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Pratiques et doctrine des banques centrales au défi du changement climatique : rupture ou continuité ?

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  • Laurence Scialom

Abstract

Central banks are faced with the financial challenge of climate change: on the one hand, the need for a massive reallocation of financial flows from "brown" to "green" activities and sectors and on the other hand climate related financial risks considered as systemic. Responding to this challenge will lead to profound changes in their doctrine and practices. This article shows that history is punctuated by such rapid changes in central banking. It analyses the arguments for integrating financial climate risks into central banks' doctrine and operational framework and attempts to explore what a greening of central bank actions might mean in practice.

Suggested Citation

  • Laurence Scialom, 2020. "Pratiques et doctrine des banques centrales au défi du changement climatique : rupture ou continuité ?," EconomiX Working Papers 2020-7, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2020-7
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    References listed on IDEAS

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    1. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    2. Dikau, Simon & Volz, Ulrich, 2021. "Central bank mandates, sustainability objectives and the promotion of green finance," Ecological Economics, Elsevier, vol. 184(C).
    3. D’Orazio, Paola & Popoyan, Lilit, 2019. "Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies?," Ecological Economics, Elsevier, vol. 160(C), pages 25-37.
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    More about this item

    Keywords

    central banking; climate change; climate related financial risk;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • N - Economic History
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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