Pub Date : 2021-05-30DOI: 10.22904/SJE.2021.34.2.006
Sang-Kee Kim, Geunhyung Yim
This study conducts a comparative analysis of the monetary policy transmission channels and their effects in Korea and Japan using a sign restriction VAR model to determine whether a Japanese-style monetary policy can be implemented in Korea. Results indicate considerable differences between Korea and Japan in their monetary policy transmission channels. Conventional monetary policy transmission channels, such as the exchange rate channel, asset price channel, and bank lending channel, works relatively well in Japan. However, in Korea, the interest rate channel is effective but has only a short-term effect on the exchange rate, and the effects on asset prices and bank lending are hard to expect in general. Furthermore, some potential risks working through the housing market may hinder financial stability. Korea and Japan see a limited effect on production in the real sector. These results imply that Korea must be careful about implementing a similar monetary policy as Japan.
{"title":"Comparing the Effectiveness of the Monetary Policies in Korea and Japan","authors":"Sang-Kee Kim, Geunhyung Yim","doi":"10.22904/SJE.2021.34.2.006","DOIUrl":"https://doi.org/10.22904/SJE.2021.34.2.006","url":null,"abstract":"This study conducts a comparative analysis of the monetary policy transmission channels and their effects in Korea and Japan using a sign restriction VAR model to determine whether a Japanese-style monetary policy can be implemented in Korea. Results indicate considerable differences between Korea and Japan in their monetary policy transmission channels. Conventional monetary policy transmission channels, such as the exchange rate channel, asset price channel, and bank lending channel, works relatively well in Japan. However, in Korea, the interest rate channel is effective but has only a short-term effect on the exchange rate, and the effects on asset prices and bank lending are hard to expect in general. Furthermore, some potential risks working through the housing market may hinder financial stability. Korea and Japan see a limited effect on production in the real sector. These results imply that Korea must be careful about implementing a similar monetary policy as Japan.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81393669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
On September 24, 2019, the Governor of the People’s Bank of China, Yi Gang, said at an event celebrating the 70th anniversary of the People’s Republic of China that the People’s Bank of China has made positive progress in research on digital currencies. The People’s Bank of China plans to combine the central bank’s digital currency (hereinafter referred to as DCEP) with electronic payment tools, calling it a digital currency and electronic payment package. This paper aims to discuss the current business model and structure of our country's electronic payment industry and related electronic authentication and financial network security industries, as well as the possible impact of the central bank's digital currency after it enters the market.
{"title":"The Influence of Central Bank's Digital Currency on Electronic Payment","authors":"Yunzhen Lyu","doi":"10.2139/ssrn.3848675","DOIUrl":"https://doi.org/10.2139/ssrn.3848675","url":null,"abstract":"On September 24, 2019, the Governor of the People’s Bank of China, Yi Gang, said at an event celebrating the 70th anniversary of the People’s Republic of China that the People’s Bank of China has made positive progress in research on digital currencies. The People’s Bank of China plans to combine the central bank’s digital currency (hereinafter referred to as DCEP) with electronic payment tools, calling it a digital currency and electronic payment package. This paper aims to discuss the current business model and structure of our country's electronic payment industry and related electronic authentication and financial network security industries, as well as the possible impact of the central bank's digital currency after it enters the market.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89531343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
K. Budnik, I. Dimitrov, Johannes Groß, Martina Jančoková, M. Lampe, Bianca Sorvillo, Anze Stular, M. Volk
This paper looks at the impact of mitigation policies implemented by supervisory and macroprudential authorities as well as national governments in the euro area during the coronavirus (COVID-19) pandemic to support lending to the real economy. The impact assessment concerns joint, and individual, effect of supervisory measures introduced by the ECB Banking Supervision, a reduction in macroprudential buffers put forward by national macroprudential authorities, and public moratoria and guarantee schemes. The analysis has been conducted in the first half of 2020, in a situation of high uncertainty about how the crisis will develop in the future. Against this backdrop, it proposes a method of addressing such uncertainty by assessing the impact of policies across a full range of scenarios. We find that the supervisory, macroprudential and government policies should have helped to maintain higher lending to the non-financial private sector (around 5% higher than lending in the absence of policy measures) and, in particular, to non-financial corporations (12% higher than lending in the absence of policy measures), preventing further amplification of the recession via the banking sector. The national and supervisory and macroprudential actions have reinforced each other, and have been jointly able to affect a broader share of the banking sector.
{"title":"Policies in Support of Lending Following the Coronavirus (COVID-19) Pandemic","authors":"K. Budnik, I. Dimitrov, Johannes Groß, Martina Jančoková, M. Lampe, Bianca Sorvillo, Anze Stular, M. Volk","doi":"10.2866/864527","DOIUrl":"https://doi.org/10.2866/864527","url":null,"abstract":"This paper looks at the impact of mitigation policies implemented by supervisory and macroprudential authorities as well as national governments in the euro area during the coronavirus (COVID-19) pandemic to support lending to the real economy. The impact assessment concerns joint, and individual, effect of supervisory measures introduced by the ECB Banking Supervision, a reduction in macroprudential buffers put forward by national macroprudential authorities, and public moratoria and guarantee schemes. The analysis has been conducted in the first half of 2020, in a situation of high uncertainty about how the crisis will develop in the future. Against this backdrop, it proposes a method of addressing such uncertainty by assessing the impact of policies across a full range of scenarios. We find that the supervisory, macroprudential and government policies should have helped to maintain higher lending to the non-financial private sector (around 5% higher than lending in the absence of policy measures) and, in particular, to non-financial corporations (12% higher than lending in the absence of policy measures), preventing further amplification of the recession via the banking sector. The national and supervisory and macroprudential actions have reinforced each other, and have been jointly able to affect a broader share of the banking sector.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81868165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect knowledge. In particular, the target steady state can be locally unstable under learning if details about the policy are not publicly available. Near the low steady state with interest rates at the zero lower bound, AIT does not necessarily outperform a standard inflation targeting policy. Policymakers can improve outcomes under AIT by (i) targeting a discounted average of inflation, or (ii) communicating the data window for the target.
{"title":"On Robustness of Average Inflation Targeting","authors":"S. Honkapohja, Nigel McClung","doi":"10.2139/ssrn.3831745","DOIUrl":"https://doi.org/10.2139/ssrn.3831745","url":null,"abstract":"This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect knowledge. In particular, the target steady state can be locally unstable under learning if details about the policy are not publicly available. Near the low steady state with interest rates at the zero lower bound, AIT does not necessarily outperform a standard inflation targeting policy. Policymakers can improve outcomes under AIT by (i) targeting a discounted average of inflation, or (ii) communicating the data window for the target.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"208 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73745344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this research, a statistical system is designed to understand, interpret, and quantify the reports issued by the Central Bank of the Republic of Turkey (CBRT), an institution that also drives expectations and shapes the market to all agents are related to them. The corpora are CBRT's summaries of monetary policy committee meetings (SMPCM hereafter) published as official press releases. These summaries have three parts: inflation developments, factors affecting inflation, monetary policy, and risks. The graphical representation of items counted and words used shows they ripple together with business cycles. Later, the corpora under these three categories are evaluated according to their sentiment scores. After obtaining them, a Long-Short Term Memory Network is established to derive a quantitative model in order to forecast the sentiment score of each SMPCM, which will be issued in the near future. The LSTM model provides 93% accuracy to estimate semantic scores of SMPCMs.
{"title":"Semantic Analysis of the Central Bank of the Republic of Turkey Communication Reports and Forecasting Model with LSTM","authors":"Yasin Kutuk","doi":"10.2139/ssrn.3828428","DOIUrl":"https://doi.org/10.2139/ssrn.3828428","url":null,"abstract":"In this research, a statistical system is designed to understand, interpret, and quantify the reports issued by the Central Bank of the Republic of Turkey (CBRT), an institution that also drives expectations and shapes the market to all agents are related to them. The corpora are CBRT's summaries of monetary policy committee meetings (SMPCM hereafter) published as official press releases. These summaries have three parts: inflation developments, factors affecting inflation, monetary policy, and risks. The graphical representation of items counted and words used shows they ripple together with business cycles. Later, the corpora under these three categories are evaluated according to their sentiment scores. After obtaining them, a Long-Short Term Memory Network is established to derive a quantitative model in order to forecast the sentiment score of each SMPCM, which will be issued in the near future. The LSTM model provides 93% accuracy to estimate semantic scores of SMPCMs.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87132858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, firms prefer repaying short-term debt over disclosing high cash holdings to signal that their cash is readily available and not trapped in foreign subsidiaries. Consistent with this interpretation, we show that firms with higher cash holdings, more sales in regions with tight capital controls, or with higher debt-equity ratios compared to industry peers reduce their short-term debt more aggressively at disclosure dates.
{"title":"Cash Is Not King: Evidence from the Commercial Paper Market","authors":"Sven Klingler, O. Syrstad, Guillaume Vuillemey","doi":"10.2139/ssrn.3824651","DOIUrl":"https://doi.org/10.2139/ssrn.3824651","url":null,"abstract":"Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, firms prefer repaying short-term debt over disclosing high cash holdings to signal that their cash is readily available and not trapped in foreign subsidiaries. Consistent with this interpretation, we show that firms with higher cash holdings, more sales in regions with tight capital controls, or with higher debt-equity ratios compared to industry peers reduce their short-term debt more aggressively at disclosure dates.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81546443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the relationship between bank bailouts and sovereign risk in 35 countries and 19 bailouts during 2005–2015. Bailouts negatively affect sovereign ratings, with rating agencies consistently perceiving higher risk when the country’s banking system has been rescued (risk-increasing effect). Financial soundness and banking market structure shape the impact of bailouts on sovereign risk. In particular, proactiveness in undertaking public bailouts for banking systems that are largely distressed -risky and low profitable- and highly concentrated seems to lead to lower increases in sovereign risk. However, the strength of the connection between the public sector and the banking system neither moderates nor magnifies the impact of bailouts. Moreover, ratings dynamics (duration, momentum, timing) are found to be affected by bailouts revealing that the effects of bailouts on ratings are not short-lived. Results are robust to endogeneity concerns, sample selection bias and several robustness tests.
{"title":"Am I Riskier If I Rescue My Banks? The Unintended Effects of Bailouts","authors":"P. Cuadros-Solas, C. Salvador, Nuria Suárez","doi":"10.2139/ssrn.3819759","DOIUrl":"https://doi.org/10.2139/ssrn.3819759","url":null,"abstract":"We examine the relationship between bank bailouts and sovereign risk in 35 countries and 19 bailouts during 2005–2015. Bailouts negatively affect sovereign ratings, with rating agencies consistently perceiving higher risk when the country’s banking system has been rescued (risk-increasing effect). Financial soundness and banking market structure shape the impact of bailouts on sovereign risk. In particular, proactiveness in undertaking public bailouts for banking systems that are largely distressed -risky and low profitable- and highly concentrated seems to lead to lower increases in sovereign risk. However, the strength of the connection between the public sector and the banking system neither moderates nor magnifies the impact of bailouts. Moreover, ratings dynamics (duration, momentum, timing) are found to be affected by bailouts revealing that the effects of bailouts on ratings are not short-lived. Results are robust to endogeneity concerns, sample selection bias and several robustness tests.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84626341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Linh Nguyen, John O. S. Wilson, T. Le, H. Luu, X. Vo, Tram-Anh Nguyen
We exploit an exogenous change in the coverage of insured deposits following the passage of the Emergency Economic Stabilization Act (2008) to investigate the impact of deposit insurance on the volume, composition and quality of credit union lending. Using a difference-in-difference approach, we find changes in the volume, composition and riskiness of credit union lending. Specifically, we find that affected credit unions increase total and unsecured lending, leading to a decline in loan quality. Overall, our results suggest that an increase in the maximum coverage of insured deposits induces credit unions to lend more at the expense of loan quality.
{"title":"Deposit Insurance and Credit Union Lending","authors":"Linh Nguyen, John O. S. Wilson, T. Le, H. Luu, X. Vo, Tram-Anh Nguyen","doi":"10.2139/ssrn.3821558","DOIUrl":"https://doi.org/10.2139/ssrn.3821558","url":null,"abstract":"We exploit an exogenous change in the coverage of insured deposits following the passage of the Emergency Economic Stabilization Act (2008) to investigate the impact of deposit insurance on the volume, composition and quality of credit union lending. Using a difference-in-difference approach, we find changes in the volume, composition and riskiness of credit union lending. Specifically, we find that affected credit unions increase total and unsecured lending, leading to a decline in loan quality. Overall, our results suggest that an increase in the maximum coverage of insured deposits induces credit unions to lend more at the expense of loan quality.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78745069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A repetition of austerity policies of the early 2010s is not consistent with maintaining adequate growth and sovereign debt sustainability in the post-pandemic environment, argue the authors of this CEPS Policy Insight. Likewise, a debt restructuring process with deep haircuts will just upset the fragile state of the markets and create a run on the debt of the most vulnerable member states, forcing the ECB to buy even more debt. Common policies are thus required to keep the sovereigns acquired by the ECB with its Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) programmes out of financial markets for an indefinite period. The European Stability Mechanism (ESM) can offer the appropriate instrument by purchasing the ECB-held sovereign debt and issuing own liabilities to fund the purchases. The programme could develop gradually, over several years, to ensure the smooth rollover of expiring securities. As the purchases would be funded by the ESM’s own liabilities, backed by the sovereign holdings, ESM debt would become the long- sought-after European safe asset. The authors argue that this ESM action could be conducted without an ESM Treaty change. It would be premised on the legal framework of the revised Article 14 (precautionary financial assistance). The ESM could then gradually evolve into a debt management agency for the euro area. The transfer of much of ECB sovereign holdings to the ESM would restore monetary policy independence and ease any frictions in this field, thereby allowing EU policymakers’ focus to shift to the completion of the European Banking Union. This paper follows up on a CEPS Policy Insight of October 2020, in which Stefano Micossi argued that the increase in sovereign indebtedness under way in the euro area should be managed through collective policy actions.
{"title":"On Selling Sovereigns Held by the ECB to the ESM: Institutional and Economic Policy Implications","authors":"E. Avgouleas, S. Micossi","doi":"10.2139/SSRN.3810617","DOIUrl":"https://doi.org/10.2139/SSRN.3810617","url":null,"abstract":"A repetition of austerity policies of the early 2010s is not consistent with maintaining adequate growth and sovereign debt sustainability in the post-pandemic environment, argue the authors of this CEPS Policy Insight. \u0000Likewise, a debt restructuring process with deep haircuts will just upset the fragile state of the markets and create a run on the debt of the most vulnerable member states, forcing the ECB to buy even more debt. \u0000Common policies are thus required to keep the sovereigns acquired by the ECB with its Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) programmes out of financial markets for an indefinite period. The European Stability Mechanism (ESM) can offer the appropriate instrument by purchasing the ECB-held sovereign debt and issuing own liabilities to fund the purchases. The programme could develop gradually, over several years, to ensure the smooth rollover of expiring securities. As the purchases would be funded by the ESM’s own liabilities, backed by the sovereign holdings, ESM debt would become the long- sought-after European safe asset. \u0000The authors argue that this ESM action could be conducted without an ESM Treaty change. It would be premised on the legal framework of the revised Article 14 (precautionary financial assistance). The ESM could then gradually evolve into a debt management agency for the euro area. The transfer of much of ECB sovereign holdings to the ESM would restore monetary policy independence and ease any frictions in this field, thereby allowing EU policymakers’ focus to shift to the completion of the European Banking Union. \u0000This paper follows up on a CEPS Policy Insight of October 2020, in which Stefano Micossi argued that the increase in sovereign indebtedness under way in the euro area should be managed through collective policy actions.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81610200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Enrico Bernardini, Ivan Faiella, A. Mistretta, Filippo Natoli, Luciano Lavecchia
Italian Abstract: Negli ultimi anni i cambiamenti climatici in corso e la transizione verso un modello di sviluppo economico sostenibile hanno assunto una rilevanza centrale per il sistema finanziario, chiamando in causa anche le banche centrali. Queste ultime, il cui interesse è testimoniato dai lavori del Network for Greening the Financial System (NGFS), stanno raccogliendo le sfide poste da tali fenomeni all'interno delle loro attività istituzionali e di investimento. La Banca d'Italia, attraverso progetti di studio interni e partecipando ai maggiori tavoli di lavoro a livello nazionale e internazionale, contribuisce all'analisi dei rischi che i cambiamenti climatici comportano per il sistema economico e finanziario. Inoltre, in linea con i recenti sviluppi della finanza sostenibile, ha integrato criteri di sostenibilità nelle proprie decisioni di investimento. Questo lavoro ha lo scopo di dar conto delle evidenze finora ottenute circa i rischi e le opportunità legati ai cambiamenti climatici e alla finanza sostenibile, evidenziando quanto già fatto e quanto ancora si possa fare per includere questi temi nell'agenda dei banchieri centrali.
English Abstract: In the last few years, the climate changes under way and the transition towards a sustainable economic development model have become of great importance for the financial system, involving central banks as well. The latter, whose interest is demonstrated by the work of the Network for Greening the Financial System (NFGS), are taking on the challenges posed by these events as part of their institutional and investment activities. By means of internal study projects and by taking part in the most important round tables at national and international level, the Bank of Italy is helping to analyse the risks that climate change creates for the economic and financial system. In addition, and in line with the recent developments in sustainable finance, it has also integrated sustainability criteria into its investment decisions. This paper aims to give an account of the evidence collected so far on the risks and opportunities linked to climate change and sustainable finance, highlighting what has already been done and what else can be done to put these issues on the agenda of central banks.
{"title":"Banche centrali, rischi climatici e finanza sostenibile [Central Banks, Climate Risks and Sustainable Finance]","authors":"Enrico Bernardini, Ivan Faiella, A. Mistretta, Filippo Natoli, Luciano Lavecchia","doi":"10.2139/ssrn.3852117","DOIUrl":"https://doi.org/10.2139/ssrn.3852117","url":null,"abstract":"<b>Italian Abstract:</b> Negli ultimi anni i cambiamenti climatici in corso e la transizione verso un modello di sviluppo economico sostenibile hanno assunto una rilevanza centrale per il sistema finanziario, chiamando in causa anche le banche centrali. Queste ultime, il cui interesse è testimoniato dai lavori del Network for Greening the Financial System (NGFS), stanno raccogliendo le sfide poste da tali fenomeni all'interno delle loro attività istituzionali e di investimento. La Banca d'Italia, attraverso progetti di studio interni e partecipando ai maggiori tavoli di lavoro a livello nazionale e internazionale, contribuisce all'analisi dei rischi che i cambiamenti climatici comportano per il sistema economico e finanziario. Inoltre, in linea con i recenti sviluppi della finanza sostenibile, ha integrato criteri di sostenibilità nelle proprie decisioni di investimento. Questo lavoro ha lo scopo di dar conto delle evidenze finora ottenute circa i rischi e le opportunità legati ai cambiamenti climatici e alla finanza sostenibile, evidenziando quanto già fatto e quanto ancora si possa fare per includere questi temi nell'agenda dei banchieri centrali.<br><br><b>English Abstract:</b> In the last few years, the climate changes under way and the transition towards a sustainable economic development model have become of great importance for the financial system, involving central banks as well. The latter, whose interest is demonstrated by the work of the Network for Greening the Financial System (NFGS), are taking on the challenges posed by these events as part of their institutional and investment activities. By means of internal study projects and by taking part in the most important round tables at national and international level, the Bank of Italy is helping to analyse the risks that climate change creates for the economic and financial system. In addition, and in line with the recent developments in sustainable finance, it has also integrated sustainability criteria into its investment decisions. This paper aims to give an account of the evidence collected so far on the risks and opportunities linked to climate change and sustainable finance, highlighting what has already been done and what else can be done to put these issues on the agenda of central banks.","PeriodicalId":10548,"journal":{"name":"Comparative Political Economy: Monetary Policy eJournal","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90715153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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