Economic and financial policy proposals to address climate change have been gathering momentum over recent years — to the point that it’s become fairly difficult to keep track of them all.As luck would have it, the IMF has a new working paper out which summarises the literature so far, highlighting potential fiscal and monetary approaches to “one of the greatest challenges of this century”.While it states that fiscal policies are “first in line”, we’d like to focus on the (slightly) narrower sphere of monetary and regulatory suggestions, which have clear implications for asset prices if they’re ever put into practice. Here are a few brief excerpts from the paper, which argues that markets cannot address the challenge “on their own”.First — capital requirements at banks, which would
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Economic and financial policy proposals to address climate change have been gathering momentum...