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Displaying results 1 to 7 of 7.

  1. Green central banking and regulation to foster sustainable finance
    Author: Shirai, Sayuri
    Published: [2023]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    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... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 188
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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, central banks are responsible for achieving price stability under the monetary policy mandate and financial stability under the macroprudential policy mandate. Therefore, it is possible for central banks to consider climate risks within their existing mandates. Moreover, the global financial markets have been facing the problems of mispricing due to the presence of low carbon prices. If these issues are unaddressed, the transition process towards a low carbon economy will remain too slow to achieve carbon neutrality. While governments play the most important role in pursuing climate policy, central banks could contribute to governments' efforts within their existing mandates. Central banks and financial regulators have begun to discuss prudential policy and take measures to cope with climate-related financial risks including climate scenario analysis and/or stress test. Moreover, there are growing discussions on how to include climate risks with respect to the capital adequacy requirements regulation for banks in the Basel framework. Central banks are also encouraged to lead by example through disclosing the impact of climate risks on central banks' own balance sheets, setting a greenhouse gas (GHG) emission reduction target on their operations, and adjusting the composition of various domestic and foreign assets held by central banks for non-monetary and monetary policy objectives. This paper provides an overview of climate-related approaches and practices undertaken by central banks and financial regulators that have become more visible in recent years.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: ADBI working paper series ; no. 1361 (February 2023)
    Subjects: climate-related financial risks; climate scenario analysis; climate stress test; monetary policy; asset purchases; credit operations
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  2. The road to Paris
    stress testing the transition towards a net-zero economy : the energy transition through the lens of the second ECB economy-wide climate stress test
    Author: Emambakhsh, Tina; Fuchs, Maximilian; Kördel, Simon; Kouratzoglou, Charalampos; Lelli, Chiara; Pizzeghello, Riccardo; Salleo, Carmelo; Spaggiari, Martina
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The transition to a carbon-neutral economy is necessary to limit the negative impact of climate change and has become one of the world's most urgent priorities. This paper assesses the impact of three potential transition pathways, differing in the... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 535
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    The transition to a carbon-neutral economy is necessary to limit the negative impact of climate change and has become one of the world's most urgent priorities. This paper assesses the impact of three potential transition pathways, differing in the timing and level of ambition of emission reductions, and quantifies the associated investment needs, economic costs and financial risks for corporates, households and financial institutions in the euro area. Building on the first ECB top-down, economy-wide climate stress test, this paper contributes to the field of climate stress testing by introducing three key innovations. First, the design of three short-term transition scenarios that combine the transition paths developed by the Network for Greening the Financial System (NGFS) with macroeconomic projections that account for the latest energy-related developments. Second, the introduction of granular sectoral dynamics and energy-specific considerations by country relevant to transition risk. Finally, this paper provides a comprehensive analysis of the impact of transition risk on the euro area private sector and on the financial system, using a granular dataset that combines climate, energy-related and financial information for millions of firms within the euro area credit register and securities database, and country-level data on households. By comparing different transition scenarios, the results of the exercise show that acting immediately and decisively would provide significant benefits for the euro area economy and financial system, not only by maintaining the optimal net-zero emissions path (and therefore limiting the physical impact of climate change), but also by limiting financial risk. An accelerated transition to a carbon-neutral economy would be helpful to contain risks for financial institutions and would not generate financial stability concerns for the euro area, provided that firms and households could finance their green investments in an orderly manner. However, the heterogeneous results across economic sectors and banks suggest that more careful monitoring of certain entities and subsets of credit exposures will be required during the transition process.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961578
    Other identifier:
    hdl: 10419/278640
    Series: Occasional paper series / European Central Bank ; No 328
    Subjects: climate stress test; transition risk; climate scenarios; energy
    Scope: 1 Online-Ressource (98 Seiten), Illustrationen
  3. To eat or to heat
    are energy bills squeezing people's spending?
    Author: Colabella, Andrea; Lavecchia, Luciano; Michelangeli, Valentina; Pico, Raffaella
    Published: [2023]
    Publisher:  Banca d'Italia, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 547
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Questioni di economia e finanza / Banca d'Italia ; number 800 (October 2023)
    Subjects: climate stress test; financial vulnerability; inflation; demand elasticity
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  4. The road to Paris
    stress testing the transition towards a net-zero economy : the energy transition through the lens of the second ECB economy-wide climate stress test
    Author: Emambakhsh, Tina; Fuchs, Maximilian; Kördel, Simon; Kouratzoglou, Charalampos; Lelli, Chiara; Pizzeghello, Riccardo; Salleo, Carmelo; Spaggiari, Martina
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The transition to a carbon-neutral economy is necessary to limit the negative impact of climate change and has become one of the world's most urgent priorities. This paper assesses the impact of three potential transition pathways, differing in the... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The transition to a carbon-neutral economy is necessary to limit the negative impact of climate change and has become one of the world's most urgent priorities. This paper assesses the impact of three potential transition pathways, differing in the timing and level of ambition of emission reductions, and quantifies the associated investment needs, economic costs and financial risks for corporates, households and financial institutions in the euro area. Building on the first ECB top-down, economy-wide climate stress test, this paper contributes to the field of climate stress testing by introducing three key innovations. First, the design of three short-term transition scenarios that combine the transition paths developed by the Network for Greening the Financial System (NGFS) with macroeconomic projections that account for the latest energy-related developments. Second, the introduction of granular sectoral dynamics and energy-specific considerations by country relevant to transition risk. Finally, this paper provides a comprehensive analysis of the impact of transition risk on the euro area private sector and on the financial system, using a granular dataset that combines climate, energy-related and financial information for millions of firms within the euro area credit register and securities database, and country-level data on households. By comparing different transition scenarios, the results of the exercise show that acting immediately and decisively would provide significant benefits for the euro area economy and financial system, not only by maintaining the optimal net-zero emissions path (and therefore limiting the physical impact of climate change), but also by limiting financial risk. An accelerated transition to a carbon-neutral economy would be helpful to contain risks for financial institutions and would not generate financial stability concerns for the euro area, provided that firms and households could finance their green investments in an orderly manner. However, the heterogeneous results across economic sectors and banks suggest that more careful monitoring of certain entities and subsets of credit exposures will be required during the transition process.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289961578
    Other identifier:
    hdl: 10419/278640
    Series: Occasional paper series / European Central Bank ; No 328
    Subjects: climate stress test; transition risk; climate scenarios; energy
    Scope: 1 Online-Ressource (98 Seiten), Illustrationen
  5. A micro-founded climate stress test on the financial vulnerability of Italian households and firms
    Author: Faiella, Ivan; Lavecchia, Luciano; Michelangeli, Valentina; Mistretta, Alessandro
    Published: [2021]
    Publisher:  Banca d'Italia, [Rom]

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 547
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Questioni di economia e finanza / Banca d'Italia ; number 639 (October 2021)
    Subjects: climate change; carbon tax; climate stress test; financial vulnerability
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. Climate stress test of the Hungarian banking system
    Author: Bokor, László
    Published: December 2022
    Publisher:  Magyar Nemzeti Bank, Budapest

    This paper presents the pilot top-down climate stress test of the Hungarian banking system over the 2020-2050 horizon. The focus is on a core indicator of financial soundness, the ratio of non-performing loans. Three scenarios are considered with... more

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    DS 199
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    This paper presents the pilot top-down climate stress test of the Hungarian banking system over the 2020-2050 horizon. The focus is on a core indicator of financial soundness, the ratio of non-performing loans. Three scenarios are considered with different grades of compliance with the Paris Agreement. Results show that, by 2050, the sectoral excess ratios of non-compliance are scattering from 0 to 19 percentage points.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272881
    Series: MNB occasional papers ; 147
    Subjects: climate stress test; banking system; non-performing loans; sectoral granularity
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  7. Climate stress tests, bank lending, and the transition to the carbon-neutral economy
    Author: Fuchs, Larissa; Ngyuen, Huyen; Nguyen, Trang; Schaeck, Klaus
    Published: March 2024
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Does banking supervision affect borrowers‘ transition to the carbon-neutral economy? We use a unique identification strategy that combines the French bank climate pilot exercise with borrowers‘ carbon emissions to present two novel findings. First,... more

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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 13
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    Does banking supervision affect borrowers‘ transition to the carbon-neutral economy? We use a unique identification strategy that combines the French bank climate pilot exercise with borrowers‘ carbon emissions to present two novel findings. First, climate stress tests actively facilitate borrowers‘ transition to a low-carbon economy through a lending channel. Stress-tested banks increase loan volumes but simultaneously charge higher interest rates for brown borrowers. Second, additional lending is associated with some improvements in environmental performance. While borrowers commit more to reduce carbon emissions and are more likely to evaluate environmental effects of their projects, they neither reduce direct carbon emissions, nor terminate relationships with environmentally unfriendly suppliers. Our findings establish a causal link between bank climate stress tests and borrowers‘ reductions in transition risk.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/287752
    Series: IWH discussion papers ; 2024, no. 9 (March 2024)
    Subjects: climate change; climate stress test; green finance; syndicated loans
    Scope: 1 Online-Ressource (III, 53 Seiten, 0,79 MB), Diagramme
    Notes:

    Literaturverzeichnis: Seite 31-34