In response to a growing awareness of the potential impact climate change on financial stability, academics, institutions (FIs), central banks and supervisors (CB&S) have developed suite scenarios analytical tools assess forward-looking climate-related risks, inform macro-prudential policies, counterparty risk management business planning decisions. Climate scenario analysis brings new ...

We study the effects of oil-price shocks on the U.S economy combining narrative and quantitative approaches. After examining daily oil-related events since 1984, we classify them into various event types. We then develop measures of exogenous shocks that avoid endogeneity and predictability concerns. Estimation results indicate that oil-price shocks have had substantial and statistically signif...

The effect of oil price shocks on U.S. economic activity seems to have changed since the mid-1990s. A variety of explanations have been offered for the seeming change — including better luck, the reduced energy intensity of the U.S. economy, a more flexible economy, more experience with oil price shocks and better monetary policy. These explanations point to a weakening of the relationship betw...

As the world’s second largest carbon emitter, China has long been criticised as a ‘free-rider’ enjoying benefits from other countries’ efforts to abate greenhouse gas emissions but not taking due responsibilities of its own. China has been singled out as one of the major targets at the subsequent negotiations after the Kyoto curtain had fallen. By analysing the historical contributions of inter...

â â â â  libya experienced a substantial increase in oil revenue as a result of increased oil prices during the period of the late 1970s and early 1980s, and again after 2000. recent increases in oil production and the price of oil, and their positive and negative macroeconomic impacts upon key macroeconomic variables, are of considerable contemporary importance to an oil dependent economy such...