The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
Climate Change, Financial Stability and Monetary Policy
Open accessAbstract
Using a stock-flow-fund ecological macroeconomic model, we analyse (i) the effects of climate change on financial stability and (ii) the financial and global warming implications of a green quantitative easing (QE) programme. Emphasis is placed on the impact of climate change damages on the price of financial assets and the financial position of firms and banks. The model is estimated and calibrated using global data and simulations are conducted for the period 2016–2120. Four key results arise. First, by destroying the capital of firms and reducing their profitability, climate change is likely to gradually deteriorate the liquidity of firms, leading to a higher rate of default that could harm both the financial and the non-financial corporate sector. Second, climate change damages can lead to a portfolio reallocation that can cause a gradual decline in the price of corporate bonds. Third, climate-induced financial instability might adversely affect credit expansion, exacerbating the negative impact of climate change on economic activity. Fourth, the implementation of a green corporate QE programme can reduce climate-induced financial instability and restrict global warming. The effectiveness of this programme depends positively on the responsiveness of green investment to changes in bond yields.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Thring, M. W. (1977) · Electronics and Power · doi:10.1049/ep.1977.0180 · Cited by 7,338
The Entropy Law and the Economic Process
Georgescu-Roegen, N. (1971) · Harvard University Press eBooks · doi:10.4159/harvard.9780674281653 · Cited by 4,866
The Entropy Law and the Economic Process.
Green, M. J., & Georgescu-Roegen, N. (1973) · The Economic Journal · doi:10.2307/2231206 · Cited by 2,985
A climate stress-test of the financial system
Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017) · Nature Climate Change · doi:10.1038/nclimate3255 · Cited by 1,157
Technological revolutions and techno-economic paradigms
Perez, C. (2010) · Cambridge Journal of Economics · doi:10.1093/cje/bep051 · Cited by 1,035
Climate change challenges for central banks and financial regulators
Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018) · Nature Climate Change · doi:10.1038/s41558-018-0175-0 · Cited by 825
Self-citationCampiglio, E. (2016) · Ecological Economics · doi:10.1016/j.ecolecon.2015.03.020 · Cited by 807
‘Climate value at risk’ of global financial assets
Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016) · Nature Climate Change · doi:10.1038/nclimate2972 · Cited by 694 · cited 5×
“This allows us to model the climate-induced fragility that can be caused in the fi nancial structures of fi rms and banks, a feature which is absent in Dietz et al. (2016).”
InfluentialThe Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey
Lown, C. S., & Morgan, D. P. (2006) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2006.0086 · Cited by 604
Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth
Godley, W., & Lavoie, M. (2006) · Cited by 583
Cited by
Price connectedness between green bond and financial markets
Reboredo, J. C., & Ugolini, A. (2020) · Economic Modelling · doi:10.1016/j.econmod.2019.09.004 · Cited by 521
Kirikkaleli, D., Güngör, H., & Adebayo, T. S. (2022) · Business Strategy and the Environment · doi:10.1002/bse.2945 · Cited by 369
D’Orazio, P., & Popoyan, L. (2019) · Ecological Economics · doi:10.1016/j.ecolecon.2019.01.029 · Cited by 366
Network connectedness of green bonds and asset classes
Reboredo, J. C., Ugolini, A., & Aiube, F. A. L. (2020) · Energy Economics · doi:10.1016/j.eneco.2019.104629 · Cited by 348
Closing the green finance gap – a systems perspective
Hafner, S., Jones, A., Anger-Kraavi, A., & Pohl, J. (2020) · Environmental Innovation and Societal Transitions · doi:10.1016/j.eist.2019.11.007 · Cited by 318
Metadata
- Authors
- Dafermos, Y., Nikolaidi, M., & Galanis, G.
- Venue
- Ecological Economics
- Publisher
- Elsevier BV
- Published
- 2018-10
- Volume
- 152
- Pages
- 219-234
- ISSN
- 0921-8009 (ISSN-L)
- OpenAlex
- W2754240787
- Cited by
- 756
- References
- 33
- FWCI
- 45.63
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Climate Change, Financial Stability and Monetary Policy. https://app.cochat.ai/papers/10.1016/j.ecolecon.2018.05.011
- The paper
- Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics. https://doi.org/10.1016/j.ecolecon.2018.05.011
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
