Three tales of central banking and financial supervision for the ecological transition

Author:

Oman William1ORCID,Salin Mathilde23ORCID,Svartzman Romain24ORCID

Affiliation:

1. International Monetary Fund (IMF) Washington DC USA

2. Banque de France Paris France

3. Université Paris‐Saclay, AgroParisTech, CNRS, École des Ponts ParisTech, CIRAD, EHESS, UMR Cired Nogent‐sur‐Marne France

4. Institute for Innovation and Public Purpose (IIPP) University College London London UK

Abstract

AbstractThe academic literature and policy discussions on the role that central banks and financial supervisors (CBFS) should play in the ecological transition, almost nonexistent five years ago, have since grown at an impressive pace. This has resulted in a wide range of proposals that often generate debates and even misunderstandings, for lack of a coherent analytical framework. Against this backdrop, this article provides a comprehensive overview of the different theoretical backgrounds and worldviews that inform existing proposals, and discusses the challenges and debates they generate when assessed from other perspectives. We identify three main approaches, or three “tales” of central banking and financial supervision in the face of ecological threats: (i) one that argues that CBFS should focus on assessing the (so‐called “physical” and “transition”) risks that environmental issues pose to price and/or financial stability; (ii) one that places great emphasis on the ability of CBFS to help trigger systemic change, and thereby promotes proactive actions by CBFS to steer financial markets toward greening their activity beyond a risk‐based approach; (iii) one that sees CBFS transformation as necessary but part of broader institutional change that they cannot deliver on their own, thereby requiring an evolutionary perspective. Through this comprehensive literature review, this article seeks to provide a coherent framework through which future academic contributions and policy proposals can be better understood and assessed.This article is categorized under: Climate Economics > Economics and Climate Change Climate Economics > Economics of Mitigation

Publisher

Wiley

Reference120 articles.

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2. Aglietta M. & Espagne E. (2016). Climate and finance systemic risks more than an analogy? The climate fragility hypothesis CEPII Working Paper 2016‐10.

3. Baer M. Campiglio E. &Deyris J.(2021).It takes two to dance: Institutional dynamics and climate‐related financial policies. Grantham Research Institute on Climate Change and the Environment Working Paper No. 356.

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