Greening the Financial System in USA, Canada and Brazil: A Panel Data Analysis

Bătrâncea, Ioan; Bătrâncea, Larissa; Rathnaswamy, Malar Maran; Tulai, Horia; Gheorghe, Fatacean; Rus, Mircea-Iosif

doi:10.3390/math8122217

Cited by 75 publications

(46 citation statements)

References 23 publications

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“…These fixed-income instruments are generally oriented to climate-friendly activities. The performance of green bonds issued in US dollars and Euros has been superior as compared to non-green bonds [12]. A recent study by the National Bank of Belgium has investigated this topic in more detail [13].…”

Section: The Role Of the Financial Sector In Sustainable Developmentmentioning

confidence: 99%

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Insurance Business and Sustainable Development

Pfeifer¹,

Langen²

2021

Risk Management

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In this study, we will discuss recent developments in risk management of the global financial and insurance business with respect to sustainable development. So far climate change aspects have been the dominant aspect in managing sustainability risks and opportunities, accompanied by the development of several legislative initiatives triggered by supervisory authorities. However, a sole concentration on these aspects misses out other important economic and social facets of sustainable development goals formulated by the UN. Such aspects have very recently come into the focus of the European Committee concerning the Solvency II project for the European insurance industry. Clearly the new legislative expectations can be better handled by larger insurance companies and holdings than by small- and medium-sized mutual insurance companies which are numerous in central Europe, due to their historic development starting in the late medieval ages and early modern times. We therefore also concentrate on strategies within the risk management of such small- and medium-sized enterprises that can be achieved without much effort, in particular those that are not directly related to climate change. We start this study with a general overview of the UN sustainable development goals and their implementation in the financial sector world-wide, with a major focus on climate change aspects of investments in a lower carbon economy and economic support of underdeveloped countries that were prevailing until very recently. Although the insurance sector can be considered as a particular branch of the finance industry there are several particularities which need a separate consideration. In the first place, insurance provides a protection of individuals and companies against severe material and non-material losses. Therefore the insurance premiums must be invested safely, in particular under actual insurance regulations like Solvency II. But the insurance industry is also faced with new emerging risks due to climate change, in both the life and non-life sector. Moreover, the European development of insurance regulation has very recently focused also on other sustainability aspects than those related to climate change. We discuss this aspect of risk management in a separate section of this study. Finally, we discuss in detail appropriate strategies how small- and medium sized insurance companies in Europe can handle the new challenges of insurance supervision without too much effort. Our suggestions are mainly driven by own experiences from practice.

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Section: The Role Of the Financial Sector In Sustainable Developmentmentioning

confidence: 99%

“…Sophisticated econometric statistical methods were also the basis of the recent paper [12]. For their analysis, the authors used the variables domestic credit from banks and domestic credit from the financial sector in USA, Canada and Brazil.…”

Section: The Role Of the Financial Sector In Sustainable Developmentmentioning

confidence: 99%

Insurance Business and Sustainable Development

Pfeifer¹,

Langen²

2021

Risk Management

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“…The German government estimates expenses of 20 billion euros per year, altogether forty times 20 billion or 800 billion Euros to adapt the German energy sector in the described form, starting in 2010 until 2050 [11]. Energy providers in Germany and all around the globe face significant cost pressures to meet the requirements of the regenerative energy shift [19,20].…”

Section: Price Regulation Policymentioning

confidence: 99%

Regional Flexibility Markets—Solutions to the European Energy Distribution Grid—A Systematic Review and Research Agenda

Rösch

Treffinger

Koch³

2021

Energies

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The German government is aiming to increase the share of renewable energies in the electricity supply to 80% in 2050. To date, however, neither the technical requirements nor the market requirements to implement this aim are provided: Germany is struggling to establish the technical requirements and the market requirements to meet this goal. As an important incentive mechanism, the German government has used and continues to use support measures, such as guaranteed feed-in tariffs, and continuously adapts these to market developments and requirements of the European Union. The purpose of the study is to outline a concept for the implementation of regional flexibility markets in Europe based on a thorough review of technical solutions. The method of a comprehensive review of research in regional flexibility markets of electricity, distribution, and pricing from the study is applied to summarize and discuss the opportunities, risks, and future potentials of grid distribution technology. Based on the insights, a new market-based supply and distribution scheme for electricity, which is aimed to benefit of a fully regenerative, decentral and fairly priced electricity markets on the European level is presented. The study suggests a blockchain based pricing mechanism which shall allow equal market access for consumer, providers, and grid operators and rewards regenerative production and short-distance transmission.

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“…Implementing green growth is not a straightforward endeavour. A combination of adequate accounting methods, political will to implement green policies, which often come with a cost over the short term, and economic incentives for green investments is needed (Hallegatte et al, 2012, Nordhaus, 2015, Hepburn et al, 2018, Larissa et al, 2020, Dogaru, 2021, Kinsley Mua, 2017, Batrancea et al, 2020, Peterson K., 2021.…”

Section: Green Economymentioning

confidence: 99%

Computational Analysis of the Properties of Post-Keynesian Endogenous Money Systems

Kuypers¹,

Goorden²,

Delepierre³

2021

Preprint

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“Money has always been something of an embarrassment to economic theory. Everyone agrees that it is important; indeed, much of macroeconomic policy discussion makes no sense without reference to money. Yet, for the most part theory fails to provide a good account for it.” (Banerjee and Maskin, 1996, p. 955)The debate about whether or not a growth imperative exists in debt based, interest bearing mone- tary systems has not yet been settled. It is the goal of this paper to introduce a new perspective in this discussion.For that purpose an SFC computational model is constructed which simulates a post Keynesian Endogenous Money system without including economic parameters such as production, wages, consumption and savings. A case is made that isolating the monetary system allows for better analysis of the inherent properties of such a system.Loan demands, which are assumed to happen, are the driving force of the model. Simulations can be run in two modes, each based on a different assumption. Either the growth rate of the money stock is assumed to be constant or the loan rate, expressed as a percentage of the money stock, is assumed to be constant.Simulations with varying parameters are run in order to determine the conditions under which the model converges to stability, which is defined as converging to a bounded debt rate.The analysis shows that stability of the model is dependent on net bank profit ratios, expressed relative to their debt assets, remaining below the growth rate of the money stock. Based on these findings it is argued that the question about the existence of a growth imperative in debt based, interest bearing monetary systems needs to be reframed. The question becomes whether a steady state economy can realistically support such a system without destabilising it. In order to answer this question real world behavior of economic actors must be included in the model.It is concluded that there are indications that it might not be feasible for a steady state economy to support a stable debt based, interest bearing monetary system without strong interventions. However, more research is necessary for a definite answer. Real world observable data should be analysed through the lens of the presented model to bring more clarity.

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Greening the Financial System in USA, Canada and Brazil: A Panel Data Analysis

Cited by 75 publications

References 23 publications

Insurance Business and Sustainable Development

Insurance Business and Sustainable Development

Regional Flexibility Markets—Solutions to the European Energy Distribution Grid—A Systematic Review and Research Agenda

Computational Analysis of the Properties of Post-Keynesian Endogenous Money Systems

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