stability and policy coordination in the age of climate uncertainty: a three-layered analytical and operational framework," Climate Policy, Taylor & Francis Journals, vol. 21(4), pages 563-580, April.
    8. Miles Parker, 2018. "The Impact of Disasters on Inflation," Economics of Disasters and Climate Change, Springer, vol. 2(1), pages 21-48, April.
    9. Stern, Nicholas, 2015. "Why Are We Waiting? The Logic, Urgency, and Promise of Tackling Climate Change," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262029189, December.
    10. Borio, Claudio & Drehmann, Mathias & Tsatsaronis, Kostas, 2014. "Stress-testing macro stress testing: Does it live up to expectations?," Journal of Financial Stability, Elsevier, vol. 12(C), pages 3-15.
    11. Dirk Schoenmaker, 2021. "Greening monetary policy," Climate Policy, Taylor & Francis Journals, vol. 21(4), pages 581-592, April.
    12. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801.
    13. Brett Christophers, 2017. "Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance," Annals of the American Association of Geographers, Taylor & Francis Journals, vol. 107(5), pages 1108-1127, September.
    14. Chenet, Hugues & Ryan-Collins, Josh & van Lerven, Frank, 2021. "Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy," Ecological Economics, Elsevier, vol. 183(C).
    15. Oustry Antoine & Erkan Bunyamin & Svartzman Romain & Weber Pierre-François, 2020. "Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment," Working papers 790, Banque de France.
    16. Patrick Honohan, 2019. "Should Monetary Policy Take Inequality and Climate Change into Account?," Working Paper Series WP19-18, Peterson Institute for International Economics.
    17. Romain Svartzman & Jeffrey Althouse, 2022. "Greening the international monetary system? Not without addressing the political ecology of global imbalances," Review of International Political Economy, Taylor & Francis Journals, vol. 29(3), pages 844-869, May.
    18. Michel Aglietta & Etienne Espagne, 2016. "Climate and finance systemic risks, more than an analogy? The climate fragility hypothesis," Working Papers 2016-10, CEPII research center.
    19. Jean Boissinot & Thomas C. Heller, 2020. "Scénarios climatiques en finance," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 55-68.
    20. Gabor, Daniela, 2021. "Revolution Without Revolutionaries: Interrogating the Return of Monetary Financing," SocArXiv ja9bk, Center for Open Science.
    21. Graciela Chichilnisky & Geoffrey Heal, 1993. "Global Environmental Risks," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 65-86, Fall.
    22. Martin L. Weitzman, 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
    23. Miria A. Pigato, 2019. "Fiscal Policies for Development and Climate Action," World Bank Publications - Books, The World Bank Group, number 31051, December.
    24. Signe Krogstrup & William Oman, 2019. "Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature," IMF Working Papers 2019/185, International Monetary Fund.
    25. -, 2009. "The economics of climate change," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38679, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    26. van 't Klooster, Jens & van Tilburg, Rens, 2020. "Targeting a sustainable recovery with Green TLTROs," SocArXiv 2bx8h, Center for Open Science.
    27. Robert C. Merton, 1995. "A Functional Perspective of Financial Intermediation," Financial Management, Financial Management Association, vol. 24(2), Summer.
    28. Johan Rockström & Will Steffen & Kevin Noone & Åsa Persson & F. Stuart Chapin & Eric F. Lambin & Timothy M. Lenton & Marten Scheffer & Carl Folke & Hans Joachim Schellnhuber & Björn Nykvist & Cynthia , 2009. "A safe operating space for humanity," Nature, Nature, vol. 461(7263), pages 472-475, September.
    29. Emanuele Campiglio & Yannis Dafermos & Pierre Monnin & Josh Ryan-Collins & Guido Schotten & Misa Tanaka, 2018. "Climate change challenges for central banks and financial regulators," Nature Climate Change, Nature, vol. 8(6), pages 462-468, June.
    30. J.-F. Mercure & H. Pollitt & J. E. Viñuales & N. R. Edwards & P. B. Holden & U. Chewpreecha & P. Salas & I. Sognnaes & A. Lam & F. Knobloch, 2018. "Macroeconomic impact of stranded fossil fuel assets," Nature Climate Change, Nature, vol. 8(7), pages 588-593, July.
    31. Robert Vermeulen & Edo Schets & Melanie Lohuis & Barbara Kolbl & David-Jan Jansen & Willem Heeringa, 2018. "An energy transition risk stress test for the financial system of the Netherlands," DNB Occasional Studies 1607, Netherlands Central Bank, Research Department.
    32. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dafermos, Yannis & van Lerven, Frank & Nikolaidi, Maria, 2022. "Greening capital requirements," LSE Research Online Documents on Economics 116946, London School of Economics and Political Science, LSE Library.
    2. Boissinot, Jean & Goulard, Sylvie & Salin, Mathilde & Svartzman, Romain & Weber, Pierre-François, 2022. "Aligning financial and monetary policies with the concept of double materiality: rationales, proposals and challenges," LSE Research Online Documents on Economics 115539, London School of Economics and Political Science, LSE Library.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    2. Signe Krogstrup & William Oman, 2019. "Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature," IMF Working Papers 2019/185, International Monetary Fund.
    3. Chenet, Hugues & Ryan-Collins, Josh & van Lerven, Frank, 2021. "Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy," Ecological Economics, Elsevier, vol. 183(C).
    4. Louis Daumas, 2021. "Should we fear transition risks - A review of the applied literature," Working Papers 2021.05, FAERE - French Association of Environmental and Resource Economists.
    5. Lamperti, Francesco & Bosetti, Valentina & Roventini, Andrea & Tavoni, Massimo & Treibich, Tania, 2021. "Three green financial policies to address climate risks," Journal of Financial Stability, Elsevier, vol. 54(C).
    6. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix & Schwarz, Milena, 2020. "Current developments in green finance," Working Papers 05/2020, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    7. Boneva, Lena & Ferrucci, Gianluigi & Mongelli, Francesco Paolo, 2021. "To be or not to be “green”: how can monetary policy react to climate change?," Occasional Paper Series 285, European Central Bank.
    8. Gregor Semieniuk & Emanuele Campiglio & Jean‐Francois Mercure & Ulrich Volz & Neil R. Edwards, 2021. "Low‐carbon transition risks for finance," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 12(1), January.
    9. Etienne Espagne, 2018. "Money, Finance and Climate: The Elusive Quest for a Truly Integrated Assessment Model," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 131-143, March.
    10. Mercy Berman DeMenno, 2023. "Environmental sustainability and financial stability: can macroprudential stress testing measure and mitigate climate-related systemic financial risk?," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(4), pages 445-473, December.
    11. Donato Masciandaro & Riccardo Russo, 2022. "Central Banks and Climate Policy: Unpleasant Trade–Offs? A Principal–Agent Approach," BAFFI CAREFIN Working Papers 22181, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    12. D'Orazio, Paola & Hertel, Tobias & Kasbrink, Fynn, 2022. "No need to worry? Estimating the exposure of the German banking sector to climate-related transition risks," Ruhr Economic Papers 946, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    13. Yannis Dafermos, 2022. "Climate change, central banking and financial supervision: beyond the risk exposure approach," Chapters, in: Sylvio Kappes & Louis-Philippe Rochon & Guillaume Vallet (ed.), The Future of Central Banking, chapter 8, pages 175-194, Edward Elgar Publishing.
    14. Paola D'Orazio, 2022. "Mapping the emergence and diffusion of climate-related financial policies: Evidence from a cluster analysis on G20 countries," International Economics, CEPII research center, issue 169, pages 135-147.
    15. Faiella, Ivan & Lavecchia, Luciano & Michelangeli, Valentina & Mistretta, Alessandro, 2022. "A climate stress test on the financial vulnerability of Italian households and firms," Journal of Policy Modeling, Elsevier, vol. 44(2), pages 396-417.
    16. Baer, Moritz & Campiglio, Emanuele & Deyris, Jérôme, 2021. "It takes two to dance: Institutional dynamics and climate-related financial policies," Ecological Economics, Elsevier, vol. 190(C).
    17. Joaquín Bernal-Ramírez & José Antonio Ocampo, 2020. "Climate change: policies to manage its macroeconomic and financial effects," Borradores de Economia 1127, Banco de la Republica de Colombia.
    18. Stern, Nicholas, 2021. "A time for action on climate change and a time for change in economics," LSE Research Online Documents on Economics 112802, London School of Economics and Political Science, LSE Library.
    19. Stern, Nicholas, 2021. "A time for action on climate change and a time for change in economics," LSE Research Online Documents on Economics 112808, London School of Economics and Political Science, LSE Library.
    20. Hjort, Ingrid, 2016. "Potential Climate Risks in Financial Markets: A Literature Overview," Memorandum 01/2016, Oslo University, Department of Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ifofor:v:22:y:2021:i:03:p:03-11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/ifooode.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.