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The Role Of Central Banks And Economic Sustainability In The Context Of The Digital Age

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  • MOLDOVEANU (COJOCARIU), Aurora Elena

    (Romanian Academy, School of Advanced Studies of the Romanian Academy, Doctoral School of Economic Sciences, National Institute for Economic Research "Costin C. Kirițescu", “Victor Slăvescu†Centre for Financial and Monetary Research)

Abstract

Human history reflects a continuous evolution, initially slow over millennia but significantly accelerated during the Renaissance and modern era. Geography, natural resources, conflicts, and technological progress have shaped societies, generating both material and spiritual achievements. The Industrial Revolution marked a turning point by replacing manual labor with machinery, bringing comfort and prosperity, but also creating environmental imbalances that became more evident in the 20th century. In the 21st century, climate change and global warming represent pressing priorities on the international agenda, with the 2015 Paris Agreement establishing ambitious targets for reducing greenhouse gas emissions and fostering renewable energy development. The objective of this paper is to analyze the strategic role of central banks and financial institutions in promoting sustainable investments, supporting green transition policies, and enhancing public awareness regarding climate-related risks. The methodology combines literature review with comparative analysis of European and Romanian practices, highlighting both achievements and challenges. Preliminary results show that green finance emerges as a fundamental driver of economic resilience, providing tools for redirecting capital flows toward environmentally responsible projects. Romania’s commitment to renewable energy targets illustrates the relevance of aligning financial systems with climate objectives, contributing to a cleaner, more inclusive and sustainable future.

Suggested Citation

  • MOLDOVEANU (COJOCARIU), Aurora Elena, 2025. "The Role Of Central Banks And Economic Sustainability In The Context Of The Digital Age," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 13(1), pages 106-116, October.
    • Handle: RePEc:vls:rojfme:v:13:y:2025:i:1:p:106-116
    DOI: https://doi.org/10.65672/jfme.2025.1.9
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    References listed on IDEAS

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    1. World Bank, "undated". "State and Trends of Carbon Pricing 2023," World Bank Publications - Reports 39796, The World Bank Group.
    2. Zhang, Dongyang & Mohsin, Muhammad & Rasheed, Abdul Khaliq & Chang, Youngho & Taghizadeh-Hesary, Farhad, 2021. "Public spending and green economic growth in BRI region: Mediating role of green finance," Energy Policy, Elsevier, vol. 153(C).
    3. World Bank, "undated". "State and Trends of Carbon Pricing," World Bank Publications - Reports 40700, The World Bank Group.
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    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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