Climate crisis, central banks and the IMF reform
This paper explores some of the ways in which international central banking can contribute to containing the imminent worldwide climate crisis in a context in which the role of national central banks is important but effectively limited to employing two new stabilization policy tools: macroprudentia...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2021-12-01
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| Series: | Economics and Business Review |
| Subjects: | |
| Online Access: | https://doi.org/10.18559/ebr.2021.4.2 |
| _version_ | 1798031223623254016 |
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| author | Chmielewska Anna Sławiński Andrzej |
| author_facet | Chmielewska Anna Sławiński Andrzej |
| author_sort | Chmielewska Anna |
| collection | DOAJ |
| description | This paper explores some of the ways in which international central banking can contribute to containing the imminent worldwide climate crisis in a context in which the role of national central banks is important but effectively limited to employing two new stabilization policy tools: macroprudential policy and QE programmes. The authors argue in favour of institutional reform that would gradually transform the IMF into an international central bank and the SDR into a genuine international currency. Even its limited scope would substantially increase the IMF’s capacity to solve one of the key problems of the global climate policy, namely the shortage of funding for the decarbonization of developing economies. |
| first_indexed | 2024-04-11T19:53:57Z |
| format | Article |
| id | doaj.art-9ff7ac9585bb4986a11860966d008210 |
| institution | Directory Open Access Journal |
| issn | 2450-0097 |
| language | English |
| last_indexed | 2024-04-11T19:53:57Z |
| publishDate | 2021-12-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Economics and Business Review |
| spelling | doaj.art-9ff7ac9585bb4986a11860966d0082102022-12-22T04:06:14ZengSciendoEconomics and Business Review2450-00972021-12-017472710.18559/ebr.2021.4.2Climate crisis, central banks and the IMF reformChmielewska Anna0Sławiński Andrzej1Warsaw School of Economics,02-554 Warsaw, al. Niepodległości 128, PolandWarsaw School of Economics, 02-554 Warsaw, al. Niepodległości 128, PolandThis paper explores some of the ways in which international central banking can contribute to containing the imminent worldwide climate crisis in a context in which the role of national central banks is important but effectively limited to employing two new stabilization policy tools: macroprudential policy and QE programmes. The authors argue in favour of institutional reform that would gradually transform the IMF into an international central bank and the SDR into a genuine international currency. Even its limited scope would substantially increase the IMF’s capacity to solve one of the key problems of the global climate policy, namely the shortage of funding for the decarbonization of developing economies.https://doi.org/10.18559/ebr.2021.4.2climate crisiscentral banksspecial drawing rightsf33f42g15 |
| spellingShingle | Chmielewska Anna Sławiński Andrzej Climate crisis, central banks and the IMF reform Economics and Business Review climate crisis central banks special drawing rights f33 f42 g15 |
| title | Climate crisis, central banks and the IMF reform |
| title_full | Climate crisis, central banks and the IMF reform |
| title_fullStr | Climate crisis, central banks and the IMF reform |
| title_full_unstemmed | Climate crisis, central banks and the IMF reform |
| title_short | Climate crisis, central banks and the IMF reform |
| title_sort | climate crisis central banks and the imf reform |
| topic | climate crisis central banks special drawing rights f33 f42 g15 |
| url | https://doi.org/10.18559/ebr.2021.4.2 |
| work_keys_str_mv | AT chmielewskaanna climatecrisiscentralbanksandtheimfreform AT sławinskiandrzej climatecrisiscentralbanksandtheimfreform |