Description
Book SynopsisPart of the
Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities.
The book examines not only the impact of changes in interest rates on the environment, but also the impact that the environment and climate change have on monetary policy. New green policies are proposed for central banks to implement as they move forward and navigate the pitfalls of climate change.
Scholars and students interested in central banking, monetary policy and the environment will appreciate this take on Central Banking, Monetary Policy and the Environment.
Trade Review‘The editors of this book have produced an amazing book for an equally amazing new series on central banking that could not have come out at a better time. Climate change and environmental issues are at the top of our concerns, and many are wondering what role central banks have to play in this saga. The editors have brought together an incredible list of established and younger scholars alike, from a heterodox perspective. They offer a refreshing analysis of the current situation and dare to offer credible and bold solutions for a green way forward. This book must be on the shelf of every student of economics.’ -- Steve Keen, Independent Economist
‘More than any other current research topic, climate change exposes the flaws of mainstream approaches to economics while simultaneously highlighting the importance of insights from heterodox approaches, in particular post-Keynesian. Radical uncertainty is pervasive in even the most sophisticated climate models, complexity is inevitable when dealing with a planetary threat, and institutions cannot be abstracted away when political action is at the core of the problem. This remarkable book addresses these challenges head-on from the perspective of central banking, a subject in which the editors have amassed encyclopedic knowledge. It is essential reading for anyone interested in anything starting with the word “green”, including finance, bonds, quantitative easing, transition, or revolution.’ -- Matheus Grasselli, McMaster University, Canada
‘Central Banking, Monetary Policy and the Environment provides a quite complete overview of the challenges and opportunities faced today by the financial and monetary systems in light of the vital imperative to fund worldwide sustainability transitions. At distance with the complacency of “green (market) finance”, the book provides clear cut and deep analyses of the conditions under which endogenous money, central banking or even new currencies can help redirect the power of money creation so as to save our natural ecosystems, our resources and our living conditions.’ -- Gael Giraud, Georgetown University, US
Table of ContentsContents: Introduction to Central Banking, Monetary Policy and the Environment 1 Louis-Philippe Rochon, Sylvio Kappes and Guillaume Vallet 1 Central banks and the zero-carbon transition: an institutional challenge 21 Robert Guttmann 2 Monetary policy, environmental sustainability and the climate emergency 54 Malcolm Sawyer 3 Endogenous money, green finance and central bank power 72 Basil Oberholzer 4 Monetary and financial policies for an ecological transition: An overview of central banks’ actions and some reflections on post-Keynesian insights 90 Romain Svartzman 5 Environmental change and the international lender of last resort 110 Michel Aglietta and Etienne Espagne 6 Climate change, financial instability and central banking 134 Giada Valsangiacomo 7 Towards an ecological market 154 Wesley C. Marshall 8 Financial regulation, uncertainty and the transition to a net-zero-carbon economy 175 Josh Ryan-Collins 9 Money and the environment 199 Eric Kemp-Benedict 10 A green mandate: The Central Bank of Nigeria and sustainable development 218 Salewa Olawoye-Mann 11 Mind the gap: Monetary policy and financial regulations for supporting green finance 233 Lilit Popoyan and Giorgos Galanis Index
