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Monetary Policy, Macroprudential Regulation and Inequality
The 2008 global financial crisis profoundly changed the role of central banks in the economy. First, central banks engaged in strong expansionary monetary policy, using new unconventional tools to boost economic activity. Second, they were key to containing financial instability, which led them to implement new macroprudential policies to foster future financial stability. The debate about whether these policies have been effective is still ongoing, and often neglects two other crucial issues: What has been the impact of these policies on income and wealth distribution? Does inequality of income and wealth affect whether central bank policies reach their targets?This note highlights research...
The Semantic Web – ISWC 2022
This book constitutes the proceedings of the 21st International Semantic Web Conference, ISWC 2022, which took place in October 2022 in a virtual mode. The 48 full papers presented in this volume were thoroughly reviewed and selected from 239 submissions. They deal with the latest advances in fundamental research, innovative technology, and applications of the Semantic Web, linked data, knowledge graphs, and knowledge processing on the Web. Papers are organized in a research track, resources and in-use track. The research track details theoretical, analytical and empirical aspects of the Semantic Web and its intersection with other disciplines. The resources track promotes the sharing of res...
Central Banks and the Transition to a Low-Carbon Economy
Climate change is a fundamental challenge for our societies. Containing it will require a profound and radical transformation of our economic system, including a substantial reorientation of investments toward low-carbon technologies. The question to what extent central banks can and should contribute to this effort is moving up agendas worldwide. Building on the research presented at a CEP DNB workshop on “Central Banking and Green Finance” in November 2017, this discussion note explores policy options available to central banks to contribute to the transition to a low-carbon economy. The studies presented in the workshop reassert that climate change is a potential risk for the stabilit...
Integrating Climate Risks Into Credit Risk Assessment - Current Methodologies and the Case of Central Banks Corporate Bond Purchases
Climate change and the transition to a low-carbon economy to mitigate it engender significant economic costs. These costs are ultimately borne by households and firms, affecting their cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs are thus a source of credit risk. An accurate assessment of all credit risks, including climate credit risk, is central for creditors including central banks. If they underestimate it, they are exposed to financial losses and to the risk of holding assets of inadequate credit quality. Assessing climate risks requires methodologies based on forward-looking scenarios, on complex cause-and-effect linkages and on data that has not been observed in the past. Such models are at their infancy, but already offer meaningful insights. This note provides an overview of key components that such models are built on and illustrates them with examples of the analytics that are already available. It also applies one of the available methodologies to assess transition risk to the corporate bond holdings of the European Central Bank.
Understanding Green Finance
Exploring how green finance has become a key strategy for the financial industry in the wake of the 2007-08 financial crisis, this timely book critically assesses the current dominant forms of neoliberal green finance. Understanding Green Finance delivers a pioneering analysis of the topic, covering the essential tenets of green finance with an emphasis on critical approaches to mainstream views and presenting alternatives insights and perspectives.
The Semantic Web -- ISWC 2022
This book constitutes the proceedings of the 21st International Semantic Web Conference, ISWC 2022, which took place in October 2022 in a virtual mode. The 48 full papers presented in this volume were thoroughly reviewed and selected from 239 submissions. They deal with the latest advances in fundamental research, innovative technology, and applications of the Semantic Web, linked data, knowledge graphs, and knowledge processing on the Web. Papers are organized in a research track, resources and in-use track. The research track details theoretical, analytical and empirical aspects of the Semantic Web and its intersection with other disciplines. The resources track promotes the sharing of res...
