1,339
Views
4
CrossRef citations to date
0
Altmetric
Research Articles

The ‘climate shift’ in central banks: how field arbitrageurs paved the way for climate stress testing

References

  • 2DII (2013). Annual Report 2013.
  • Alogoskoufis, S., Dunz, N., Emambakhsh, T., Hennig, T., Kaijser, M., Kouratzoglou, C., Muñoz, M. A., Parisi, L., & Salleo, C. (2021). (). ECB economy-wide climate stress test (No. 281; Occasional Paper Series).
  • Baer, M., Campiglio, E., & Deyris, J. (2021). It takes two to dance: Institutional dynamics and climate-related financial policies. Ecological Economics, 190, 1–11. https://doi.org/10.1016/j.ecolecon.2021.107210
  • Baker, A. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy, 18(1), 112–139. https://doi.org/10.1080/13563467.2012.662952
  • Ban, C. (2016). Ruling Ideas: How Global Neoliberalism Goes Local. Oxford University Press.
  • Ban, C. (2020). The European Monetary Union: how did the Euro area get a lender of last resort?. In R. Coman, A. Crespy, & V. A. Schmidt (Eds.), Governance and Politics in the post-crisis European Union. (pp. 179–197). Cambridge University Press.
  • Bank of England (2022). Results of the 2021 Climate Biennial Exploratory Scenario (CBES).
  • Banque de France, & ACPR (2021). A first assessment of financial risks stemming from climate change: The main results of the 2020 climate pilot exercise. https://acpr.banque-france.fr/sites/default/files/medias/documents/20210504_as_pilot_exercise_climat_change.pdf
  • Best, J. (2008). Ambiguity, Uncertainty, and Risk: Rethinking Indeterminacy. International Political Sociology, 2, 355–374. https://doi.org/10.1111/j.1749-5687.2008.00056.x
  • Blyth, M. (2002). Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. Cambridge University Press.
  • Bolton, P., Despres, M., Pereira da Silva, L. A., Samama, F., & Svartzman, R. (2020). The green swan: Central banking and financial stability in the age of climate change. https://www.bis.org/publ/othp31.pdf
  • Braun, B., Krampf, A., & Murau, S. (2021). Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s. Review of International Political Economy, 28(4), 794–819. https://doi.org/10.1080/09692290.2020.1740291
  • Broome, A., & Seabrooke, L. (2021). Recursive recognition in the international political economy. Review of International Political Economy, 28(2), 369–381.
  • Carbon Tracker (2011). Unburnable Carbon - Are the world’s financial markets carrying a carbon bubble?.
  • Carbon Tracker (2013). Unburnable Carbon 2013: Wasted capital and stranded assets.
  • Carney, M. (2015). Breaking the tragedy of the horizon - climate change and financial stability.
  • Carrington, D. (2013). April 19). Carbon bubble will plunge the world into another financial crisis - report. The Guardian.
  • Chenet, H., Ryan-Collins, J., & van Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183, 106957. https://doi.org/10.1016/j.ecolecon.2021.106957
  • Chenet, H., Thomä, J., & Janci, D. (2015). Financial Risk and the Transition to a Low-Carbon Economy: Towards a Carbon Stress Testing Framework.
  • Christophers, B. (2017). Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance. Annals of the American Association of Geographers, 107(5), 1108–1127. https://doi.org/10.1080/24694452.2017.1293502
  • Coombs, N. (2020). What do stress tests test? Experimentation, demonstration, and the sociotechnical performance of regulatory science. The British Journal of Sociology, 71(3), 520–536. https://doi.org/10.1111/1468-4446.12739
  • Dafermos, Y. (2022). Climate change, central banking and financial supervision: beyond the risk exposure approach. In S. Kappes, L.-P. Rochon, & G. Vallet (Eds.), The Future of Central Banking. (pp. 175–194) Edward Elgar Publishing. https://doi.org/10.4337/9781839100932.00019
  • Dafermos, Y., Gabor, D., Nikolaidi, M., & van Lerven, F. (2022). An Environmental Mandate, Now What? Alternatives for Greening the Bank of England’s Corporate Bond Purchases.
  • Diessner, S., & Lisi, G. (2019). Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone. Socio-Economic Review, 0(0), 1–21.
  • Directorate General of the Treasury, Banque de France, & ACPR (2016). Evaluating Climate Change Risks in the Banking Sector: Report required under Article 173V of the Energy and Transition Act No. 2015-992 of 17 August 2015.
  • Dupré, S., & Chenet, H. (2012). Connecting the dots between climate goals, portfolio allocation and financial regulation.
  • Elderson, F. (2015). Speech by Frank Elderson, Sustainable Finance Seminar, De Nederlandsche Bank, 27 November.
  • ESRB (2016). Too late, too sudden: Transition to a low-carbon economy and systemic risk.
  • Financial Stability Board (2015). Meeting of the Financial Stability Board in London on 25 September. https://www.fsb.org/2015/09/meeting-of-the-financial-stability-board-in-london-on-25-september/
  • Fourcade, M. (2009). Economists and Societies: Discipline and Profession in the United States, Britain and France, 1890s to 1990s. Princeton University Press.
  • Gabor, D., & Ban, C. (2016). Banking on Bonds: The New Links Between States and Markets. JCMS: Journal of Common Market Studies, 54(3), 617–635.
  • Goodhart, L. M. (2015). Brave New World? Macro-prudential policy and the new political economy of the federal reserve. Review of International Political Economy, 22(2), 280–310.
  • Hasselbalch, J. A. (2019). Framing brain drain: between solidarity and skills in European labor mobility. Review of International Political Economy, 26(6), 1333–1360.
  • Johnson, J. (2016). Priests of Prosperity: How central bankers transformed the postcommunist world. Cornell University Press.
  • Jourdan, S. (2020). Green QE is about more than buying climate-friendly bonds. Positive Money Europe. https://www.positivemoney.eu/2020/01/green-qe/
  • Kedward, K., Gabor, D., & Ryan-Collins, J. (2022). (). Aligning finance with the green transition: From a risk-based to an allocative green credit policy regime (2022/11; IIPP Working Paper Series).
  • Langley, P. (2013). Anticipating uncertainty, reviving risk? On the stress testing of finance in crisis. Economy and Society, 42(1), 51–73.
  • Langley, P., & Morris, J. H. (2020). Central banks: climate governors of last resort? Economy and Space A, 52(8), 1471–1479.
  • Marta, M. (2021). Interview Techniques. In J.-F. Morin, C. Olsson, & E. Ö. Atikcan (Eds.), Research Methods in the Social Sciences: An A-Z of Key Concepts. (pp. 149–154). Oxford University Press.
  • Morris, J. H. (2018). Securing Finance, Mobilizing Risk: Money Cultures at the Bank of England. Routledge.
  • Özgöde, O. (2021). The emergence of systemic risk: The Federal Reserve, bailouts, and monetary government at the limits. Socio-Economic Review, 20(4), 2041–2071.
  • Paterson, M. (2020). Climate change and international political economy: between collapse and transformation. Review of Political Economy, 28(2), 394–405.
  • Pritchard, A. E. (2015). (, April 29). G20: fossil fuel fears could hammer global financial system. The Telegraph
  • Prudential Regulation Authority (2015). The impact of climate change on the UK insurance sector:A Climate Change Adaptation Report by the Prudential Regulation Authority. https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/publication/impact-of-climate-change-on-the-uk-insurance-sector.pdf
  • Schotten, G., van Ewjik, S., Regelink, M., Dicou, D., & Kakes, J. (2016). Time for Transition: an exploratory study of the transition to a carbon-neutral economy. (Vol. 14-2; Occasional Studies.).
  • Seabrooke, L. (2014). Epistemic arbitrage: Transnational professional knowledge in action. Journal of Professions and Organization, 1(1), 49–64.
  • Seabrooke, L., & Tsingou, E. (2015). Professional emergence on transnational issues: Linked ecologies on demographic change. Journal of Professions and Organization, 2(1), 1–18.
  • Seabrooke, L., & Tsingou, E. (2016). Bodies of Knowledge in Reproduction: Epistemic Boundaries in the Political Economy of Fertility. New Political Economy, 21(1), 69–89.
  • Shankleman, J. (2014). Mark Carney: most fossil fuel reserves can’t be burned. The Guardian.
  • Siderius, K. (2022). An unexpected climate activist: central banks and the politics of the climate-neutral economy. Journal of European Public Policy, 1–21.
  • Stone, D. (2013). “Shades of grey”: the World Bank, knowledge networks and linked ecologies of academic engagement. Global Networks, 13(2), 241–260.
  • Thiemann, M., Melches, C. R., & Ibrocevic, E. (2020). Measuring and mitigating systemic risks: how the forging of new alliances between central bank and academic economists legitimize the transnational macroprudential agenda. Review of International Political Economy, 28(6), 1433–1458.
  • Thistlethwaite, J. (2017). Accounting-NGO Professional Networks: Issue Control over Environmental, Social, and Governance Reporting. In L. Seabrooke & L. Henriksen (Eds.), Thistlethwaite (pp. 101–114) Cambridge University Press.
  • Tooze, A. (2018). Crashed: How a Decade of Financial Crises Changed the World. Penguin Books.
  • van Lerven, F., & Ryan-Collins, J. (2017). Central banks, climate change and the transition to a low-carbon economy. https://neweconomics.org/uploads/files/NEF_BRIEFING_CENTRAL-BANKS-CLIMATE_E.pdf
  • van ’t Klooster, J. (2022). Technocratic Keynesianism: a paradigm shift without legislative change. New Political Economy, 27(5), 771–787. https://doi.org/10.1080/13563467.2021.2013791
  • Vermeulen, R., Schets, E., Lohuis, M., Kölbl, B., Jansen, D.-J., & Heeringa, W. (2018). An energy transition risk stress test for the financial system of the Netherlands. Occasional Studies, 16-7, 1–69. https://www.dnb.nl/en/news/dnb-publications/dnb-occasional-studies/dnb379398.jsp
  • Villeroy de Galhau, F. (2021). Never too much and never too many - how to transform global discussion into global action against climate change.
  • Weyzig, F., Kuepper, B., van Gelder, J. W., & van Tilburg, R. (2014). The Price of Doing Too Little Too Late: The impact of the carbon bubble on the EU financial system.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.