کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7343828 1476327 2018 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Climate Change, Financial Stability and Monetary Policy
ترجمه فارسی عنوان
تغییرات اقلیمی، ثبات مالی و سیاست پولی
موضوعات مرتبط
علوم زیستی و بیوفناوری علوم کشاورزی و بیولوژیک بوم شناسی، تکامل، رفتار و سامانه شناسی
چکیده انگلیسی
Using a stock-flow-fund ecological macroeconomic model, we analyse (i) the effects of climate change on financial stability and (ii) the financial and global warming implications of a green quantitative easing (QE) programme. Emphasis is placed on the impact of climate change damages on the price of financial assets and the financial position of firms and banks. The model is estimated and calibrated using global data and simulations are conducted for the period 2016-2120. Four key results arise. First, by destroying the capital of firms and reducing their profitability, climate change is likely to gradually deteriorate the liquidity of firms, leading to a higher rate of default that could harm both the financial and the non-financial corporate sector. Second, climate change damages can lead to a portfolio reallocation that can cause a gradual decline in the price of corporate bonds. Third, climate-induced financial instability might adversely affect credit expansion, exacerbating the negative impact of climate change on economic activity. Fourth, the implementation of a green corporate QE programme can reduce climate-induced financial instability and restrict global warming. The effectiveness of this programme depends positively on the responsiveness of green investment to changes in bond yields.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Ecological Economics - Volume 152, October 2018, Pages 219-234
نویسندگان
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