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In this book prominent academics and central bankers explore the framework for securing financial stability in a changing environment. The papers focus in particular on the following crucial issues for central banks and regulatory institutions around the world: (i) the implications of recent changes in the financial system worldwide for financial stability; (ii) an optimal design of prudential policy; and (iii) the relationship between the two ultimate goals of central banks - price stability and financial stability.
Despite growing discussions on the relationship between sustainability and finance, so far little attention has been given to the relation linking sustainability-related risks and financial risks. Climate change, environmental degradation and social inequality, among others factors, may indeed have considerable adverse impacts on financial actors and markets, and even have the potential to harm financial stability. Shedding light on the importance of the nexus between sustainability and financial risks, this book addresses the need for new industry and policy approaches. With insights from a skilled set of scholars in the finance field, this edited collection explores the effects of climate risks on the banking and insurance industries, the problem of stranded assets, the possible corporate risk management frameworks that could be used to control sustainability-related risks, the role of non-financial disclosure in fostering market discipline, and the policy actions needed to integrate sustainability considerations into prudential supervision. Tackling an interdisciplinary topic, this book will appeal to academics and practitioners within the finance, business and sustainability fields.
Climate change is a major problem, generating both risks and opportunities that will have a direct impact on the economy and the financial sector. In recent years, climate change has threatened both the survival of the financial system and economic development. The growing occurrence of extreme climate events combined with the imprudent nature of economic growth can cause unsustainable levels of harm to the financial sectors. On the other hand, it presents a range of new business challenges. In contrast to the most evident physical risks, companies are vulnerable to transformational risks that arise from the reaction of society to climate change, such as technological change, regulation and markets that can boost the cost of doing business, threats to the profitability of existing goods, or effects on the value of the asset. Climate change also offers new business opportunities, and it has made research in the context of a sustainable financial sector indispensable. The Handbook of Research on Climate Change and the Sustainable Financial Sector focuses on the impacts of climate change on various sectors of the world economy. This book covers how businesses can improve their sustainability, the impact of climate change on the financial sector, and specifically, the impacts on financial services, supply chains, and the socio-economic status of the world. Beyond focusing on the impacts to the financial industry itself, this book assesses how climate change in the financial sector affects the well-being of society in areas such as unemployment, economic recessions, decreases in consumer purchases, and more. This book is essential for stockbrokers, business managers, directors, fund managers, financial analysts, consultants and actuaries, institutional investors, policymakers, practitioners, researchers, academicians, and students interested in a comprehensive view of the impact of climate change on the financial sector.
Academic Paper from the year 2021 in the subject Politics - Environmental Policy, grade: 1,3, University of Applied Sciences Augsburg, language: English, abstract: This paper addresses the risks posed by climate change in terms of financial instability. The objective is to derive counteractions and recommendations for policymakers and central banks. The derivation of possible appropriate measures on the part of public institutions clarifies that, above all, a high insurance rate and financial reserves are important to buffer the impact of climate-related disasters. It will also be suggested that central banks might consider targeting their monetary policy instruments to environmental sustainability goals. The analysis of the topic furthermore highlighted the fact that investors have so far paid little attention to the risks and costs arising from climate change. Therefore, it should be within the mandate of public authorities and companies to disclose residents and investors expected climate change related risks.
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Understanding Financial Stability undertakes an in-depth analysis of all the issues related to financial stability. It establishes a general framework for a holistic assessment of financial stability, provides a comprehensive analysis pertaining to the genesis of financial crises and offers key terms embodied in financial stability.
There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
#1 NEW YORK TIMES BESTSELLER • “The Uninhabitable Earth hits you like a comet, with an overflow of insanely lyrical prose about our pending Armageddon.”—Andrew Solomon, author of The Noonday Demon NAMED ONE OF THE BEST BOOKS OF THE YEAR BY The New Yorker • The New York Times Book Review • Time • NPR • The Economist • The Paris Review • Toronto Star • GQ • The Times Literary Supplement • The New York Public Library • Kirkus Reviews It is worse, much worse, than you think. If your anxiety about global warming is dominated by fears of sea-level rise, you are barely scratching the surface of what terrors are possible—food shortages, refugee emergencies, climate wars and economic devastation. An “epoch-defining book” (The Guardian) and “this generation’s Silent Spring” (The Washington Post), The Uninhabitable Earth is both a travelogue of the near future and a meditation on how that future will look to those living through it—the ways that warming promises to transform global politics, the meaning of technology and nature in the modern world, the sustainability of capitalism and the trajectory of human progress. The Uninhabitable Earth is also an impassioned call to action. For just as the world was brought to the brink of catastrophe within the span of a lifetime, the responsibility to avoid it now belongs to a single generation—today’s. LONGLISTED FOR THE PEN/E.O. WILSON LITERARY SCIENCE WRITING AWARD “The Uninhabitable Earth is the most terrifying book I have ever read. Its subject is climate change, and its method is scientific, but its mode is Old Testament. The book is a meticulously documented, white-knuckled tour through the cascading catastrophes that will soon engulf our warming planet.”—Farhad Manjoo, The New York Times “Riveting. . . . Some readers will find Mr. Wallace-Wells’s outline of possible futures alarmist. He is indeed alarmed. You should be, too.”—The Economist “Potent and evocative. . . . Wallace-Wells has resolved to offer something other than the standard narrative of climate change. . . . He avoids the ‘eerily banal language of climatology’ in favor of lush, rolling prose.”—Jennifer Szalai, The New York Times “The book has potential to be this generation’s Silent Spring.”—The Washington Post “The Uninhabitable Earth, which has become a best seller, taps into the underlying emotion of the day: fear. . . . I encourage people to read this book.”—Alan Weisman, The New York Review of Books