Publications of the Chair

Biodiversity loss and climate change interactions: financial stability implications for central banks and financial supervisors

2022
Authors :
Katie Kedward, Josh Ryan-Collins, and Hugues Chenet

In this paper, we examine how central banks and financial supervisors are approaching the topic of BRFR in relation to climate-related financial risk. We argue that policymakers should focus upon the broader concept of systemic environmental-financial risks to account for the interactions and trade-offs between both domains of biodiversity and climate change.

Hotelling and Recycling

2022
Authors :
Bocar Samba Ba, Raphael Soubeyran

This article studies the exploitation of recyclable exhaustible resources such as metals that are crucial for the energy transition or phosphorus that is crucial for agricultural production. We use a standard Hotelling model of resource exploitation that includes a primary sector and a recycling sector.

What is Disappearing: Considerations about the Species, the Ecological Crisis and the Crisis in Culture

2022
Authors :
Hadrien Lantremange

While the ecological crisis is usually presented as a confrontation between mankind and nature, there remains a third term that it is imperative to keep in mind: technology. Technology appears as made up of two fronts, which must be considered jointly: mediation with nature, and mediation with man himself.

What are the Drivers of Corporates’ climate transparency? Evidence from the S&P 1200 Index

2022
Authors :
Jeanne Amar, Samira Demaria et Sandra Rigot

This paper investigates the determinants of corporates’ voluntary climate-related risk disclosures throughout the world. The empirical evidence shown by the results, based on a global studys highlights the need for standardization of climate-risk disclosures.

Shaky foundations: Central bank independence in the 21st century

2022
Authors :
Jérôme Deyris, Gaëtan Le Quang et Laurence Scialom

Central bank independence (CBI) has often been presented as a superior institutional arrangement demonstrated by economists in the 1980s for achieving a common good in a non-partisan manner. In this article, we argue that this view must be challenged.

Credit Risk Sensitivity to Carbon Price

2022
Authors :
Vincent Bouchet and Theo Le Guenedal

Based on the 2018 Intergovernmental Panel on Climate Change scenarios, this article studies the credit risk sensitivity of 795 international companies to carbon prices.

A Stock Flow Consistent model for the French economy

2022
Authors :
Jacques Mazier, Luis Reyes

An econometric SFC model of the French economy is presented. The structure of the model is analogous to that of already existing national-level SFC models. The dynamic
simulations on the past over the period 1996-2019 provide acceptable results. In a second part the effects of unconventional monetary policy are evaluated such as the distribution of
helicopter money in...

Winners and Losers of the COVID-19 Pandemic: An Excess Profits Tax Proposal

2022
Authors :
Céline Azémar, Rodolphe Desbordes, Paolo Melindi-Ghidi, Jean-Philippe Nicolaï

This paper studies the gains and losses incurred during the COVID-19 pandemic. A comparison between the gains and losses triggered by both the pandemic and the lockdown indicates that an excess profits tax imposed on the ‘winners’ could partly compensate the ‘losers’ of the same sector.

Enhancing financial transparency to mitigate climate change: Towards a Climate Risks and Opportunities Reporting Index

2022
Authors :
Jeanne Amar, Samira Demaria, Sandra Rigot

Using the IPCC (2018) medium (2024) and long-term (2060) scenarios, this study analyzes the credit risk sensitivity of 763 international companies.

Financing green mobility Is it enough and where does it go?

2022
Authors :
Jean-Pierre Ponssard

On Dec 9-10, 2021, the annual International Conference on Mobility Challenges provided an outstanding opportunity to bring together researchers, industry experts and policy makers to discuss these issues. This note gives a summary of the debate.