Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1038/NCLIMATE3255 |
A climate stress-test of the financial system | |
Battiston, Stefano1; Mandel, Antoine2; Monasterolo, Irene3; Schuetze, Franziska4; Visentin, Gabriele1 | |
2017-04-01 | |
发表期刊 | NATURE CLIMATE CHANGE |
ISSN | 1758-678X |
EISSN | 1758-6798 |
出版年 | 2017 |
卷号 | 7期号:4 |
文章类型 | Article |
语种 | 英语 |
国家 | Switzerland; France; USA; Germany |
英文摘要 | The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a network-based climate stress-test methodology and apply it to large Euro Area banks in a 'green' and a 'brown' scenario. We find that direct and indirect exposures to climate-policy-relevant sectors represent a large portion of investors' equity portfolios, especially for investment and pension funds. Additionally, the portion of banks' loan portfolios exposed to these sectors is comparable to banks' capital. Our results suggest that climate policy timing matters. An early and stable policy framework would allow for smooth asset value adjustments and lead to potential net winners and losers. In contrast, a late and abrupt policy framework could have adverse systemic consequences. |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000398263200015 |
WOS关键词 | 2 DEGREES-C ; COMPLEX-SYSTEMS ; RISK ; NETWORKS ; DEBTRANK |
WOS类目 | Environmental Sciences ; Environmental Studies ; Meteorology & Atmospheric Sciences |
WOS研究方向 | Environmental Sciences & Ecology ; Meteorology & Atmospheric Sciences |
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/34240 |
专题 | 资源环境科学 |
作者单位 | 1.Univ Zurich, Dept Banking & Finance, Andreasstr 15, CH-8050 Zurich, Switzerland; 2.Univ Paris 1 Pantheon Sorbonne, Ctr Econ Sorbonne Maison Sci Econ, 106-112 Blvd hopital, F-75647 Paris 13, France; 3.Boston Univ, Frederick S Pardee Ctr, Study Longer Range Future, 67 Bay State Rd, Boston, MA 02215 USA; 4.Global Climate Forum, Neue Promenade 6, D-10178 Berlin, Germany |
推荐引用方式 GB/T 7714 | Battiston, Stefano,Mandel, Antoine,Monasterolo, Irene,et al. A climate stress-test of the financial system[J]. NATURE CLIMATE CHANGE,2017,7(4). |
APA | Battiston, Stefano,Mandel, Antoine,Monasterolo, Irene,Schuetze, Franziska,&Visentin, Gabriele.(2017).A climate stress-test of the financial system.NATURE CLIMATE CHANGE,7(4). |
MLA | Battiston, Stefano,et al."A climate stress-test of the financial system".NATURE CLIMATE CHANGE 7.4(2017). |
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