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As it is becoming clear that climate change will exert a major impact on inflation, economic growth, and financial system stability, central banks and financial regulators have increasingly recognized that they can no longer ignore climate change and other environmental issues. In general,...
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Even though unregulated and decentralized platforms such as crypto assets are considered to have the potential to provide low-income earners with cheap banking alternative and “perhaps put pressure on banks to lower fees” (WSJ, 2019), its volatile nature, lack of consensual standards as...
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Der Klimawandel birgt zahlreiche Risiken für die Stabilität des Finanzsystems und für die Übertragung der Geldpolitik …. Für die Europäische Zentralbank existieren ausreichende wirtschaftliche und rechtliche Gründe, um Klimarisiken und den … Übergang zur Klimaneutralität stärker in die Geldpolitik zu integrieren. Die geldpolitischen Instrumente von Zentralbanken …
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This paper discusses how financial stability governance has evolved and how central banks and financial regulators are coping with the threats posed by climate uncertainty, providing an overview of G20 countries' green central banking experiences in the past 20 years. The analysis shows that...
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We study the effects of a temporary Green QE, defined as a policy that temporarily tilts the central bank's balance sheet toward green bonds, i.e. bonds issued by firms in non-polluting sectors. To this purpose, we merge a standard DSGE framework with an environmental model. In our model,...
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