A Significance of Climate Risks for the financial Stability: What do Trends in Central Banks Communication Tell Us?

• Authors: Łada Wołoszczenko-Hołda

Title variants

PL

Istotność ryzyka klimatycznego dla stabilności finansowej: na co wskazują trendy w komunikacji banków centralnych?

Abstracts

PL

W artykule podjęto próbę oceny stopnia, w jakim banki centralne przekazują w swojej komunikacji z rynkami istotność ryzyka klimatycznego dla stabilności finansowej. W tym celu zbadano raporty o stabilności systemu finansowego wybranych banków centralnych przy wykorzystaniu prostych technik z zakresu text miningu, dążąc do oceny istotności tematów związanych z klimatem. Określenie istotności bazuje na ocenie dwóch czynników: intensywności oraz regularności tematów związanych z klimatem w tekście raportów o stabilności systemu finansowego. W badaniu przyjęto założenie, że istotność tematów klimatycznych w komunikacji banków centralnych, wzmocniona poprzez regularność ich podnoszenia, wysyła rynkom mocny sygnał o wadze ryzyka klimatycznego dla stabilności finansowej. Wyniki przeprowadzonej oceny wskazują jednak na ogólnie niską istotność tematów klimatycznych w komunikacji wybranych banków centralnych, co kontrastuje z pilnością aktualnych wyzwań dla utrzymania stabilności finansowej w związku ze zmianami klimatu.

EN

The article examines to what extent central banks transmit the significance of climate risks for the financial stability to markets. Using simple text-mining techniques the article explores Financial Stability Reports (FSR) of central banks from the sample to assess the relative importance of climate-related topics, in particular to assess an intensity and regularity of climate topics in FSRs as sub-factors of their importance. The author assumed that the great importance of climate topics in central banks communication, facilitated by their regularity, gives a strong signal to markets about the significance of climate risks for financial stability. However, the findings indicate the generally low importance of climate-related topics in central banks' communication (by means of FSR), which remains in contrast with the great urgency of climate considerations for financial stability nowadays.

Keywords

EN

climate risk; financial stability; central bank; communication; FSR

PL

ryzyko klimatyczne; stabilność finansowa; bank centralny; komunikacja

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Nauki o Finansach
• Year: 2022
• Volume: 27
• Issue: 2
• Pages: 84-94

Dates

published

2022

Contributors

author

Łada Wołoszczenko-Hołda

• SGH Warsaw School of Economics

• https://orcid.org/0000000244013634

References

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Identifiers

DOI

10.15611/fins.2022.2.07

Biblioteka Nauki

2188144