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Bulgarian Journal of International Economics and Politics
year 2023 Issue 2
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Risks and Challenges of Ecological Transition for the Financial System: What Role for Central Banks?

Authors: Tsvetelina Marinova, Sara Goldman

Abstract

Abstract

The ecological transition poses the most impelling challenges for central banks, regulators and supervisory authorities. This paper explores the different types of risks associated with ecological transition. It deplores their absence in the instruments of control and regulation at a time when climate change threatens financial stability and can be at the root of a systemic crisis. Risk management is particularly sensitive given its uncertain nature. Nowadays, many actors, including governments, the private and public sectors, as well as part of the international community, are intervening to support the ecological transition. Nevertheless, it would appear that central banks are best able to meet these challenges.

JEL: F52, F58, Q54

Keywords

monetary policy, Central banks, ecological transition, climate
Download BJIEP.2021.2.04.pdf