Risques climatiques et politique de collatéral des banques centrales : une expérience méthodologique (notice n° 838098)
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| control field | 20250123141304.0 |
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| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Oustry, Antoine |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Risques climatiques et politique de collatéral des banques centrales : une expérience méthodologique |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2022.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 3 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Les banques centrales reconnaissent de plus en plus que le changement climatique est une source de risques financiers et qu’il pourrait affecter la transmission et la mise en œuvre de la politique monétaire. Dans ce contexte, cet article explore une approche permettant d’intégrer les risques climatiques dans la politique de collatéral d’une banque centrale. Cette approche se fonde sur des méthodologies dites d’« alignement » climatique, qui permettent d’estimer la cohérence des actifs éligibles et mobilisés dans le cadre du collatéral avec des objectifs climatiques. Plutôt que d’évaluer l’« alignement » de chaque actif, les banques centrales pourraient chercher à ce que les pools de collatéral mobilisés par chaque contrepartie soient compatibles avec des objectifs climatiques, cette approche allant moins à l’encontre du principe de neutralité de marché. Notre analyse montre qu’en agrégé, les actifs négociables éligibles et mobilisés au sein du cadre de collatéral de l’Eurosystème ne sont pas « alignés » avec les objectifs climatiques de l’Union européenne, ce qui suggère qu’ils sont exposés aux risques de transition. Nous présentons quelques implications pratiques de nos résultats et suggérons des pistes pour de futures études.Classification JEL : D81, E52, E58, G32, Q54. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Central banks increasingly acknowledge that climate change is a source of financial risks, which is likely to also impact their conduct of monetary policy. Against this backdrop, the aim of this paper is to explore one potential approach to factoring climate-related transition risks into a central bank’s collateral framework. Given the radical uncertainty associated with measuring such risks, this approach relies on so-called climate “alignment” methodologies, which enable to assess the consistency of eligible and pledged marketable assets with specific climate targets. Moreover, this paper proposes a “climate-hedging portfolio approach”: instead of seeking to “align” the collateral on an asset-by-asset basis, central banks could aim for “alignment,” in aggregate, of the collateral pools pledged by their counterparties with a given climate target. The rationale for this choice is that assessing climate-related risk at the pool level avoids the Eurosystem having to decide on which assets/issuers in the pools should be excluded or capped, and is therefore more compatible with a market neutrality approach. The numerical experiment using Eurosystem marketable criteria data suggests that, in aggregate, neither the Eurosystem eligible collateral universe nor the collateral pledged is “aligned” with the climate targets of the European Union. From this perspective, the Eurosystem marketable collateral can be considered to be exposed to climate-related transition risks. We discuss the potential practical implications of aiming to “align” collateral pools, and suggest avenues for further work. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | risque et incertitude |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | politique de collatéral |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Eurosystème |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | changement climatique |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | politique monétaire |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Eurosystem |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | risk and uncertainty |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | collateral framework |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | climate change |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | monetary policy |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Erkan, Bünyamin |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Svartzman, Romain |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Weber, Pierre-François |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue économique | 73 | 2 | 2022-02-28 | p. 173-218 | 0035-2764 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economique-2022-2-page-173?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-economique-2022-2-page-173?lang=fr&redirect-ssocas=7080</a> |
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