摘要
减缓和适应气候变化是人类社会21世纪面临的最重要议题。气候变化不仅对人身和社会财富安全构成威胁,而且影响金融系统的稳定性。气候变化通过物理风险和转型风险渠道影响金融部门,前者主要表现为直接物理损失,后者则与高碳行业的资产搁浅有关。通过金融市场的传染,转型风险有可能引发新一轮的金融系统性风险。气候金融风险具有高度不确定性以及厚尾分布的特点,对现有建模和评估方法提出挑战。央行以及金融监管机构作为维护价格和金融稳定的执行机构,应考虑将气候金融风险纳入监管之中,推动各方金融参与者披露相关气候风险,完善数据平台建设,并应进一步采取适当的货币政策和宏观审慎政策,激励资金向低碳部门流动。
Climate change mitigation and adaptation is the most important issue facing human society in the 21st century.Climate change not only poses a threat to the security of human and social wealth,but also affects the stability of the financial system.Climate change generally affects the financial sector through the physical risk and transition risk channels,with the former mainly manifesting as direct physical losses and the latter mainly associated with stranded assets in the high-carbon industries.Through financial market contagion,transition risk has the potential to trigger a new round of financial systemic risks.Climate-related financial risks are characterized by a high degree of uncertainty and fat-tail distribution,challenging existing modeling and assessment methodologies.Central banks as well as financial regulators,as executive agencies to maintain price and financial stability,should incorporate climate financial risks into regulation,promote financial participants to disclose relevant climate risks,improve the construction of data platforms,and should adopt appropriate monetary and macroprudential policies to incentivize fund flows to the low-carbon industry.
作者
张帅
陆利平
张兴敏
王晖
ZHANG Shuai;LU Liping;ZHANG Xingmin;WANG Hui(School of Finance,Zhejiang Gongshang University,Hangzhou 310011,China;School of Finance,Renmin University of China,Beijing 100872,China;School of Finance,Southwestern University of Finance and Economics,Chengdu 611130,China;School of International Culture and Communication,Beijing City University,Beijing 100083,China)
出处
《金融评论》
CSSCI
北大核心
2022年第1期99-120,124,共23页
Chinese Review of Financial Studies
基金
国家自然科学基金青年项目“气候风险对金融稳定性的影响研究:基于气候压力测试及宏观审慎监管的视角”(项目批准号:72101209)的资助。
关键词
气候金融
金融稳定
转型风险
资产搁浅
宏观审慎政策
Climate Finance
Financial Stability
Transition Risk
Asset Stranding
Macroprudential Policy
