Program: Monetary

Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond

, , , and | 18 December 2019
Discussion Notes, Monetary | 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 ... continue reading

Climate Risks in Financial Assets

, and | 4 November 2019
Discussion Notes, Monetary | 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 ... continue reading

Governing Finance for Sustainability

Washington D.C., 16 October 2019
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 ... continue reading

Unconventional Monetary Policy and Inequality – Is Japan Unique?

and | 20 September 2019
Monetary, Working 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. ... continue reading

Governing Finance for Sustainability – Advancing the Debate

8-9 July 2019 | Zurich, Switzerland | By Invitation
Monetary, Roundtables | Tags: Central Banks, Financial Regulation, Governing Finance
As highlighted by Benoît Cœuré from the ECB in his keynote on “Monetary Policy and Climate Change” last November, there is an accelerating momentum to move sustainability up financial market agendas worldwide. A key aspect of this development is the growing acceptance that the linkages ... continue reading