Should Monetary Policy Take Inequality and Climate Change into Account?
Patrick Honohan | 24 January 2020
Monetary,
Discussion Notes | Tags:
Climate Change,
Governing Finance,
Inequality
Should central banks take more account of ethical issues, notably the impact of monetary policy actions on the distribution of income and wealth and on efforts to combat climate change, in the design and implementation of the wider monetary policy toolkit they have been using
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Shifting Gears: Integrating Climate Risks in Monetary Policy Operations
Pierre Monnin | 20 January 2020
Monetary,
Policy Briefs | Tags:
Asset Purchases,
Central Banks,
Climate Risk,
Collateral Framework,
Credit Risk
The assets central banks purchase and accept as collateral are at the core of monetary policy implementation. Risk considerations play a crucial role in the selection of these assets: central banks seek to limit their holdings and eligible collateral to assets that minimize their risk
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Legitimacy Challenges to Central Banks: Sketching a Way Forward
Peter Dietsch | 19 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance
Delegation to independent agencies (IAs) can reap real benefits for policy making. In the case of monetary policy, it shores up the credibility of the central bank. However, it is generally accepted that the discretion of IAs needs to be constrained to ensure their legitimacy.
This
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Against Amnesia: Re-Imagining Central Banking
Benjamin Braun and
Leah Downey | 10 January 2020
Monetary,
Discussion Notes | Tags:
Central Banks,
Governing Finance
The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the holy trinity of the inflation targeting paradigm: price stability as the primary goal of the
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Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond
Gianleo Frisari,
Matías Gallardo,
Chiemi Nakano,
Víctor Cárdenas and
Pierre Monnin | 18 December 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Climate Risk,
Financial Regulation,
Green Finance,
Latin America
In Latin America and the Caribbean (LAC), regional supervisors and regulators have not yet explicitly included nor addressed climate-related risks in binding regulations and/or supervisory measures for the financial sector. This implies significant work ahead for the LAC financial sector to develop effective and complete
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Climate Risks in Financial Assets
Emanuele Campiglio,
Pierre Monnin and
Adrian von Jagow | 4 November 2019
Monetary,
Discussion Notes | Tags:
Asset Prices,
Climate Risk,
Climate Stress Tests
This note reviews the empirical evidence available in the academic literature about the impact of climate-related risks on financial assets. It addresses three main questions: does climate change already affect financial asset returns? What is the potential impact of future climate-related costs on financial asset
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Governing Finance for Sustainability – Panel Discussion
16 October 2019 | Washington D.C., USA | By Invitation
Monetary,
Panel | Tags:
Central Banks,
Financial Regulation,
Governing Finance
The nexus between financial governance, macroeconomic and financial stability, social cohesion, and environmental sustainability has become the subject of a growing debate among policymakers and market participants. Current beliefs on central banking and financial regulation are being questioned in the face of systemic challenges such
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Governing Finance for Sustainability – Pathways Forward
15 October 2019 | Washington D.C., USA | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance
This is the third in a series of roundtables on Governing Finance for Sustainability. Details on the first roundtable can be found here, and the second here.
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Unconventional Monetary Policy and Inequality – Is Japan Unique?
Ayako Saiki and
Jon Frost | 20 September 2019
Monetary,
Research Papers | Tags:
Inequality,
Japan,
Quantitative Easing
For over a decade, but especially since the start of Abenomics in 2013, the Bank of Japan (BoJ) has been increasing the monetary base rapidly by implementing an unconventional monetary policy (UMP). In a 2014 study, we found that Japan’s UMP had increased income inequality.
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Governing Finance for Sustainability – Advancing the Debate
8-9 July 2019 | Zurich, Switzerland | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance
Since the initial roundtable that was held in January 2019 we have been carefully following the debate on governing finance in what we increasingly perceive to be a four-way nexus between growing risks in today's financial and monetary systems, the power of central banks and
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