Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2018.05.011 |
Climate Change, Financial Stability and Monetary Policy | |
Dafermos, Yannis1; Nikolaidi, Maria2; Galanis, Giorgos3 | |
2018-10-01 | |
发表期刊 | ECOLOGICAL ECONOMICS
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ISSN | 0921-8009 |
EISSN | 1873-6106 |
出版年 | 2018 |
卷号 | 152页码:219-234 |
文章类型 | Article |
语种 | 英语 |
国家 | England |
英文摘要 | 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. |
英文关键词 | Ecological macroeconomics Stock-flow consistent modelling Climate change Financial stability Green quantitative easing |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000440118700022 |
WOS关键词 | NATURAL DISASTERS ; MODEL ; CREDIT ; CYCLE ; DYNAMICS ; SYSTEM ; RISK |
WOS类目 | Ecology ; Economics ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Environmental Sciences & Ecology ; Business & Economics |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/15581 |
专题 | 资源环境科学 |
作者单位 | 1.Univ West England, Dept Accounting Econ & Finance, Bristol, Avon, England; 2.Univ Greenwich, Dept Int Business & Econ, London, England; 3.Goldsmiths Univ London, Inst Management Studies, London, England |
推荐引用方式 GB/T 7714 | Dafermos, Yannis,Nikolaidi, Maria,Galanis, Giorgos. Climate Change, Financial Stability and Monetary Policy[J]. ECOLOGICAL ECONOMICS,2018,152:219-234. |
APA | Dafermos, Yannis,Nikolaidi, Maria,&Galanis, Giorgos.(2018).Climate Change, Financial Stability and Monetary Policy.ECOLOGICAL ECONOMICS,152,219-234. |
MLA | Dafermos, Yannis,et al."Climate Change, Financial Stability and Monetary Policy".ECOLOGICAL ECONOMICS 152(2018):219-234. |
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