GSTDTAP  > 资源环境科学
DOI10.1016/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
ISSN0921-8009
EISSN1873-6106
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
被引频次:348[WOS]   [WOS记录]     [WOS相关记录]
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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