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Évaluer les risques et les vulnérabilités et sensibiliser les acteurs financiers au risque de changement climatique : le rôle des stress tests

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  • Laurent Clerc

Abstract

Stress tests have been, since the Great Financial Crisis of 2008, one of the tools of choice for supervisors to assess the risks and vulnerabilities to which financial institutions are exposed. However, their use is still limited to assess the financial risks associated with climate change. Based on the example of the pilot exercise implemented in 2020 by the French Prudential Control and Resolution Authority, this article presents the essential features of these climate stress tests, the scenarios on which they are based, the challenges that supervisors and the financial institutions that implement them face as well as some of their limitations. Classification JEL : G21, G28, H23, Q48, Q54.

Suggested Citation

  • Laurent Clerc, 2020. "Évaluer les risques et les vulnérabilités et sensibiliser les acteurs financiers au risque de changement climatique : le rôle des stress tests," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 225-242.
  • Handle: RePEc:cai:refaef:ecofi_138_0225
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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