Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases
Pierre Monnin | 21 December 2018
Discussion Notes,
Monetary | Tags:
Climate risk,
Credit risk,
ECB Corporate Sector Purchase Programme Climate change, and the transition to a low-carbon economy that can mitigate it, engender significant economic costs. These costs are ultimately borne by households and firms. They affect households’ and firms’ cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs
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Assessing Tax Expenditure Reporting in G20 and OECD Economies
Agustin Redonda and
Tom Neubig | 6 November 2018
Discussion Notes,
Fiscal | Tags:
G20,
OECD,
Tax Expenditures Governments worldwide pursue public policy objectives through direct spending and tax expenditures (TEs). Interestingly though, and despite their significant impact on government budgets, TEs are opaque and very often not subject to the same level of scrutiny in the budget process as direct spending. This
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Energy Tax Expenditures in a Globalized Economy
Agustin Redonda and
Johannes Schwarzer | 9 May 2018
Discussion Notes,
Fiscal,
Trade | Tags:
Energy,
Tax Competition,
Tax Expenditures Countries around the world have introduced energy taxes to expand revenues, reduce energy consumption and curb greenhouse gas emissions. In that context, they have frequently also implemented tax provisions to lower the energy tax bill for certain industries, households and regions. Tax exemptions and deductions
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Central Banks and the Transition to a Low-Carbon Economy
Pierre Monnin | 22 March 2018
Discussion Notes,
Monetary | Tags:
Central Banks,
Environment,
Macroprudential Regulation,
Quantitative Easing Climate change is a fundamental challenge for our societies. Containing it will require a profound and radical transformation of our economic system, including a substantial reorientation of investments toward low-carbon technologies. The question to what extent central banks can and should contribute to this effort
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Monetary Policy, Macroprudential Regulation and Inequality
Pierre Monnin | 12 April 2017
Discussion Notes,
Monetary | Tags:
Inequality,
Interest Rates,
Macroprudential Regulation The 2008 global financial crisis profoundly changed the role of central banks in the economy. First, central banks engaged in strong expansionary monetary policy, using new unconventional tools to boost economic activity. Second, they were key to containing financial instability, which led them to implement
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