Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/300701 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 26/2024
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
Does a shift to ambitious climate policy increase financial fragility? In this paper, we develop a quantitative macroeconomic model with carbon taxes and endogenous financial crises to study such "Climate Minsky Moments". By reducing asset returns, an accelerated transition to net zero exerts deleveraging pressure on the financial sector, initially elevating the financial crisis probability substantially. However, carbon taxes improve long-run financial stability since permanently lower asset returns reduce the buildup of excessive leverage. Quantitatively, we find that the net financial stability effect of ambitious climate policy is positive for low but empirically plausible social discount rates.
Schlagwörter: 
Climate Policy
Financial Stability
Financial Crises
Transition Risk
JEL: 
E32
E44
G20
Q52
Q58
ISBN: 
978-3-98848-001-9
Dokumentart: 
Working Paper
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