Article published in the Journal of Risk Research
There is growing interest in the impact of climate change on the financial system. For financial institutions, the development of knowledge specific to climate risks requires collaboration with the academic sphere, and in particular with climate scientists. However, five years after the Paris agreement, such collaborations are scarce. Through a compared analysis of the perception and management of climate risks by financial risk managers and climate scientists, we seek to understand how different risk perceptions can be an obstacle to collaboration between these two social groups. To this end, we adopt an interdisciplinary approach based on the results of semi-structured interviews. We identify two types of differences that constitute obstacles: differences in valuation, linked to the perception of the climate threat and the vulnerability of the financial system, and differences in the construction of a relationship of risk, related to the modelling, organisation and communication of risk and uncertainty.
Using an empirical stock-flow consistent (SFC) model for the French economy, we simulate an imported inflationary shock to emulate the current inflation situation and analyze the resulting macroeconomic impacts on the French economy. Two possible responses are considered: increased wage per capita so as to preserve workers’ purchasing power, increased margins by firms in order to restore their...
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