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Climate-Related Stress Testing: Transition Risks in Norway
Pierpaolo Grippa
Samuel Mann
出版
International Monetary Fund
, 2020-11-08
主題
Business & Economics / Taxation / General
Business & Economics / Industries / Energy
Business & Economics / Economics / Macroeconomics
ISBN
1513559672
9781513559674
URL
http://books.google.com.hk/books?id=Pk4ezgEACAAJ&hl=&source=gbs_api
註釋
This paper explores three possible transmission channels for transition risk shocks to the financial system in Norway. First, we estimate the direct firm-level impact of a substantial increase in domestic carbon prices under severe assumptions. Second, we map the impact of a drastic increase in global carbon prices on the domestic economy via the Norwegian oil sector. Third, we model the impact of a forced reduction in Norwegian oil firms’ output on shareholder portfolios. Results show that such a sharp increase in carbon prices would have a significant but manageable impact on banks. Finally, the paper discusses ways to advance the still evolving field of transition risk stress testing.
