"The modern financial system was developed to support the rapid economic growth that took off about 200 years ago with the phenomenal amounts of cheap energy made available through the exploitation of fossil fuels. As a result, its viability is completely dependent upon the continuation of that...

This paper explores the 2021-2022 global energy crisis. The 2021-2022 energy crisis was caused by many factors including the global campaign to reduce carbon emission, the shortage in fossil fuel reserves due to divestment from fossil fuels, the halt in oil production due to the COVID-19...

Risikovermeidung scheint aktuell das Patentrezept für die Lösung all unserer Probleme zu sein. Zentralbanken ertränken die Gefahren unseres Wirtschafts- und Bankensystems mit Unmengen an Geld, und auch die Politik versucht, gesellschaftliche Missstände mit grosszügigen Geschenken unter den...

This paper presents a comprehensive framework for analyzing financial stress under scenarios with a disruptive transition to a low-carbon economy. This stress testing framework is designed to be readily applied by macroprudential supervisors or financial institutions. First, we construct stress...