TY - BOOK TI - Der Weg zur Prosperität AU - Schulmeister, Stephan DA - 2018/// PY - 2018 PB - Ecowin ER - TY - JOUR TI - The capitalist passive environmental revolution AU - Spash, Clive T2 - The Ecological Citizen DA - 2020/// PY - 2020 VL - 4 IS - 1 SP - 63 EP - 71 UR - https://www.ecologicalcitizen.net/article.php?t=capitalist-passive-environmental-revolution Y2 - 2020/10/23/12:07:15 ER - TY - JOUR TI - Environmental financialization: what could go wrong? AU - Kemp-Benedict, Eric AU - Kartha, Sivan T2 - Real-world Economics Review AB - Can trading environmentally-based commodities as financial assets effectively protect ecosystems? This paper discusses the question of ecosystem valuation. DA - 2019/03/19/ PY - 2019 DP - www.sei.org IS - 87 SP - 69 EP - 89 LA - en-GB ST - Environmental financialization UR - https://www.sei.org/publications/environmental-financialization-what-could-go-wrong/ Y2 - 2020/10/23/11:58:29 ER - TY - BOOK TI - Debt: The first 5000 years AU - Graeber, David DA - 2012/// PY - 2012 PB - Penguin UK ER - TY - JOUR TI - The economic and financial dimensions of degrowth AU - Tokic, Damir T2 - Ecological Economics T3 - The Economics of Degrowth AB - We respond to the call for future research on degrowth and specifically analyze the implications of economic degrowth on the monetary and financial system. We argue that any early indications of degrowth would cause the stock market to crash, which would trigger further deleveraging (contagion) and a deflation. As a result, the economy would implode, which would eventually allow for a new rapid growth cycle, given the likely extraordinary fiscal and monetary policy response during the implosion. Thus, in our view, degrowth as an explicit strategy option is economically unsustainable and unfeasible. As a limitation, our analysis centers on the examples of unplanned crisis leading to an economic implosion, which imperfectly represent the idea of planned/voluntary degrowth. DA - 2012/12/01/ PY - 2012 DO - 10.1016/j.ecolecon.2012.09.011 DP - ScienceDirect VL - 84 SP - 49 EP - 56 J2 - Ecological Economics LA - en SN - 0921-8009 UR - http://www.sciencedirect.com/science/article/pii/S0921800912003734 Y2 - 2020/11/06/14:52:36 KW - Degrowth KW - Deflation KW - Deleveraging KW - Stock market ER - TY - BOOK TI - Understanding Modern Money AU - Wray, L. Randall AB - In this innovative and very practical book, L. Randall Wray argues that full employment and price stability are not the incompatible goals that current economic theory and policy assume. Indeed, he advances a policy that would generate true, full employment while simultaneously ensuring an even greater degree of price stability than has been achieved in the 1990s. Wray's clearly written argument incorporates incisive historical analysis, modern monetary theory, and an examination of policy alternatives that rises above the doctrinal debates among monetarists, supply-siders and Keynesians over natural or non-inflationary rates of unemployment. Understanding Modern Money proclaims that a labor buffer stock program would guarantee full employment and increase labor productivity and economic growth, while reducing inflationary pressures. Wray's analysis shows that, contrary to popular belief, the dangers of a government budget deficit are largely imaginary. He outlines a program in which the government acts as employer of last resort, thereby providing employment and training to the otherwise unemployed, and stabilizing the wage scale which acts as a brake on inflation. This permits greater price stability without requiring conventional methods such as wage and price controls or countercyclical monetary policy. This ground-breaking book offers important new ways of thinking for policymakers, students, and general readers interested in economics, employment policies, and monetary theory. CY - Cheltenham, UK ; Northampton, MA DA - 2006/// PY - 2006 SP - 198 LA - Englisch PB - Edward Elgar Publishing SN - 978-1-84542-941-6 ST - Wray, L ER - TY - JOUR TI - The struggle over the Financial Transactions Tax AU - Schulmeister, Stephan T2 - Revue de l'OFCE DA - 2015/// PY - 2015 VL - 141 IS - 5 SP - 15 EP - 55 UR - https://www.cairn.info/revue-de-l-ofce-2015-5-page-15.htm Y2 - 2020/10/30/14:24:36 ER - TY - BOOK TI - Capital in the Twenty-First Century AU - Piketty, T. DA - 2014/// PY - 2014 PB - Harvard University Press KW - Political Science / Public Policy / Economic Policy KW - Business & Economics / Economic History KW - Business & Economics / Economics / Theory KW - Business & Economics / Development / Economic Development KW - Business & Economics / Economics / Comparative KW - Business & Economics / Finance / General KW - History / Modern / 21st Century ER - TY - BOOK TI - Capitalism, Alone: The Future of the System That Rules the World AU - Milanovic, Branko AB - A provocative account of capitalism’s rise to global dominance and, as different models of capitalism vie for world leadership, a look into what the future may hold.We are all capitalists now. For the first time in human history, the globe is dominated by one economic system. In Capitalism, Alone, leading economist Branko Milanovic explains the reasons for this decisive historical shift since the days of feudalism and, later, communism. Surveying the varieties of capitalism, he asks: What are the prospects for a fairer world now that capitalism is the only game in town? His conclusions are sobering, but not fatalistic. Capitalism gets much wrong, but also much right—and it is not going anywhere. Our task is to improve it.Milanovic argues that capitalism has triumphed because it works. It delivers prosperity and gratifies human desires for autonomy. But it comes with a moral price, pushing us to treat material success as the ultimate goal. And it offers no guarantee of stability. In the West, liberal capitalism creaks under the strains of inequality and capitalist excess. That model now fights for hearts and minds with political capitalism, exemplified by China, which many claim is more efficient, but which is more vulnerable to corruption and, when growth is slow, social unrest. As for the economic problems of the Global South, Milanovic offers a creative, if controversial, plan for large-scale migration. Looking to the future, he dismisses prophets who proclaim some single outcome to be inevitable, whether worldwide prosperity or robot-driven mass unemployment. Capitalism is a risky system. But it is a human system. Our choices, and how clearly we see them, will determine how it serves us. CY - Cambridge, Massachusetts DA - 2019/// PY - 2019 SP - 287 LA - Englisch PB - Harvard University Press SN - 978-0-674-98759-3 ST - Capitalism, Alone L2 - https://www.amazon.de/Capitalism-Alone-Future-System-Rules/dp/0674987594 ER - TY - BOOK TI - Stabilizing an Unstable Economy AU - Minsky, Hyman DA - 1986/// PY - 1986 PB - Yale University Press, New Haven and London ER - TY - JOUR TI - How to turn an ocean liner: a proposal for voluntary degrowth by redesigning money for sustainability, justice, and resilience AU - Hornborg, Alf T2 - Journal of Political Ecology AB - This article argues that many destructive aspects of the contemporary global economy are consequences of the use of general-purpose money to organize social and human-environmental relations, and that the political ideals of sustainability, justice, and resilience will only be feasible if money itself is redesigned. The argument is based on the conviction that human artifacts such as money play a crucial role in organizing society, and that closer attention should be paid to the design and logic of key artifacts, rather than devoting disproportionate intellectual energy to theorizing their complex systemic repercussions. What is generally referred to as "capitalism" is the aggregate logic of human decisions about the management of money. Visions of a post-capitalist society using money the way it is used now is thus a contradiction in terms. The article sketches a possible redesign of money based on the idea that each country establishes a complementary currency for local use only, which is distributed to all its residents as a basic income. The distinction between two separate spheres of exchange would insulate local sustainability and resilience from the deleterious effects of globalization and financial speculation. To indicate that the suggestion is not as unrealistic as it may seem at first sight, the article briefly and provisionally responds to some of the many questions raised by the proposal. Keywords: Resilience, money, degrowth, capitalism DA - 2017/09/27/ PY - 2017 DO - 10.2458/v24i1.20900 DP - journals.uair.arizona.edu VL - 24 IS - 1 SP - 623 EP - 632 LA - en SN - 1073-0451 ST - How to turn an ocean liner UR - https://journals.uair.arizona.edu/index.php/JPE/article/view/20900 Y2 - 2020/03/09/08:27:11 ER - TY - BOOK TI - Die Natürliche Wirtschaftsordnung Durch Freiland Und Freigeld AU - Gesell, Silvio AB - Excerpt from Die Natürliche Wirtschaftsordnung Durch Freiland und Freigeld Slliit ber auf (%igennuß aufgebauten natürlichen %irtfchaft foll iebem ber eigene bolle ebeitäertrag gefichert toerben, mit bem er bann'nach freiem (sr= meff en berfahren fann. Iiber eine %efriebigung barin finbet, feine (binnahmen, ben Bohn, bie @rnte mit %eburftigengu teilen, ber lann e tun. Eliiemanb berlangt eä bon ihm, boch toirb e ihm auch niemanb bertoehren. Srgenbtoo in einem $iärthen heißt e5, baß bie größte 6trufe, bie bem 2dienfchen auferlegt toerben lann, bie ift, ihn in eine @efellfchaft bon Spilfébebürftigen z, u bringen, bie bie (c)anbe nach ihm ringen, unb benen er nicht helfen tann. Sn bief e f chrecl= liche Sage bringen toit unä aber gegenfeitig, toenn toir bie 23irtfchaft anberä al? auf bem (eigena aufbauen, toenn nicht feber über ben eigenen ebeit ertrag nach freiem (érmeffen berfügen tann. Hierbei toollen toir sur $bef tuhigung ber menfchenfreunblicl)en 8efer unä noch erinnern, baß (üemeinfinn unb perfreubigleit bort am heften gebeihen, too mit (&rfolg gearbeitet toirb. Qbferfreubigteit ift eine %ebenerfcheinung berfönlichen Strafts unb (c)icherheit? gefühlé, ba? bort auftommt, too ber Sllienfch auf feine 91rme bauen farm. Qluch fei hier noch bemerlt, baß nicht mit (c)elbftfucht bertoechfelt toerben barf. Fiber @ur5fichtige ift felbftfüchtig, ber qbeitfichtige toirb in ber 9'iegel halb einfehen, baß im (R)ebeihen beé (R)an5en ber eigene &)iuh am heften ber= anlert ift. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. DA - 1916/// PY - 1916 ET - Erstausgabe LA - Deutsch PB - Selbstverlag, Les Hauts Geneveys SN - 978-0-331-08661-4 ER - TY - RPRT TI - 50 shades of green: the rise of natural capital markets and sustainable finance. PART I. CARBON AU - Hache, Frederic AB - Carbon markets have spectaculary failed to curb greenhouse gas emissions for over a decade, and it has been demonstrated that they suffer from unresolvable conceptual issues, such as the inexistenc… DA - 2019/// PY - 2019 LA - en-US M3 - Policy Report PB - Green Finance Observatory ST - First policy report – 50 shades of green UR - https://greenfinanceobservatory.org/2019/03/11/50-shades/ Y2 - 2020/10/28/15:02:11 L1 - files/26166/Hache_2019_50 shades of green.pdf ER - TY - JOUR TI - What is Degrowth? From an Activist Slogan to a Social Movement AU - Demaria, Federico AU - Schneider, Francois AU - Sekulova, Filka AU - Martinez-Alier, Joan T2 - Environmental Values AB - Degrowth is the literal translation of 'decroissance', a French word meaning reduction. Launched by activists in 2001 as a challenge to growth, it became a missile word that sparks a contentious debate on the diagnosis and prognosis of our society. 'Degrowth' became an interpretative frame for a new (and old) social movement where numerous streams of critical ideas and political actions converge. It is an attempt to re-politicise debates about desired socio-environmental futures and an example of an activist-led science now consolidating into a concept in academic literature. This article discusses the definition, origins, evolution, practices and construction of degrowth. The main objective is to explain degrowth's multiple sources and strategies in order to improve its basic definition and avoid reductionist criticisms and misconceptions. To this end, the article presents degrowth's main intellectual sources as well as its diverse strategies (oppositional activism, building of alternatives and political proposals) and actors (practitioners, activists and scientists). Finally, the article argues that the movement's diversity does not detract from the existence of a common path. DA - 2013/// PY - 2013 DO - 10.3197/096327113X13581561725194 DP - IngentaConnect VL - 22 IS - 2 SP - 191 EP - 215 J2 - Environmental Values ST - What is Degrowth? KW - degrowth KW - activist-led science KW - limits to growth KW - political strategies KW - post-growth KW - social movements ER - TY - JOUR TI - Assessing the degrowth discourse: A review and analysis of academic degrowth policy proposals AU - Cosme, Inês AU - Santos, Rui AU - O’Neill, Daniel W. T2 - Journal of Cleaner Production AB - Debates on ecological and social limits to economic growth, and new ways to deal with resource scarcity without compromising human well-being, have re-emerged in the last few years. Central to many of these is a call for a degrowth approach. In this paper, a framework is developed to support a systematic analysis of degrowth in the academic literature. This article attempts to present a clearer notion of what the academic degrowth literature explores by identifying, organising, and analysing a set of proposals for action retrieved from a selection of articles. The framework is applied to classify proposals according to their alignment to ecological economics policy objectives (sustainable scale, fair distribution, and efficient allocation), type of approach (top-down versus bottom-up), and geographical focus (local, national, or international). A total of 128 peer-reviewed articles focused on degrowth were reviewed, and 54 that include proposals for action were analysed. The proposals identified align with three broad goals: (1) Reduce the environmental impact of human activities; (2) Redistribute income and wealth both within and between countries; and (3) Promote the transition from a materialistic to a convivial and participatory society. The findings indicate that the majority of degrowth proposals are national top-down approaches, focusing on government as a major driver of change, rather than local bottom-up approaches, as advocated by many degrowth proponents. The most emphasised aspects in the degrowth literature are related to social equity, closely followed by environmental sustainability. Topics such as population growth and the implications of degrowth for developing nations are largely neglected, and represent an important area for future research. Moreover, there is a need for a deeper analysis of how degrowth proposals would act in combination. DA - 2017/// PY - 2017 DO - 10.1016/j.jclepro.2017.02.016 DP - ScienceDirect VL - 149 SP - 321 EP - 334 J2 - Journal of Cleaner Production LA - en SN - 0959-6526 ST - Assessing the degrowth discourse UR - http://www.sciencedirect.com/science/article/pii/S0959652617302202 Y2 - 2020/10/29/16:39:36 KW - Degrowth KW - Policy KW - Bottom-up KW - Fair distribution KW - Sustainable scale KW - Top-down ER - TY - JOUR TI - In defence of degrowth AU - Kallis, Giorgos T2 - Ecological Economics AB - This article defends the proposal of sustainable degrowth. A starting premise is that resource and CO2 limits render further growth of the economy unsustainable. If degrowth is inevitable, the question is how it can become socially sustainable, i.e. a prosperous and stable, rather than a catastrophic, descent. Pricing mechanisms alone are unlikely to secure smooth adaptation; a full ensemble of environmental and redistributive policies is required, including – among others – policies for a basic income, reduction of working hours, environmental and consumption taxes and controls on advertising. Policies like these, that threaten to “harm” the economy, are less and less likely to be implemented within existing market economies, whose basic institutions (financial, property, political, and redistributive) depend on and mandate continuous economic growth. An intertwined cultural and political change is needed that will embrace degrowth as a positive social development and reform those institutions that make growth an imperative. Sustainable degrowth is therefore not just a structuring concept; it is a radical political project that offers a new story and a rallying slogan for a social coalition built around the aspiration to construct a society that lives better with less. DA - 2011/// PY - 2011 DO - 10.1016/j.ecolecon.2010.12.007 DP - ScienceDirect VL - 70 IS - 5 SP - 873 EP - 880 J2 - Ecological Economics LA - en SN - 0921-8009 UR - http://www.sciencedirect.com/science/article/pii/S0921800910005021 Y2 - 2020/10/29/16:18:02 KW - Sustainability KW - Economic crisis KW - Environmental taxes KW - Politics KW - Sustainable degrowth KW - Working hours ER - TY - JOUR TI - Growth, A-Growth or Degrowth to Stay within Planetary Boundaries? AU - Bergh, Jeroen C. J. M. van den AU - Kallis, Giorgos T2 - Journal of Economic Issues AB - The environmental sustainability of economic growth has been subject to much debate for many decades. Recently, two alternatives to the growth paradigm have been put forward: namely, "a-growth" and "degrowth." The first proposes to ignore GDP information and focus instead on sound environmental, social, and economic policies independently of their effects on economic growth. The second recommends a downscaling of the economy so as to make it consistent with biophysical boundaries. We compare these approaches in the context of the growth paradigm and examine whether they have any merit. We further consider the potential contribution of institutional economics to further develop such alternatives. DA - 2012/// PY - 2012 DO - 10.2753/JEI0021-3624460404 DP - Taylor and Francis+NEJM VL - 46 IS - 4 SP - 909 EP - 920 SN - 0021-3624 UR - https://doi.org/10.2753/JEI0021-3624460404 Y2 - 2020/10/29/15:45:59 KW - environmental sustainability KW - degrowth KW - a-growth KW - gross domestic product (GDP) KW - growth paradigm ER - TY - BOOK TI - Macroeconomics Without Growth: Sustainable Economies in Neoclassical, Keynesian and Marxian Theories AU - Lange, Steffen AB - “This is one of the most important pieces of research to come out in ecological macroeconomics in the last 20 years, alongside Peter Victor’s ‘Managing Without Growth’, and Tim Jackson’s ‘Prosperity Without Growth’. It is the first and only attempt to systematically work out the conditions for zero growth under different economic models.” (Giorgos Kallis,Research Professor of Ecological Economics, Autonomous University of Barcelona)“Steffen Lange has provided an amazing piece of work. The book has good chances of becoming a standard work for ecological economists in due course.” (Arne Heise, Professor of Macroeconomics, University of Hamburg)How can we organize our economies without growth? ‘Macroeconomics Without Growth’ provides a comprehensive understanding of how non-growing economies can be sustainable. With this book, Steffen Lange brings newmomentum into the debate on post-growth, degrowth and steady state economies. The book delves deep into economic theory to understand how a macro-economy can operate without growth. By applying a highly diverse set of theories – fromNeoclassical, Keynesian and Marxian traditions – the book is able to cover a wide range of macroeconomic aspects: Is zerogrowth possible in a capitalist economic system? What happens to aggregate demand and aggregate supply when economies stop growing? And what role do firms, markets and technological change play in post-growth economies?Steffen Lange conclusively shows that sustainable economies without growth are feasible from a macroeconomic perspective. However, small changes will not suffice. Rather, key economic institutions and dynamicsneed to be rearranged: the prices of labour and natural resources, the structures of companies, the framework of markets –just to name a few. ‘Macroeconomics Without Growth’ is the first economics book to investigate nongrowing economies in a comprehensivemanner. It is a must read both for economists who want to use economics for a sustainable future, and for environmentalistswho want to understand the economic principles of sustainable transformations. CY - Marburg DA - 2018/02/01/ PY - 2018 DP - Amazon ET - 1. Edition LA - Englisch PB - Metropolis SN - 978-3-7316-1298-8 ST - Macroeconomics Without Growth L2 - https://www.amazon.de/Macroeconomics-Without-Growth-Wirtschaftswissenschaftliche-Nachhaltigkeitsforschung/dp/3731612984 ER - TY - JOUR TI - The economics of degrowth AU - Kallis, Giorgos AU - Kerschner, Christian AU - Martinez-Alier, Joan T2 - Ecological Economics T3 - The Economics of Degrowth AB - Economic degrowth is ecologically desirable, and possibly inevitable; but under what conditions can it become socially sustainable? How can we have full employment and economic stability without growth? What will happen to public spending and to public debt? How would production be organised in a degrowing economy? And under what plausible socio-political conditions could such grand changes happen? Standard economic theories and models ignore these questions. For them economic growth is an axiomatic necessity. This article reviews recent contributions in the economics of degrowth and identifies research avenues for ecological economists. DA - 2012/12/01/ PY - 2012 DO - 10.1016/j.ecolecon.2012.08.017 DP - ScienceDirect VL - 84 SP - 172 EP - 180 J2 - Ecological Economics LA - en SN - 0921-8009 UR - http://www.sciencedirect.com/science/article/pii/S0921800912003333 Y2 - 2020/10/29/15:46:18 KW - Degrowth KW - Money KW - Debt KW - Property KW - Ecological macroeconomics KW - Employment KW - Happiness ER - TY - JOUR TI - Research On Degrowth AU - Kallis, Giorgos AU - Kostakis, Vasilis AU - Lange, Steffen AU - Muraca, Barbara AU - Paulson, Susan AU - Schmelzer, Matthias T2 - Annual Review of Environment and Resources AB - Scholars and activists mobilize increasingly the term degrowth when producing knowledge critical of the ideology and costs of growth-based development. Degrowth signals a radical political and economic reorganization leading to reduced resource and energy use. The degrowth hypothesis posits that such a trajectory of social transformation is necessary, desirable, and possible; the conditions of its realization require additional study. Research on degrowth has reinvigorated the limits to growth debate with critical examination of the historical, cultural, social, and political forces that have made economic growth a dominant objective. Here we review studies of economic stability in the absence of growth and of societies that have managed well without growth. We reflect on forms of technology and democracy com-patible with degrowth and discuss plausible openings for a degrowth transition. This dynamic and productive research agenda asks inconvenient questions that sustainability sciences can no longer afford to ignore. DA - 2018/// PY - 2018 DO - 10.1146/annurev-environ-102017-025941 DP - Annual Reviews VL - 43 IS - 1 SP - 291 EP - 316 UR - https://doi.org/10.1146/annurev-environ-102017-025941 Y2 - 2020/10/29/15:42:17 ER - TY - JOUR TI - How far will international economic integration go? AU - Rodrik, Dani T2 - Journal of economic perspectives DA - 2000/// PY - 2000 VL - 14 IS - 1 SP - 177 EP - 186 ER - TY - BOOK TI - The Production of Money: How to Break the Power of Bankers AU - Pettifor, Ann AB - What is money, where does it come from, and who controls it?Money makes the world go round: but what is it really? And how is it produced? Above all, who controls its production, and in whose interests? Money is never a neutral medium of exchange. Nor are bankers simply go-betweens for savers and borrowers.In this accessible, brilliantly argued book, leading political economist Ann Pettifor explains in straightforward terms history’s most misunderstood invention: the money system. Pettifor argues that democracies can reclaim control over money production and subordinate the out-of-control finance sector to the interests of society, and also the ecosystem. She also examines and assesses popular alternative debates on, and innovations in, money: positive money, helicopter money and the rise of goldbugs. She sets out the possibility of linking the money in our pockets (or on our smartphones) to the change we want to see in the world around us. DA - 2017/// PY - 2017 ET - Reprint Edition SP - 192 LA - Englisch PB - Verso ST - The Production of Money L2 - https://www.amazon.de/gp/product/B01N5TOJU3/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i1 ER - TY - JOUR TI - The Flash Crash: A Cautionary Tale About Highly Fragmented Markets AU - Menkveld, Albert J. AU - Yueshen, Bart Zhou T2 - Management Science AB - A breakdown of cross-market arbitrage activity could make markets more fragile and result in price crashes. We provide suggestive evidence for this novel channel based on a high-frequency analysis of the most salient crash in recent history: The Flash Crash. We further show that such an event can be extremely costly for a large seller trading in a particular venue as the seller effectively relies on local liquidity supply only. These findings highlight the vulnerability of today’s highly fragmented markets.This paper was accepted by Gustavo Manso, finance. DA - 2018/11/05/ PY - 2018 DO - 10.1287/mnsc.2018.3040 DP - pubsonline.informs.org (Atypon) VL - 65 IS - 10 SP - 4470 EP - 4488 J2 - Management Science SN - 0025-1909 ST - The Flash Crash UR - https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2018.3040 Y2 - 2020/10/29/14:48:30 ER - TY - JOUR TI - Green growth or degrowth? Assessing the normative justifications for environmental sustainability and economic growth through critical social theory AU - Sandberg, Maria AU - Klockars, Kristian AU - Wilén, Kristoffer T2 - Journal of Cleaner Production AB - Scientists agree that changes in the organization of human society and economy are needed to stop the degradation of the natural environment. The most commonly proposed solution, green growth, has been increasingly criticized, but the offered alternative of degrowth has remained a marginal undertaking in academia and in practice. This article further develops the argument for degrowth. The article conducts a comparative analysis of the normative foundations of green growth and degrowth using frameworks from critical social theory. The analysis shows that green growth and degrowth work toward different normative ideals that are justified in different ways. The analysis shows that degrowth has a stronger normative justification than green growth and therefore, should be preferred. The article contributes to the debate about green growth and degrowth by establishing normative grounds for focusing efforts for environmental sustainability on degrowth rather than green growth. DA - 2019/01/01/ PY - 2019 DO - 10.1016/j.jclepro.2018.09.175 DP - ScienceDirect VL - 206 SP - 133 EP - 141 J2 - Journal of Cleaner Production LA - en SN - 0959-6526 ST - Green growth or degrowth? UR - http://www.sciencedirect.com/science/article/pii/S0959652618329044 Y2 - 2020/10/29/14:33:15 KW - Economic growth KW - Degrowth KW - Environmental sustainability KW - Green growth KW - Critical social theory KW - Normative justification ER - TY - JOUR TI - Green growth, degrowth, and the commons AU - Jakob, Michael AU - Edenhofer, Ottmar T2 - Oxford Review of Economic Policy AB - Abstract. The concepts of ‘green growth’ and ‘degrowth’ occupy central positions in the public debate on the relationship between economic growth and the envir DA - 2014/10/01/ PY - 2014 DO - 10.1093/oxrep/gru026 DP - academic.oup.com VL - 30 IS - 3 SP - 447 EP - 468 J2 - Oxf Rev Econ Policy LA - en SN - 0266-903X UR - https://academic.oup.com/oxrep/article/30/3/447/549813 Y2 - 2020/10/29/14:32:20 ER - TY - BOOK TI - Sacred economics: Money, gift, and society in the age of transition AU - Eisenstein, Charles DA - 2011/// PY - 2011 PB - North Atlantic Books ER - TY - JOUR TI - The Post-growth Challenge: Secular Stagnation, Inequality and the Limits to Growth AU - Jackson, Tim T2 - Ecological Economics AB - Critics have long questioned the feasibility (and desirability) of exponential growth on a finite planet. More recently, mainstream economists have begun to suggest some ‘secular’ limits to growth. Declining growth rates have in their turn been identified as instrumental in increased inequality and the rise of political populism. This paper explores these emerging arguments paying a particular attention to the dynamics of secular stagnation. It examines the underlying phenomenon of declining labour productivity growth and unpacks the close relationships between productivity growth, the wage rate and social inequality. It also points to the historical congruence (and potential causal links) between declining productivity growth and resource bottlenecks. Contrary to some mainstream views, this paper finds no inevitability in the rising inequality that has haunted advanced economies in recent decades, suggesting instead that it lies in the pursuit of growth at all costs, even in the face of challenging fundamentals. This strategy has hindered technological innovation, reinforced inequality and exacerbated financial instability. At the very least, this paper argues, it is now time for policy to consider seriously the possibility that low growth rates might be ‘the new normal’ and to address carefully the ‘post-growth challenge’ this poses. DA - 2019/02/01/ PY - 2019 DO - 10.1016/j.ecolecon.2018.10.010 DP - ScienceDirect VL - 156 SP - 236 EP - 246 J2 - Ecological Economics LA - en SN - 0921-8009 ST - The Post-growth Challenge UR - http://www.sciencedirect.com/science/article/pii/S0921800918309455 Y2 - 2020/10/29/14:23:43 ER - TY - JOUR TI - A climate stress-test of the financial system AU - Battiston, Stefano AU - Mandel, Antoine AU - Monasterolo, Irene AU - Schütze, Franziska AU - Visentin, Gabriele T2 - Nature Climate Change AB - The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a network-based climate stress-test methodology and apply it to large Euro Area banks in a ‘green’ and a ‘brown’ scenario. We find that direct and indirect exposures to climate-policy-relevant sectors represent a large portion of investors’ equity portfolios, especially for investment and pension funds. Additionally, the portion of banks’ loan portfolios exposed to these sectors is comparable to banks’ capital. Our results suggest that climate policy timing matters. An early and stable policy framework would allow for smooth asset value adjustments and lead to potential net winners and losers. In contrast, a late and abrupt policy framework could have adverse systemic consequences. DA - 2017/04// PY - 2017 DO - 10.1038/nclimate3255 DP - www.nature.com VL - 7 IS - 4 SP - 283 EP - 288 LA - en SN - 1758-6798 UR - https://www.nature.com/articles/nclimate3255 Y2 - 2020/10/29/14:21:20 KW - Governance KW - Business ER - TY - JOUR TI - Efficient Capital Markets: A Review of Theory and Empirical Work AU - Fama, Eugene F. T2 - The Journal of Finance DA - 1970/// PY - 1970 DO - 10.2307/2325486 DP - JSTOR VL - 25 IS - 2 SP - 383 EP - 417 SN - 0022-1082 ST - Efficient Capital Markets UR - https://www.jstor.org/stable/2325486 Y2 - 2020/10/29/14:11:32 ER - TY - CHAP TI - Econometric Policy Evaluation: A Critique AU - Lucas, Robert T2 - The Phillips Curve and Labor Markets A2 - Brunner, K. A2 - Meltzer, A. DA - 1976/// PY - 1976 SP - 19 EP - 46 PB - Carnegie-Rochester Conference Series on Public Policy 1. New York: American Elsevier ER - TY - JOUR TI - The financialisation–offshoring nexus and the capital accumulation of US non-financial firms AU - Auvray, Tristan AU - Rabinovich, Joel T2 - Cambridge Journal of Economics AB - Abstract. The financialisation of non-financial corporations has drawn the attention of many scholars who have identified two main channels through which finan DA - 2019/09/26/ PY - 2019 DO - 10.1093/cje/bey058 DP - academic.oup.com VL - 43 IS - 5 SP - 1183 EP - 1218 J2 - Cambridge J Econ LA - en SN - 0309-166X UR - https://academic.oup.com/cje/article/43/5/1183/5306354 Y2 - 2020/10/29/14:06:21 ER - TY - BOOK TI - Flash Boys: A Wall Street Revolt AU - Lewis, Michael AB - Flash BoysFlash BoysFlash Boys CY - New York DA - 2014/// PY - 2014 SP - 288 LA - Englisch PB - Norton & Company SN - 978-0-393-24466-3 ST - Flash Boys L2 - https://www.amazon.de/Flash-Boys-Wall-Street-Revolt/dp/0393244660 ER - TY - BOOK TI - The Road from Mont Pèlerin AU - Mirowski, Philip AU - Plehwe, Dieter AB - What exactly is neoliberalism, and where did it come from? This volume attempts to answer these questions by exploring neoliberalism's origins and growth as a political and economic movement. The Road from Mont Pèlerin presents the key debates and conflicts that occurred among neoliberal scholars and their political and corporate allies regarding trade unions, development economics, antitrust policies, and the influence of philanthropy. DA - 2009/// PY - 2009 DP - JSTOR PB - Harvard University Press SN - 978-0-674-03318-4 UR - https://www.jstor.org/stable/j.ctt13x0jdh Y2 - 2020/10/28/14:03:01 ER - TY - JOUR TI - The political economy of shadow banking AU - Ban, Cornel AU - Gabor, Daniela T2 - Review of International Political Economy DA - 2016/11/01/ PY - 2016 DO - 10.1080/09692290.2016.1264442 DP - Taylor and Francis+NEJM VL - 23 IS - 6 SP - 901 EP - 914 SN - 0969-2290 UR - https://doi.org/10.1080/09692290.2016.1264442 Y2 - 2020/10/28/13:33:48 ER - TY - CHAP TI - The Forms of Capital AU - Bourdieu, Pierre T2 - Handbook of theory and research for the sociology of education AB - This book incorporates classic and contemporary readings in economic sociology and related disciplines to provide students with a broad understanding of the many dimensions of economic life. It discusses Max Weber's key concepts in economics and sociology. CY - Westport, CT DA - 1986/// PY - 1986 ET - edited by J.G. Richardson SP - 241 EP - 58 LA - en PB - Greenwood L2 - https://books.google.at/books?id=_xZWDwAAQBAJ KW - Social Science / Sociology / General KW - Social Science / General ER - TY - JOUR TI - The (impossible) repo trinity: the political economy of repo markets AU - Gabor, Daniela T2 - Review of International Political Economy AB - In its capacity as debt issuer, the state has played a growing role in financial life over the last 30 years. To examine this role and connect it to shadow banking, the paper develops the concept of the ‘repo trinity’, which captures a set of policy objectives that central banks outlined after the 1998 Russian crisis, the first systemic crisis of collateral-based finance. The repo trinity connected financial stability with liquid government bond markets and free repo markets. It further reinforced the dominance of the US government bond market as institutional template for states adjusting to a world of independent central banks, market-based financing and global competition for liquidity. Central banks and the Financial Stability Board recognized the impossible nature of the trinity after 2008, attributing cyclical leverage (financial instability) and elusive liquidity in collateral markets to deregulated repo markets, markets systemic to shadow banking. The new approach triggered radical changes in crisis central banking but has not powered significant regulatory interventions in the absence of an alternative mode of organizing government bond markets. DA - 2016/11/01/ PY - 2016 DO - 10.1080/09692290.2016.1207699 DP - Taylor and Francis+NEJM VL - 23 IS - 6 SP - 967 EP - 1000 SN - 0969-2290 ST - The (impossible) repo trinity UR - https://doi.org/10.1080/09692290.2016.1207699 Y2 - 2020/10/28/13:33:44 KW - Bundesbank KW - ECB KW - government debt KW - liquidity KW - market-maker of last resort KW - repo markets KW - shadow banking KW - US Federal Reserve KW - US Treasury ER - TY - ELEC TI - Financialization and the Environmental Frontier AU - Bracking, Sarah T2 - The Routledge International Handbook of Financialization AB - The most common understanding of financialization is where finance becomes increasingly dominant in the economy in relation to production, generating more value DA - 2020/02/05/ PY - 2020 LA - en UR - https://www.taylorfrancis.com/ Y2 - 2020/10/28/13:20:18 ER - TY - JOUR TI - Banking Nature? The Spectacular Financialisation of Environmental Conservation AU - Sullivan, Sian T2 - Antipode AB - Abstract: In this paper I emphasise the financialisation of environmental conservation as 1. the turning of financiers to conservation parameters as a new frontier for investment, and 2. the rewriting of conservation practice and nonhuman worlds in terms of banking and financial categories. I introduce financialisation as a broadly controlling impetus with relevance for environmental conservation. I then note ways in which a spectacular investment frontier in conservation is being opened. I highlight the draw of assertions of lucrative gains, combined with notions of geographical substitutability, in creating tradable indicators of environmental health and harm. I disaggregate financialisation strategies into four categories—nature finance, nature work, nature banking and nature derivatives—and assess their implications. The concluding section embraces Marx and Foucault as complementary thinkers in understanding the transforming intensifications of late capitalism in environmental conservation, and diagnosing their associated effects and costs. DA - 2013/// PY - 2013 DO - 10.1111/j.1467-8330.2012.00989.x DP - Wiley Online Library VL - 45 IS - 1 SP - 198 EP - 217 LA - en SN - 1467-8330 ST - Banking Nature? UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8330.2012.00989.x Y2 - 2020/10/28/13:19:42 KW - Marx KW - financialisation KW - Foucault KW - environmental conservation KW - environmentality KW - frontier KW - primitive accumulation ER - TY - JOUR TI - Scrutinizing the Great Acceleration: The Anthropocene and its analytic challenges for social-ecological transformations AU - Görg, Christoph AU - Plank, Christina AU - Wiedenhofer, Dominik AU - Mayer, Andreas AU - Pichler, Melanie AU - Schaffartzik, Anke AU - Krausmann, Fridolin T2 - The Anthropocene Review AB - Despite considerable advancements over the last couple of years, research on the Anthropocene still faces at least two challenges: (1) integrating different approaches from natural, social and cultural sciences, and (2) clarifying the political relevance of this concept. To address these challenges, we propose an interdisciplinary approach from Social Ecology and Political Economy which combines research on social metabolism with a historical approach to capitalist development. We argue that such an interdisciplinary approach can help to better understand the Great Acceleration of production and consumption and the related surge in global resource flows. The observation of such an acceleration in the physical growth of societies, in turn, is perceived as the most convincing argument to explain fundamental shifts in the state and functioning of the Earth system, the Anthropocene. Our approach emphasizes that the Great Acceleration was not homogeneous, neither in space nor in time. Instead, spatial varieties and different historical trajectories must be considered which allow for the differentiation of two phases of accelerated resource use, taking place in different world regions. In this article, we propose an integrated research framework for the study of the Great Acceleration, illustrate the insights to which its application leads and discuss the political relevance of the Anthropocene for further research on social-ecological transformations. DA - 2020/04/01/ PY - 2020 DO - 10.1177/2053019619895034 DP - SAGE Journals VL - 7 IS - 1 SP - 42 EP - 61 J2 - The Anthropocene Review LA - en SN - 2053-0196 ST - Scrutinizing the Great Acceleration UR - https://doi.org/10.1177/2053019619895034 Y2 - 2020/10/28/13:00:24 ER - TY - JOUR TI - Breaking the Tragedy of the Horizon - climate change and financial stability AU - Carney, Mark T2 - Speech given at Lloyd’s of London DA - 2015/// PY - 2015 ER - TY - JOUR TI - Demand Side Secular Stagnation AU - Summers, Lawrence H. T2 - American Economic Review AB - The experience of first Japan and now Europe and the USA suggests that Hansen's concept of secular stagnation is highly relevant. Recovery has been anemic and follows a generation of financially unsustainable and often lackluster growth. Investment demand has declined while the supply of saving has increased, leaving the economy vulnerable to liquidity traps. Although some US indicators have improved, forward real rates have declined sharply, European prospects remain muddled, and the zero-bound will likely constrain again during the next recession. Infrastructure and private investment are the best ways to both minimize the risk of secular stagnation and raise demand. DA - 2015/05// PY - 2015 DO - 10.1257/aer.p20151103 DP - www.aeaweb.org VL - 105 IS - 5 SP - 60 EP - 65 LA - en SN - 0002-8282 UR - https://www.aeaweb.org/articles?id=10.1257/aer.p20151103 Y2 - 2020/10/28/09:55:43 KW - Unemployment KW - Wages KW - Intergenerational Income Distribution KW - Inflation KW - Aggregate Productivity KW - Aggregate Human Capital KW - Aggregate Labor Productivity, Price Level KW - Cross-Country Output Convergence KW - Cycles, National Deficit KW - Deflation, Business Fluctuations KW - Macroeconomics: Production, Employment KW - Surplus, Empirical Studies of Economic Growth ER - TY - BOOK TI - Manias, Panics, and Crashes: A History of Financial Crises AU - Kindleberger, Charles P. AU - Aliber, Robert Z. DA - 2005/// PY - 2005 ET - Fifth PB - John Wiley and Sons Inc., New Jersey ER - TY - BOOK TI - Prosperity without Growth. Economics for a Finite Plane AU - Jackson, Tim CY - London DA - 2009/// PY - 2009 PB - Earthscan KW - FOD ER - TY - JOUR TI - Is the sky or the earth the limit? Risk, uncertainty and nature AU - Maechler, Sylvain AU - Graz, Jean-Christophe T2 - Review of International Political Economy AB - Dealing with uncertainty has become a matter of great concern for policy makers and scientific research in a world facing global, epochal and complex changes. But in essence, you cannot entirely predict the future. This article aims at conceptualizing the limits to anticipate the future – or what is often referred as the substitution of risk for uncertainty. In contrast to most theories examining risk and uncertainty, we start from the assumption that there are limits in the substitution of risk for uncertainty and that distinguishing between ontological and epistemic levels of analysis helps clarify such limits. The paper makes two arguments: first, most approaches see no ontological and/or epistemic limit in the substitution of risk for uncertainty; second, the pluralization of science is the only way to cope with limits in substituting risk for uncertainty. This second argument draws on the assumption that accounting for the uncertainty of the future depends on knowledge production processes able to overcome disciplinary boundaries and better include lay and expert knowledge. In times of great concerns regarding mitigation and adaptation to the ecological crisis, we illustrate our arguments with insights from global environmental governance. DA - 2020/10/23/ PY - 2020 DO - 10.1080/09692290.2020.1831573 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 22 SN - 0969-2290 ST - Is the sky or the earth the limit? UR - https://doi.org/10.1080/09692290.2020.1831573 Y2 - 2020/11/11/11:43:14 KW - Environment KW - measurement KW - uncertainty KW - ontology KW - expertise KW - global governance KW - pluralization of science KW - risk management ER - TY - JOUR TI - Political Aspects of Full Employment AU - Kalecki, M. T2 - The Political Quarterly DA - 1943/// PY - 1943 DO - https://doi.org/10.1111/j.1467-923X.1943.tb01016.x DP - Wiley Online Library VL - 14 IS - 4 SP - 322 EP - 330 LA - en SN - 1467-923X UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-923X.1943.tb01016.x Y2 - 2020/11/11/14:45:50 ER - TY - BOOK TI - World in transition: a social contract for sustainability A3 - WBGU AB - Wissenschaftlicher Beirat der Bundesregierung Globale Umweltveränderungen (Germany) CN - TP318 .W67 2011 CY - Berlin DA - 2011/// PY - 2011 DP - Library of Congress ISBN SP - 396 LA - en PB - German Advisory Council on Global Change SN - 978-3-936191-37-0 ST - World in transition L1 - files/14432/WBGU_2011_World in transition.pdf L4 - https://www.researchgate.net/publication/257609230_World_in_Transition_-_A_Social_Contract_for_Sustainability KW - Economic aspects KW - Climatic changes KW - Fossil fuels ER - TY - JOUR TI - Contemporary capitalisms and their social relation to the environment AU - Cahen-Fourot, Louison T2 - Ecological Economics AB - This paper analyses the socio-economic context into which environmental policies and ecological sentiments emerge through empirically studying the relation to the environment of different kinds of capitalism. The association and interaction of the relation to the environment with other key social relations, e.g. the labour-capital relations, are studied and discussed. To achieve this, I draw from Regulation Theory and augment its analytical framework with an explicit environmental dimension. I then conduct an empirical analysis of the diversity of contemporary capitalism including the social relation to the environment for a sample of thirty-seven OECD and BRICS countries. Five kinds of capitalism are identified: the Northern-continental European, the Southern-central European, the Anglo-Saxon and Pacific, the Emerging Countries and the Two Giants. A main result is the correspondence between social relations to the environment exhibiting ecology-prone socio-political stances and a lower domestic natural resources intensity with labour oriented capital-labour relations, welfare-oriented states and openness to foreign suppliers. However, the results show that countries that are the most ecology-prone are also the ones that have the most relocated their environmental impact, confirming that global capitalism is not an ecological system. Implications of this pattern for a socio-ecological transition are discussed. DA - 2020/06/01/ PY - 2020 DO - 10.1016/j.ecolecon.2020.106634 DP - ScienceDirect VL - 172 SP - 106634 J2 - Ecological Economics LA - en SN - 0921-8009 UR - http://www.sciencedirect.com/science/article/pii/S0921800919307372 Y2 - 2020/11/16/12:02:41 L1 - files/14400/Cahen-Fourot_2020_Contemporary capitalisms and their social relation to the environment.pdf L2 - files/14399/S0921800919307372.html KW - Institution KW - Environmental policy KW - Ecological macroeconomics KW - Diversity of capitalism KW - Regulation theory KW - Society-environment relation ER - TY - BOOK TI - Financialization and the World Economy AU - Epstein, Gerald A. DA - 2005/// PY - 2005 PB - Edward Elgar ER - TY - JOUR TI - Radical Dematerialization and Degrowth AU - Kallis, Giorgos T2 - Philosophical Transactions of the Royal Society A DA - 2017/// PY - 2017 DO - https://doi.org/10.1098/rsta.2016.0383 ER - TY - RPRT TI - Global Pricing of Carbon-Transition Risk AU - Bolton, Patrick AU - Kacperczyk, Marcin AB - Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals. DA - 2021/03/01/ PY - 2021 DP - www.nber.org LA - en PB - National Bureau of Economic Research SN - w28510 UR - https://www.nber.org/papers/w28510 Y2 - 2021/04/18/15:56:27 L1 - files/17067/Bolton_Kacperczyk_2021_Global Pricing of Carbon-Transition Risk.pdf L2 - files/17066/w28510.html ER - TY - JOUR TI - Climate risks and financial stability AU - Battiston, Stefano AU - Dafermos, Yannis AU - Monasterolo, Irene T2 - Journal of Financial Stability AB - Climate change has been recently recognised as a new source of risk for the financial system. Over the last years, several central banks and financial supervisors have recommended that investors and financial institutions need to assess their exposure to climate-related financial risks. Central banks and financial supervisors have also started designing climate stress tests that can assess how vulnerable the financial system is to climate change. Nevertheless, the financial community falls short of methodologies that allow the successful analysis of the risks that climate change poses to the financial system. Indeed, the characteristics of climate risks (i.e., deep uncertainty, non-linearity and endogeneity) challenge traditional approaches to macroeconomic and financial risk analysis. Embedding climate change in macroeconomic and financial analysis using innovative perspectives is fundamental for a comprehensive understanding of risks and opportunities in the era of the climate crisis. This Special Issue is devoted to the relation between climate risks and financial stability and represents the first comprehensive attempt to fill methodological gaps in this area and to shed light on the financial implications of climate change. It includes original contributions that use a range of methodologies ̶ such as network modelling, dynamic evolutionary macroeconomic modelling and financial econometrics ̶ to analyse climate-related financial risks and the implications of financial policies and instruments aiming at the low-carbon transition. The research insights of these contributions can inform the decisions of central banks and financial supervisors about the integration of climate change considerations into their policies and financial risk assessment. DA - 2021/03/26/ PY - 2021 DO - 10.1016/j.jfs.2021.100867 DP - ScienceDirect SP - 100867 J2 - Journal of Financial Stability LA - en SN - 1572-3089 UR - https://www.sciencedirect.com/science/article/pii/S1572308921000267 Y2 - 2021/04/18/15:28:21 L2 - files/17070/S1572308921000267.html KW - agent-based models KW - climate change KW - climate policies KW - empirical finance KW - financial instruments KW - financial stability KW - network models KW - stock-flow consistent models ER - TY - JOUR TI - Economics and climate justice activism: assessing the financial impact of the fossil fuel divestment movement AU - Hansen, Tyler AU - Pollin, Robert T2 - Review of Social Economy AB - Since 2011, climate activists have advanced divestment campaigns against private fossil fuel corporations that aim to inflict damage on fossil fuel corporations through two channels: stigmatizing them and undermining their financial operations. We focus in this paper on this second purpose, considering the extent to which divestment campaigns have succeeded in inflicting financial damage on fossil fuel corporations. We present descriptive data on the level of divested fossil fuel stocks and bonds as well as econometric analysis of the impact of divestment events on the stock market prices of fossil fuel companies. We find that divestment campaigns have not been successful in inflicting significant economic damage on fossil fuel corporations, even though the movement has been successful in mobilizing public opinion against the fossil fuel corporations. DA - 2020/07/03/ PY - 2020 DO - 10.1080/00346764.2020.1785539 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 38 SN - 0034-6764 ST - Economics and climate justice activism UR - https://doi.org/10.1080/00346764.2020.1785539 Y2 - 2021/04/19/12:55:24 KW - Q54 KW - B59 KW - change KW - climate KW - Divestment KW - financial KW - impacts ER - TY - CHAP TI - Nachhaltige Geldanlagen in Österreich: Rahmenbedingungen – Motivation – Entwicklung AU - Reisinger, R. M. T2 - CSR und Finanzratings: Nachhaltige Finanzwirtschaft: Rating statt Raten! A2 - Kopp, Heidrun E. T3 - Management-Reihe Corporate Social Responsibility AB - Der Artikel beschreibt die Entwicklung nachhaltiger Geldanlagen in Österreich; er bietet einen Überblick über das aktuelle Angebot und die wichtigsten Gütesiegel und gibt Einblick in die Motivation institutioneller und privater AnlegerInnen. CY - Berlin, Heidelberg DA - 2016/// PY - 2016 DP - Springer Link SP - 91 EP - 98 LA - de PB - Springer SN - 978-3-662-47461-7 ST - Nachhaltige Geldanlagen in Österreich UR - https://doi.org/10.1007/978-3-662-47461-7_9 Y2 - 2021/04/21/12:13:52 ER - TY - JOUR TI - Green bonds and carbon emissions: exploring the case for a rating system at the firm level AU - Ehlers, Torsten AU - Mojon, Benoit AU - Packer, Frank T2 - BIS Quarterly Review AB - Special Feature of the BIS Quarterly Review, September 2020 - Green bonds are debt instruments whose proceeds finance projects with various environmental benefits - including climate change mitigation. So far, however, green bond projects have not necessarily translated into comparatively low or falling carbon emissions at the firm level. DA - 2020/09/14/ PY - 2020 DP - www.bis.org LA - en ST - Green bonds and carbon emissions UR - https://www.bis.org/publ/qtrpdf/r_qt2009c.htm Y2 - 2021/04/21/11:30:26 ER - TY - JOUR TI - Corporate green bonds AU - Flammer, Caroline T2 - Journal of Financial Economics AB - I examine corporate green bonds, whose proceeds finance climate-friendly projects. These bonds have become more prevalent over time, especially in industries where the environment is financially material to firm operations. I show that investors respond positively to the issuance announcement, a response that is stronger for first-time issuers and bonds certified by third parties. The issuers improve their environmental performance post-issuance (i.e., higher environmental ratings and lower CO2 emissions) and experience an increase in ownership by long-term and green investors. Overall, the findings are consistent with a signaling argument—by issuing green bonds, companies credibly signal their commitment toward the environment. DA - 2021/01/31/ PY - 2021 DO - 10.1016/j.jfineco.2021.01.010 DP - ScienceDirect J2 - Journal of Financial Economics LA - en SN - 0304-405X UR - https://www.sciencedirect.com/science/article/pii/S0304405X21000337 Y2 - 2021/04/21/11:31:20 KW - Climate change KW - Corporate sustainability KW - Green bonds KW - Impact investing KW - Sustainable finance ER - TY - JOUR TI - Global Green Finance and Sustainability: Insights for Progressive Strategies AU - Jäger, Johannes; Schmidt T2 - Journal für Entwicklungspolitik AB - Green finance has been increasingly presented as being an effective solution to global environmental problems and climate change. However, today’s global financial structures tend to reproduce global inequali-ties and contribute to continued, highly unequal over-use and destruction of the environment, as well as a global ecological crisis. This paper introduces the topic with a specific emphasis on green finance, and provides an over-view of the contributions to this special issue on Global Finance and Socio-Ecological Transformation. We discuss the implications of global green finance and propose a typology that differentiates between neoliberal, reformist and progressive transformative types of green finance. Based on this, we present insights for progressive strategies and policies for financing a socio-ecological transformation towards global sustainable welfare. DA - 2020/// PY - 2020 VL - 36 IS - 4 SP - 4 EP - 30 LA - English ST - Global Green Finance and Sustainability UR - http://www.mattersburgerkreis.at/site/de/shop/jepartikel/shop.item/1980.html Y2 - 2021/04/20/14:14:25 ER - TY - CHAP TI - Green industrial policy: accelerating structural change towards wealthy green economies AU - Altenburg, Tilman AU - Rodrik, Dani T2 - Green industrial policy: concept, policies, country experiences, CY - Geneva; Bonn DA - 2017/// PY - 2017 LA - de PB - UN Environment; German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) ST - Green industrial policy UR - https://www.die-gdi.de/en/others-publications/article/green-industrial-policy-accelerating-structural-change-towards-wealthy-green-economies/ Y2 - 2021/04/21/13:17:45 ER - TY - JOUR TI - The potential contribution of central banks to green finance AU - Breitenfellner, Andreas AU - Pointner, Wolfgang AU - Schuberth, Helene T2 - Vierteljahrshefte zur Wirtschaftsforschung AB - Duncker & Humblot - Berlin. Ein Forum für die Wissenschaft seit 1798 DA - 2019/04/01/ PY - 2019 DP - elibrary.duncker-humblot.com VL - 88 IS - 2 SP - 55 EP - 72 LA - de UR - http://elibrary.duncker-humblot.com/zeitschriften/id/25/vol/88/iss/2027/art/11143/ Y2 - 2021/04/21/13:25:37 L1 - files/25984/Breitenfellner et al_2019_The potential contribution of central banks to green finance.pdf ER - TY - JOUR TI - The political trilemma of contemporary social-ecological transformation – lessons from Karl Polanyi’s The Great Transformation AU - Novy, Andreas T2 - Globalizations AB - This article advances Rodrik's political trilemma of the world economy by using insights from Polanyi’s The Great Transformation, which helps to grasp the interwoven dynamics of long-term transformations due to climate change and geopolitical reordering on one hand, and on the other short-term political ruptures due to countermovements. Rodrik's globalization trilemma shows the incompatibility of hyperglobalization with the need for an enlarged democratic policy space. Its nodes (globalization, nation state and democracy), however, have to be redefined to grasp contemporary dynamics of deglobalization. Based on a modified political trilemma of contemporary social-ecological transformation, I discuss and compare three visions and the resultant strategies: (1) Liberal globalism, focusing on hyperglobalization and individualism, (2) nationalistic capitalism, stressing national sovereignty and authoritarian governance, and (3) foundational economy based on planetary coexistence which combines selective economic deglobalization with a strengthening of a place-based foundational economy, and their respective social-ecological infrastructural configurations. DA - 2020/12/04/ PY - 2020 DO - 10.1080/14747731.2020.1850073 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 22 SN - 1474-7731 UR - https://doi.org/10.1080/14747731.2020.1850073 Y2 - 2021/04/21/13:52:49 L1 - files/20294/Novy_2020_The political trilemma of contemporary social-ecological transformation –.pdf L2 - files/20293/14747731.2020.html KW - Polanyi KW - Social-ecological transformation KW - deglobalization KW - foundational economy KW - great transformation KW - hyperglobalization ER - TY - BOOK TI - Industrial Policy in Developing Countries AU - Altenburg, Tilman AU - Lütkenhorst, Wilfried AB - "Industrial Policy in Developing Countries" published on 25 Sep 2015 by Edward Elgar Publishing. DA - 2015/09/25/ PY - 2015 DP - www.elgaronline.com LA - en SN - 978-1-78100-026-7 UR - https://www.elgaronline.com/view/9781781000250.xml Y2 - 2021/04/22/11:52:29 ER - TY - RPRT TI - Marktbericht Nachhaltige Geldanlagen 2021 – Deutschland, Österreich und die Schweiz AU - FNG T2 - FNG Marktbericht AB - Der Marktbericht Nachhaltige Geldanlagen – Deutschland, Österreich und die Schweiz ist die zentrale FNG-Jahrespublikation. Er dient Brancheninsidern, Journalisten, Wissenschaftlern und Politikern gleichermaßen als Quelle, wenn es um aktuelle Daten zu Nachhaltigen Geldanlagen geht. DA - 2020/// PY - 2020 LA - de-DE PB - Forum Nachhaltige Geldanlagen UR - https://fng-marktbericht.org/ Y2 - 2021/04/22/13:45:08 L1 - files/26164/FNG_2020_Marktbericht Nachhaltige Geldanlagen 2021 – Deutschland, Österreich und die.pdf ER - TY - JOUR TI - Green finance – opportunities for the Austrian financial sector AU - Breitenfellner, Andreas AU - Hasenhüttl, Susanne AU - Lehmann, Georg AU - Tschulik, Andreas T2 - Financial Stability Report AB - Climate change and the internationally agreed decarbonization of the global economy not only pose risks to the financial sector and the economy but also open up opportunities. While focusing on the risks, mandate-driven central banks and financial supervisors also need to understand the dynamics and potential of green or sustainable finance markets. The investment needs at the global, European and national level to fund the transition to a climate-neutral economy are mind-blowing. Earmarked public funds alone will not suffice. In addition, financial markets will have to channel (excess) resources above all into sustainable projects. In other words, breaking out of its niche, green finance will have to scale up. Though dynamic, the development of Austria’s green finance markets is still sobering. At the same time, customer surveys suggest that demand for sustainable finance products will grow. The absence of common definitions of sustainability may give rise to “greenwashing,” i.e. making misleading claims about the environ-mental sustainability of a financial product. To prevent this, regulators and supervisors should help overcome market barriers and dysfunction on the supply and demand side. Noteworthy efforts in this respect are the European Commission’s action plan on sustainable finance, the ECB’s paying greater attention to climate change issues as well as the Austrian government’s green finance agenda. Predefining a credible pathway for linking carbon pricing to greenhouse gas emission targets would be the most effective – and least distorting – way to foster green finance and a smooth transition. DA - 2020/// PY - 2020 DP - ideas.repec.org IS - 40 LA - en UR - https://ideas.repec.org/a/onb/oenbfs/y2020i40b2.html Y2 - 2021/04/22/13:10:07 L1 - files/25983/Breitenfellner et al_2020_Green finance – opportunities for the Austrian financial sector.pdf KW - climate change KW - financial market development KW - sustainable finance ER - TY - RPRT TI - Shifting the Trillions - Ein nachhaltiges Finanzsystem für die Große Transformation AU - Sustainable-finance-Beirat DA - 2021/// PY - 2021 PB - Sustainable-Finance-Beirat der deutschen Bundesregierung UR - https://sustainable-finance-beirat.de/wp-content/uploads/2021/02/210224_SFB_-Abschlussbericht-2021.pdf Y2 - 2021/04/22/12:21:32 L1 - files/17689/Sustainable-finance-Beirat_2021_Shifting the Trillions - Ein nachhaltiges Finanzsystem für die Große.pdf ER - TY - JOUR TI - Hoffnungsträger Green Finance? AU - Jäger, Johannes T2 - Kurswechsel DA - 2020/// PY - 2020 DP - Zotero VL - 4 SP - 91 EP - 96 LA - de ER - TY - BLOG TI - Green Finance: ein Trojanisches Pferd? T2 - Arbeit&Wirtschaft Blog AB - Green Finance: Das neue Allheilmittel gegen die Klimakrise? Warum dies auf die aktuell diskutierte Form von Green Finance nicht zutrifft. DA - 2021/01/27/T06:30:00+01:00 PY - 2021 LA - de-DE ST - Green Finance UR - https://awblog.at/green-finance-ein-trojanisches-pferd/ Y2 - 2021/04/22/12:18:04 ER - TY - BOOK TI - Money and Sustainability. The Missing Link AU - Lietaer, Bernard AU - Arnsperger, Christian AU - Goerner, Sally AU - Brunnhuber, Stefan DA - 2012/// PY - 2012 PB - Triarchy Press. Report from the Club of Rome - EU Chapter ER - TY - JOUR TI - Embedding Finance in the Macroeconomics of Climate Change: Research Challenges and Opportunities Ahead AU - Monasterolo, Irene T2 - CESifo Forum AB - The  role  of  finance  in  the  low-carbon  transition,  as  well  as  the  deep  uncertainty  and  endogeneity  of  climate  finance  risk,  are  currently  neglected  by  climate  economic  models.  This  leads  to  a  false  sense  of  control  in  terms  of  risks  and  opportunities  associated  with  the  low-carbon  transition.  Further,  it  prevent DA - 2020/// PY - 2020 VL - 21 IS - 4 SP - 25 EP - 32 LA - en ST - Embedding Finance in the Macroeconomics of Climate Change UR - https://www.cesifo.org/en/publikationen/2020/article-journal/embedding-finance-macroeconomics-climate-change-research Y2 - 2021/04/23/11:48:51 ER - TY - ELEC TI - Treasury Select Committee hearing on the “Bank of England Financial Stability Report” (starting 09:30) AU - Carney, Mark AB - Witnesses: Mark Carney, Sam Woods, Donald Kohn & Martin Taylor DA - 2019/// PY - 2019 LA - en ST - Treasury Select Committee hearing on the “Bank of England Financial Stability Report” (starting 09 UR - http://www.bankofengland.co.uk/events/2019/october/tsc-hearing-on-the-financial-stability-report Y2 - 2021/04/23/10:19:33 ER - TY - RPRT TI - Monetary adaptation to planetary emergency: addressing the monetary growth imperative AU - Arnsperger, Christian AU - Bendell, Jem AU - Slater, Matthew AB - Background: The existence of a Monetary Growth Imperative (MGI) and its implications for economic stability, democracy and environmental sustainability have been put forward by environmental economists for around two decades but recently criticised as invalid. Given the urgency of the climate and ecological crisis alongside spiralling public and private debt, the MGI deserves closer attention. Methods: For this review paper we analysed studies on the MGI, using a selective, iterative approach to the literature review. Results: Our critical review of the research on the MGI revealed several full academic treatments of the argument and even a taxonomy of them, most of which have not been refuted. We articulate one of them in a new way, as well as two more which have not received academic treatment, before considering why it might be thought politically expedient that any MGI should be refuted, or at least seen to be refuted. Conclusion: In any economy where money hoarding and accumulation is not curtailed, and where most of the money in circulation is issued by private banks as debt, with or without interest, there will be a system-wide scarcity of money available to people and organisations to service their debts – unless, that is, there is continual economic growth. To avoid the deleterious implications of a shortfall of money in an economy, policies are used to maintain economic growth, which is therefore a form of imperative on society. This MGI may be accentuated, at a system-wide level, by the practice of full-reserve re-lending of money. Interest is not the main driver of the imperative, but because it increases the transfer of money to those who are wealthy and more likely to hold that money in a stagnant form that is not available for debt servicing by others, interest charges may indeed exacerbate the MGI. We conclude that the debt-money system creates a competition for money between debtors and savers which is resolved through creation of more debt-money, which in turn drives growth and the resulting ecological and climate emergency. CY - Ambleside, UK. DA - 2021/03/10/ PY - 2021 DP - insight.cumbria.ac.uk LA - en M3 - Report PB - University of Cumbria ST - Monetary adaptation to planetary emergency UR - https://insight.cumbria.ac.uk/id/eprint/5993/ Y2 - 2021/04/23/10:14:16 L1 - files/26160/Arnsperger et al_2021_Monetary adaptation to planetary emergency.pdf ER - TY - JOUR TI - Democratizing Finance or Democratizing Money? AU - Mellor, Mary T2 - Politics & Society AB - This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics” that treats the state as a dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource. DA - 2019/12/01/ PY - 2019 DO - 10.1177/0032329219878992 DP - SAGE Journals VL - 47 IS - 4 SP - 635 EP - 650 J2 - Politics & Society LA - en SN - 0032-3292 UR - https://doi.org/10.1177/0032329219878992 Y2 - 2021/04/23/09:14:06 KW - money creation KW - bank debt KW - monetary myths KW - participatory budgeting KW - public spending ER - TY - JOUR TI - The Politics of Democratizing Finance: A Radical View AU - McCarthy, Michael A. T2 - Politics & Society AB - How can finance be durably democratized? In the centers of financial power in both the United States and the United Kingdom, proposals now circulate to give workers and the public more say over how flows of credit are allocated. This article examines five democratization proposals: credit union franchises, public investment banks, sovereign wealth funds, inclusive ownership funds, and bank nationalization. It considers how these plans might activate worker and public engagement in decision making about finance by focusing on three modes of public participation: representative democracy, direct democracy, and deliberative minipublics. It then considers the degree to which democratization plans might be resilient to de-democratization threats from business. It argues that of the five, bank nationalization goes furthest in guarding against de-democratization threats but is still pocked with pitfalls if it relies solely on representative democracy. It argues that two criteria appear necessary for democratically durable alternatives: the active direct participation of workers and citizens and the weakening of businesses’ capacity for democratic retrenchment. DA - 2019/12/01/ PY - 2019 DO - 10.1177/0032329219878990 DP - SAGE Journals VL - 47 IS - 4 SP - 611 EP - 633 J2 - Politics & Society LA - en SN - 0032-3292 ST - The Politics of Democratizing Finance UR - https://doi.org/10.1177/0032329219878990 Y2 - 2021/04/23/09:14:00 KW - democracy KW - credit KW - labor KW - business power KW - finance ER - TY - JOUR TI - Financial Democratization and the Transition to Socialism*: AU - Block, Fred T2 - Politics & Society AB - Historically, there has been little agreement between advocates of radical financial reform and socialist theoreticians. However, in the new circumstances of th... DA - 2019/11/11/ PY - 2019 DO - 10.1177/0032329219879274 DP - journals.sagepub.com LA - en ST - Financial Democratization and the Transition to Socialism* UR - https://journals.sagepub.com/doi/full/10.1177/0032329219879274 AN - Sage CA: Los Angeles, CA Y2 - 2021/04/23/09:13:49 ER - TY - RPRT TI - The green swan: central banking and financial stability in the age of climate change AU - Bolton, Patrick AU - Després, Morgan AU - Silva, Luiz Awazu Pereira da AU - Samama, Frédéric AU - Svartzman, Romain AB - Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks' financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly challenging because of the radical uncertainty associated with a physical, social and economic phenomenon that is constantly changing and involves complex dynamics and chain reactions. ... DA - 2020/01/20/ PY - 2020 DP - www.bis.org LA - en PB - Bank for International Settlements UR - https://www.bis.org/publ/othp31.htm Y2 - 2021/04/26/12:40:09 L1 - files/26149/Bolton et al_2020_The green swan.pdf ER - TY - JOUR TI - Notenbanken und Green Finance AU - Pointner, Wolfgang T2 - Kurswechsel DA - 2020/// PY - 2020 VL - 4 SP - 97 EP - 100 UR - http://www.beigewum.at/kurswechsel/jahresprogramm-2020/heft-4-2020-umkaempfte-industriepolitik-zwischen-geopolitik-gruener-wende-digitalisierung-und-corona/ Y2 - 2021/04/26/12:28:58 ER - TY - JOUR TI - Green industrial policy AU - Rodrik, Dani T2 - Oxford Review of Economic Policy AB - Abstract. Green growth requires green technologies: production techniques that economize on exhaustible resources and emit fewer greenhouse gases. The availabil DA - 2014/10/01/ PY - 2014 DO - 10.1093/oxrep/gru025 DP - academic.oup.com VL - 30 IS - 3 SP - 469 EP - 491 J2 - Oxf Rev Econ Policy LA - en SN - 0266-903X UR - https://academic.oup.com/oxrep/article/30/3/469/549542 Y2 - 2021/04/26/12:27:13 ER - TY - RPRT TI - A proposal to finance low-carbon investment in Europe AU - Aglietta, Michel AU - Espagne, Etienne AU - Fabert, Baptiste T2 - Note d’analyse no. 24, AB - This year, Europe is confronted with a critical double challenge: addressing the climate change issue and pulling itself out of a persistent low growth trap. Today these two challenges are addressed separately. On the one hand, climate negotiations must reach a historical agreement in the Paris conference in December 2015. On the other hand, the Juncker Plan of 315 billion euros of investment, and above all the ECB announcement of a massive purchase of assets for an amount of around 1100 billion euros, must help to avoid a deflationary spiral and stimulate a new flow of investments. Regarding climate policies, public regulators have essentially focused on a carbon price, which remains today at an insufficient level to trigger spontaneously the financing of the low-carbon transition". The potential of the banking and saving channels (targets of the asset purchase program of the ECB) to scale up climate finance is however neglected. This Note d’analyse proposes to make private low-carbon assets eligible for the ECB asset purchase program. The carbon impact of these assets would benefit from a public guarantee that would value their carbon externality at a level sufficient to compensate the absence of an adequate carbon price. This mechanism would immediately impact the investment decisions of private actors with a positive effect on growth. It would also strongly incite governments to progressively implement carbon pricing tools to ensure that the public backing of the value of the carbon assets remains neutral with respect to public budgets. DA - 2015/02/01/ PY - 2015 DP - ResearchGate PB - France stratégie L1 - files/26175/Aglietta et al_2015_A proposal to finance low-carbon investment in Europe.pdf L4 - https://www.researchgate.net/publication/305307720_A_proposal_to_finance_low-carbon_investment_in_Europe?channel=doi&linkId=5787741108aecf56ebcb40aa&showFulltext=true ER - TY - RPRT TI - Reassessing the impact of finance on growth AU - Cecchetti, Stephen AU - Kharroubi, Enisse AB - This paper investigates how financial development affects aggregate productivity growth. Based on a sample of developed and emerging economies, we first show that the level of financial development is good only up to a point, after which it becomes a drag on growth. Second, focusing on advanced economies, we show that a fast-growing financial sector is detrimental to aggregate productivity growth. DA - 2012/07// PY - 2012 DP - RePEc - Econpapers M3 - BIS Working Paper PB - Bank for International Settlements SN - 381 UR - https://econpapers.repec.org/paper/bisbiswps/381.htm Y2 - 2021/04/27/09:42:34 L1 - files/26154/Cecchetti_Kharroubi_2012_Reassessing the impact of finance on growth.pdf KW - credit booms KW - financial dependence KW - financial development KW - Growth KW - R&D intensity ER - TY - JOUR TI - Why Did Financial Globalization Disappoint? AU - Rodrik, Dani AU - Subramanian, Arvind T2 - IMF Staff Papers AB - The stylized fact that there is no correlation between long-run economic growth and financial globalization has spawned a recent literature that purports to provide newer evidence and arguments in favor of financial globalization. We review this literature and find it unconvincing. The underlying assumptions in this literature are that developing countries are savings-constrained; that access to foreign finance alleviates this to boost investment and long-run growth; and that insofar as there are problems with financial globalization, these can be remedied through deep institutional reforms. In contrast, we argue that developing economies are as or more likely to be investment- than savings-constrained and that the effect of foreign finance is often to aggravate this investment constraint by appreciating the real exchange rate and reducing profitability and investment opportunities in the traded goods sector, which have adverse long-run growth consequences. It is time for a new paradigm on financial globalization, and one that recognizes that more is not necessarily better. Depending on context and country, the appropriate role of policy will be as often to stem the tide of capital inflows as to encourage them. Policymakers who view their challenges exclusively from the latter perspective risk getting it badly wrong. DA - 2009/04/01/ PY - 2009 DO - 10.1057/imfsp.2008.29 DP - Springer Link VL - 56 IS - 1 SP - 112 EP - 138 J2 - IMF Econ Rev LA - en SN - 1564-5150 UR - https://doi.org/10.1057/imfsp.2008.29 Y2 - 2021/04/27/09:04:41 ER - TY - JOUR TI - Global imbalances: benign by-product of global development or toxic consequence of corporate globalization? AU - Palley, Thomas I. T2 - European Journal of Economics and Economic Policies: Intervention AB - This paper explores and contrasts the revised Bretton Woods hypothesis (BW II) with the structural Keynesian hypothesis. Whereas the former sees the growing global imbalances of the 3 decades prior to the financial crisis of 2008 as beneficial, the latter sees them as problematic and destructive of shared prosperity in the United States. Moreover, the US economic relationship with China is viewed as especially problematic as it involves the largest bi-lateral trade deficit, and because it has also been a major source of investment diversion and manufacturing job loss. The paper concludes that the BW II analogy between today's global financial system and the original Bretton Woods system is without foundation, but that it survives because the hypothesis helps rationalize and justify large trade deficits and the process of corporate globalization. DA - 2014/// PY - 2014 DP - ideas.repec.org VL - 11 IS - 3 SP - 250 EP - 268 LA - en ST - Global imbalances UR - https://ideas.repec.org/a/elg/ejeepi/v11y2014i3p250-268.html Y2 - 2021/04/27/11:50:57 KW - global imbalances KW - revised Bretton Woods hypothesis KW - structural Keynesian hypothesis KW - US trade deficit ER - TY - JOUR TI - The theory of global imbalances: mainstream economics vs structural Keynesianism* AU - Palley, Thomas I. T2 - Review of Keynesian Economics AB -

Prior to the 2008 financial crisis there was much debate about global trade imbalances. Prima facie, the imbalances seem a significant problem. However, acknowledging that would question mainstream economics’ celebratory stance toward globalization. That tension prompted an array of theories which explained the imbalances while retaining the claim that globalization is economically beneficial. This paper surveys those new theories. It contrasts them with the structural Keynesian explanation that views the imbalances as an inevitable consequence of neoliberal globalization. The paper also describes how globalization created a political economy that supported the system despite its proclivity to generate trade imbalances.

DA - 2015/01/01/ PY - 2015 DO - 10.4337/roke.2015.01.04 DP - www.elgaronline.com VL - 3 IS - 1 SP - 45 EP - 62 LA - en_US SN - 20495331, 20495323 ST - The theory of global imbalances UR - https://www.elgaronline.com/view/journals/roke/3-1/roke.2015.01.04.xml Y2 - 2021/04/27/11:51:13 ER - TY - BOOK TI - Money: 5,000 Years of Debt and Power AU - Aglietta, Michel AB - Founder of the influential heterodox regulation school offers a new theory of money, tracing it's history back 1,000 yearsThis book's goal is to understand money in all its complexity. As a link between the individual and the collective, over time money transmits sovereign power to the economy, by way of its grip on finance and thus on the debt system. But liquidity is also the object around which everyone's desires are polarised. Keeping a hold over this ambivalence demands the construction - and continual bolstering - of confidence. For from the destruction of this confidence come the crises that resurrect the absolute desire for liquidity, paralysing activity. Money is embedded in our societies, and we can only understand it by way of a multi-disciplinary approach that mobilises the tools of anthropology, history and political economy. This book covers five thousand years of history in order to grasp the unity of money as a phenomenon and its relationship with sovereignty, by way of the combined transformations of both political orders and monetary systems. Basing ourselves on these foundations we can understand the distinct eras of the regulation of money and the crises that have traversed capitalism, up to the transformations of our own time. CY - London ; New York DA - 2018/10/23/ PY - 2018 DP - Amazon ET - Illustrated Edition SP - 432 LA - Englisch PB - Verso SN - 978-1-78663-441-2 ST - Money ER - TY - JOUR TI - From ecological macroeconomics to a theory of endogenous money for a finite planet AU - Svartzman, Romain AU - Dron, Dominique AU - Espagne, Etienne T2 - Ecological Economics DA - 2019/// PY - 2019 VL - 162 SP - 108 EP - 120 ER - TY - RPRT TI - Emissions Gap Report 2019 AU - UNEP AB - As the world strives to cut greenhouse gas emissions and limit climate change, it is crucial to track progress towards globally agreed climate goals. For a decade, UNEP’s Emissions Gap Report has compared where greenhouse gas emissions are heading against where they need to be, and highlighted the best ways to close the gap. What’s new in this year’s report? Update on emissions gap The report presents the latest data on the expected gap in 2030 for the 1.5°C and 2°C temperature targets of the Paris Agreement. It considers different scenarios, from no new climate policies since 2005 to full implementation of all national commitments under the Paris Agreement. For the first time, it looks at how large annual cuts would need to be from 2020 to 2030 to stay on track to meeting the Paris goals. Ways to bridge the emissions gap Every year, the report features ways to bridge the gap. This year, the report looks at the potential of the energy transition – particularly in the power, transport and buildings sectors – and efficiency in the use of materials such as iron steel and cement. DA - 2019/11/19/Tue, - 13:58 PY - 2019 LA - en PB - UNEP - UN Environment Programme UR - http://www.unep.org/resources/emissions-gap-report-2019 Y2 - 2021/04/28/11:40:48 L1 - files/26168/UNEP_2019_Emissions Gap Report 2019.pdf ER - TY - JOUR TI - Editorial: Umkämpfte Industriepolitik: Zwischen Geopolitik, grüner Wende, Digitalisierung und Corona AU - Eder, Julia AU - Schneider, Etienne T2 - Kurswechsel DA - 2020/// PY - 2020 VL - 4 UR - http://www.beigewum.at/kurswechsel/jahresprogramm-2020/heft-4-2020-umkaempfte-industriepolitik-zwischen-geopolitik-gruener-wende-digitalisierung-und-corona/ Y2 - 2021/04/30/09:17:40 ER - TY - RPRT TI - Reaching net-zero carbon emissions: Mission Possible AU - ETC DA - 2018/// PY - 2018 PB - Energy Transitions Commission (ETC) UR - http://www.energy-transitions.org/mission-possible Y2 - 2020/08/07/12:15:52 ER - TY - RPRT TI - Faktencheck Green Finance AB - Argumentationsgrundlagen und Informationen CY - Wien DA - 2019/// PY - 2019 LA - de PB - Klima- und Energiefonds UR - https://faktencheck-energiewende.at/faktencheck/green-finance/ Y2 - 2021/04/30/09:28:35 L1 - files/26167/2019_Faktencheck Green Finance.pdf ER - TY - BOOK TI - The entrepreneurial state: debunking public vs. private sector myths AU - Mazzucato, Mariana T2 - Anthem frontiers of global political economy CY - London ; New York DA - 2014/// PY - 2014 ET - Revised edition PB - Anthem Press SN - 978-0-85728-252-1 ST - The entrepreneurial state KW - Technological innovations KW - Government policy KW - Research KW - Entrepreneurship KW - Diffusion of innovations KW - Industrial ER - TY - RPRT TI - FMA-Leitfaden zu Nachhaltigkeitsrisiken AU - FMA AB - Leitfäden sollen für die beaufsichtigten Unternehmen Know-how aufbereiten und die Entwicklung eines gemeinsamen Verständnisses fördern. Leitfäden stellen keine Verordnungen dar. ... CY - Wien DA - 2020/// PY - 2020 LA - de-DE PB - Finanzmarktaufsicht Österreich UR - https://www.fma.gv.at/download.php?d=4720 Y2 - 2021/05/03/08:11:46 L1 - files/26165/FMA_2020_FMA-Leitfaden zu Nachhaltigkeitsrisiken.pdf ER - TY - JOUR TI - IJCCR Publications: A literature review 2009-2016 AU - Alves, Filipe Moreira AU - Santos, Rui Ferreira T2 - International Journal of Community Currency Research AB - This paper aims at a literature review of all scientific articles published in the International Journal of Community Currencies since 2009 in order to identify research patterns and research gaps in the literature. It complements the work done by Schroeder (2011) and Seyfang (2013), among many others, who have focused on characterizing the literature and practice in this field of research. A universe of 78 articles retrieved from IJCCR website in November 2016 are statistically analysed, taking into consideration their structure, methodology and key conclusions as well as research gaps and future research needed in the field of complementary currencies. DA - 2018/// PY - 2018 DP - Zotero VL - 23 SP - 4 EP - 15 LA - en L1 - files/18867/Alves_Santos_2018_IJCCR Publications.pdf ER - TY - RPRT TI - The EU sustainability taxonomy: a financial impact assessment. AU - Alessi, Lucia AU - Battiston, Stefano AU - Melo, Anna Sofia AU - Roncoroni, Alan CY - LU DA - 2019/// PY - 2019 DP - DOI.org (CSL JSON) LA - eng M3 - JRC Technical Report PB - Publications Office of the European Union ST - The EU sustainability taxonomy Y2 - 2021/05/02/13:35:41 L1 - files/26151/Alessi et al_2019_The EU sustainability taxonomy.pdf ER - TY - JOUR TI - Finance without Financiers AU - Hockett, Robert C. T2 - Politics & Society AB - Finance orthodoxy views finance capital as privately supplied, inherently scarce, and limited to assets accumulated by rentiers and held in financial institutions to be “intermediated” between virtuous savers and needful end users. But this “intermediated scarce private capital” orthodoxy is false and profoundly antagonistic to both democracy and productive investment. This article offers a more accurate portrayal that captures the critical role the public plays in generating and allocating its own full faith and credit in monetized form. The financial system then looks like a franchise arrangement in which the public is franchiser and the institutions dispensing its full faith and credit are its franchisees. A post-capital-scarcity account of publicly underwritten finance explicitly recognizes both the propriety and the necessity of the public’s taking an active role in modulating and allocating its credit aggregates across the economy it constitutes. DA - 2019/12/01/ PY - 2019 DO - 10.1177/0032329219882190 DP - SAGE Journals VL - 47 IS - 4 SP - 491 EP - 527 J2 - Politics & Society LA - en SN - 0032-3292 UR - https://doi.org/10.1177/0032329219882190 Y2 - 2021/05/02/13:31:37 KW - capital scarcity KW - democratization KW - financial reform KW - franchise model of credit ER - TY - RPRT TI - World Energy Transitions Outlook: 1.5°C Pathway (Preview) AU - IRENA AB - This preview presents options to limit global temperature rise to 1.5°C and bring CO2 emissions closer to net zero by 2050. It offers insights on technology, investment and socio-economic contexts for a sustainable and inclusive energy future. CY - Abu Dhabi DA - 2021/// PY - 2021 LA - en PB - IRENA - International Renewable Energy Agency ST - World Energy Transitions Outlook UR - https://www.irena.org/publications/2021/Jun/World-Energy-Transitions-Outlook Y2 - 2021/05/02/13:04:15 L1 - files/26146/IRENA_2021_World Energy Transitions Outlook.pdf ER - TY - RPRT TI - Bonds and Climate Change: The State of the Market 2018 AU - CBI AB - This report identifies a universe of USD1.45tn climate-aligned bonds: • 389bn in green bonds • 497bn in bonds from fully-aligned issuers • 314bn in issuance from strongly-aligned issuers • 250bn in issuance from fully-aligned US Muni issuers What does it mean? DA - 2018/09/24/T16:00:00+01:00 PY - 2018 LA - en PB - Climate Bonds Initiative (CBI) ST - Bonds and Climate Change UR - https://www.climatebonds.net/resources/reports/bonds-and-climate-change-state-market-2018 Y2 - 2021/05/02/13:01:28 L1 - files/26174/CBI_2018_Bonds and Climate Change.pdf ER - TY - RPRT TI - Finance and Carbon Emissions AU - De Haas, Ralph AU - Popov, Alexander A. AB - We study the relation between the structure of financial systems and carbon emissions in a large panel of countries and industries over the period 1990-2013. We find that for given levels of economic and financial development and environmental regulation, CO2 emissions per capita are lower in economies that are relatively more equity-funded. Industry-level analysis reveals two distinct channels. First, stock markets reallocate investment towards less polluting sectors. Second, they also push carbon-intensive sectors to develop and implement greener technologies. In line with this second effect, we show that carbon-intensive sectors produce more green patents as stock markets deepen. We also document an increase in carbon emissions associated with the production of imported goods equal to around one-tenth of the reduction in domestic carbon emissions. DA - 2019/09/01/ PY - 2019 DP - papers.ssrn.com LA - en M3 - ECB Working Paper No 2318 PB - European Central Bank SN - ID 3459987 UR - https://papers.ssrn.com/abstract=3459987 Y2 - 2021/05/02/12:51:44 KW - innovation KW - financial development KW - carbon emissions KW - financial structure ER - TY - JOUR TI - Climate change challenges for central banks and financial regulators AU - Campiglio, Emanuele AU - Dafermos, Yannis AU - Monnin, Pierre AU - Ryan-Collins, Josh AU - Schotten, Guido AU - Tanaka, Misa T2 - Nature Climate Change AB - The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years. This Perspective presents the key controversies and discusses potential research and policy avenues for the future. Developing a comprehensive analytical framework to assess the potential impact of climate change and the low-carbon transition on financial stability seems to be the first crucial challenge. These enhanced risk measures could then be incorporated in setting financial regulations and implementing the policies of central banks. Climate change poses a financial risk but it is unclear what management role there is for central banks and financial regulators. This Perspective outlines research and policy directions needed for financial sector engagement. DA - 2018/06// PY - 2018 DO - 10.1038/s41558-018-0175-0 DP - www.nature.com VL - 8 IS - 6 SP - 462 EP - 468 LA - en SN - 1758-6798 UR - https://www.nature.com/articles/s41558-018-0175-0 Y2 - 2020/07/27/08:54:00 ER - TY - RPRT TI - Major risk or rosy opportunity - Climate Change Report 2019 AU - CDP CY - London DA - 2019/// PY - 2019 LA - en PB - Carbon Disclosure Project (CDP) UR - https://cdn.cdp.net/cdp-production/cms/reports/documents/000/004/588/original/CDP_Climate_Change_report_2019.pdf?1562321876 Y2 - 2021/05/02/12:42:32 L1 - files/26161/CDP_2019_Major risk or rosy opportunity - Climate Change Report 2019.pdf ER - TY - JOUR TI - Nachhaltige Investmentzertifikate in Österreich AU - Codagnone, Roberto AU - Wagner, Jakob AU - Chao Zhan, Jun T2 - Statistiken – Daten und Analysen - Oesterreichische Nationalbank (OeNB) DA - 2020/// PY - 2020 IS - Q2-20 UR - https://www.oenb.at/Publikationen/Statistik/Statistiken---Daten-und-Analysen/2020/statistiken-daten-und-analysen-q2-20.html Y2 - 2021/05/02/10:43:03 ER - TY - BOOK TI - Can "It" Happen Again? Essays on Instability and Finance AU - Minsky, Hyman P. DA - 1982/// PY - 1982 PB - M. E. Sharpe, Inc. ER - TY - JOUR TI - Financialization of Green Capital: A Panacea? | Mediterranean Journal of Social Sciences DP - www.richtmann.org LA - en-US ST - Financialization of Green Capital UR - http://www.richtmann.org/journal/index.php/mjss/article/view/315 Y2 - 2021/05/02/09:48:28 ER - TY - JOUR TI - Impact of financial development on CO2 emissions: A comparative analysis of developing countries (D8) and developed countries (G8) AU - Shoaib, Hafiz Muhammad AU - Rafique, Muhammad Zahid AU - Nadeem, Abdul Majeed AU - Huang, Shaoan T2 - Environmental Science and Pollution Research AB - Financial development is one of the key drivers of rapid economic growth as well as CO2 emission in the environment. This study aims to investigate the casual links between financial development and CO2 emission in G8 and D8 countries for the time period from 1999 to 2013. We used PCA to develop financial development index from its five sub-components. Second-generation panel unit root tests are applied to check the stationary level and to tackle the presence of cross-sectional dependence in panels. The empirical results of PMG-panel ARDL technique show that financial development has significant and positive impact on carbon emission at a 1% statistical level in both panels in the long-run. The impact of financial development and energy consumption is more evident in D8 and G8 countries respectively. The energy use and trade openness affect positively while GDP significantly causes to decline the carbon emissions at 1% statistical level. The results of D-H causality test show that majority of the variables have one-way causality towards CO2emission in both panels except the financial development and energy use having two-way causality in G8 panel only. The empirical findings of the present study suggest that through improved financial system, more funds should be invested in clean energy projects to adopt the renewable energy, strict monetary policies should be implemented to reduce the consumption of big ticket items, and adoption of measure to reduce trade embodied emission is suggested. DA - 2020/04/01/ PY - 2020 DO - 10.1007/s11356-019-06680-z DP - Springer Link VL - 27 IS - 11 SP - 12461 EP - 12475 J2 - Environ Sci Pollut Res LA - en SN - 1614-7499 ST - Impact of financial development on CO2 emissions UR - https://doi.org/10.1007/s11356-019-06680-z Y2 - 2021/05/02/09:48:18 ER - TY - JOUR TI - Financialization, commodification and carbon: the contradictions of neoliberal climate policy AU - Lohmann, Larry T2 - Socialist Register DA - 2012/// PY - 2012 DP - socialistregister.com VL - 48 LA - en SN - 0081-0606 ST - Financialization, commodification and carbon UR - https://socialistregister.com/index.php/srv/article/view/15647 Y2 - 2021/05/02/09:34:20 ER - TY - RPRT TI - Consequences of the Paris Agreement and its implementation for the financial sector in Austria AU - Rattay, Wolfgang AU - Günsberg, Georg AU - Jorisch, Denis AU - Treis, Mathilde AU - Stadelmann, Martin AU - Schanda, Reinhard DA - 2020/// PY - 2020 M3 - Working Paper PB - RiskFinPorto SN - No. 2 UR - https://www.anpassung.at/riskfinporto/ Y2 - 2021/05/03/08:28:31 ER - TY - RPRT TI - Kohlenstoffrisiken für den österreichischen Finanzmarkt (Carbon exposure. The Austrian state of the market.) AU - Dörig, Patricia AU - Lutz, Viola AU - Rattay, Wolfgang AU - Stadelmann, Martin AU - Jorisch, Denis AU - Kunesch, Sabine AU - Glas, Natalie T2 - Working Paper DA - 2020/// PY - 2020 DP - Zotero SP - 136 LA - de PB - RiskFinPorto SN - No. 4 UR - https://www.anpassung.at/riskfinporto/media/RiskFinPorto_B769997_WP4_Financial-Carbon-Risk-Exposure_v3.pdf L1 - files/18965/Dörig et al_2020_Kohlenstoffrisiken für den österreichischen Finanzmarkt (Carbon exposure.pdf ER - TY - CHAP TI - A Theory of Minsky Super-cycles and Financial Crises AU - Palley, Thomas I. T2 - Financialization: The Economics of Finance Capital Domination A2 - Palley, Thomas I. AB - Chapter 4 emphasized the relevance of the ideas of Hyman Minsky for understanding business cycles. However, Minsky’s ideas, as developed in his financial instability hypothesis, extend beyond standard cycle analysis and provide an encompassing frame for understanding financialization, albeit one that emphasizes instability. Chapters 2 and 3 focused on the income redistribution aspects of financialization and the role of financial markets, especially credit, in filling resulting demand shortages. Minsky’s theory adds a rich evolutionary dynamic that explains why financialization has a tendency to instability. That tendency is supported by the microeconomics of managerial herd behavior and short-termism, which were examined in Chapters 6 and 7. CY - London DA - 2013/// PY - 2013 DP - Springer Link SP - 126 EP - 142 LA - en PB - Palgrave Macmillan UK SN - 978-1-137-26582-1 UR - https://doi.org/10.1057/9781137265821_8 Y2 - 2021/05/03/09:16:10 KW - Basic Cycle KW - Business Cycle KW - Memory Loss KW - Regulatory Capture KW - Regulatory Relaxation ER - TY - JOUR TI - Can Green Quantitative Easing (QE) Reduce Global Warming? AU - Dafermos, Yannis AU - Nikolaidi, Maria AU - Galanis, Giorgos T2 - Policy Brief AB - The idea of a green QE (quantitative easing) programme has gained a lot of traction over the last years. It has been argued that by implementing such a programme central banks could contribute to the fight against climate change. Our recent research shows that a green QE programme that involves the purchase of green corporate bonds can indeed reduce global warming. The programme will be more effective if green investment responds strongly to changes in the interest rates. Yet, green QE cannot by itself prevent severe climate change: even with optimistic assumptions about the role of interest rates, the path of global atmospheric temperature is not very likely to change substantially by such a programme. Many other types of environmental policies and strategies are necessary to keep global warming close to 2° C. DA - 2018/07/26/ PY - 2018 DP - research.gold.ac.uk LA - eng UR - https://www.feps-europe.eu/component/attachments/attachments.html?task=attachment&id=112 Y2 - 2021/05/03/09:26:04 ER - TY - JOUR TI - The climate impact of quantitative easing AU - Matikainen, Sini AU - Campiglio, Emanuele AU - Zenghelis, Dimitri T2 - Policy Paper DA - 2017/// PY - 2017 DO - 10.13140/RG.2.2.24108.05763 DP - DOI.org (Datacite) LA - en UR - http://rgdoi.net/10.13140/RG.2.2.24108.05763 Y2 - 2021/05/03/09:27:02 L1 - files/18969/Matikainen et al_2017_The climate impact of quantitative easing.pdf ER - TY - BOOK TI - Lavoie, M: Post-Keynesian Economics: New Foundations AU - Lavoie, Marc AB - Mainstream economic theory has been increasingly questioned following the recent global financial crisis. Marc Lavoie shows how post-Keynesian theory can function as a coherent substitute by focusing on realistic assumptions and integrating the financial and real sides of the economy. This book outlines alternative microeconomic foundations based on a world of fundamental uncertainty, with an emphasis on various paradoxes that arise in a truly macroeconomic analysis. The book is a considerably extended and fully revamped edition of the highly successful and frequently cited Foundations of Post-Keynesian Economic Analysis. It provides an exhaustive account of post-Keynesian economics and of the developments that have occurred in post-Keynesian theory and in the world economy over the last twenty years. Topics covered include open-economy issues, the methodological foundations of heterodox economics, consumer theory, firms and pricing, money and credit, effective demand and employment, inflation theory, and growth theories.Students and scholars of economics, particularly post-Keynesian and heterodox economics, will find this comprehensive look at the field a necessary addition to their libraries. CY - Cheltenham, UK ; Norothampton, MA DA - 2014/06/27/ PY - 2014 DP - Amazon SP - 660 LA - Englisch PB - Edward Elgar Publishing SN - 978-1-84720-483-7 ST - Lavoie, M ER - TY - BOOK TI - Monetary Economics. An Integrated Approach to Credit, Money, Income, Production and Wealth AU - Godley, Wynne AU - Lavoie, Marc DA - 2007/// PY - 2007 PB - Palgrave Macmillan, New York ER - TY - RPRT TI - Change Finance, not the Climate AU - Reyes, Oscar CY - Amsterdam and Washington DA - 2020/// PY - 2020 LA - en PB - Transnational Institute (TNI) and the Institute for Policy Studies (IPS) UR - https://www.tni.org/en/changefinance Y2 - 2021/05/03/11:50:27 L1 - files/26173/Reyes_2020_Change Finance, not the Climate.pdf ER - TY - BOOK TI - Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy AU - Werner, Richard AB - This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks. CY - Armonk, NY DA - 2003/05// PY - 2003 LA - English PB - Routledge SN - 978-0-7656-1049-2 ST - Princes of the Yen ER - TY - JOUR TI - Financialization of Green Capital: A Panacea? AU - Sibanda, Mabutho T2 - Mediterranean Journal of Social Sciences AB - Climate financing (green financing) is currently attracting a lot of attention as governments, private sector, multilateral institutions and the donor community endeavor to control and reduce carbon emission and its dire consequences on the planet. On the other hand, the global capital system has become sophisticated and largely driven by financialization of capital – a shift of resources from production of goods and services to finance. This paper therefore seeks to explore the benefits and detriments of financialization of capital on climate or green financing. The paper surveys existing literature on financialization and green financing and blends the two concepts to substantiate the discussion. The paper argues that financialization of capital is an impetus for the participation of the private sector in climate financing in spite of the short-term nature of funding in this sector. Another major argument stems from the adverse effects donor funding in that it has a potential of crowding out private sector participation in green financing. DOI: 10.5901/mjss.2013.v4n6p371 DA - 2013/07/01/ PY - 2013 DP - www.mcser.org VL - 4 IS - 6 SP - 371 LA - en SN - 2039-2117 ST - Financialization of Green Capital UR - https://www.mcser.org/journal/index.php/mjss/article/view/315 Y2 - 2021/05/03/10:49:45 ER - TY - JOUR TI - Community currencies and sustainable development: A systematic review AU - Michel, Arnaud AU - Hudon, Marek T2 - Ecological Economics AB - Community or complementary currency systems have spread all around the world. Most often, they have been promoted as tools to foster sustainable development albeit they differ in terms of specific objectives. While many case studies have tried to assess the actual impact of these systems, there has been no global analysis summarizing their global impact. This paper aims to fill the gap by exploring whether complementary currencies contribute to the three pillars of sustainable development. We use the systematic review methodology on an original dataset gathering most academic publications on the topic in English, French and Spanish. Our main findings suggest that community currencies mostly contribute to social sustainability, and that their economic benefits are somewhat limited due to their small scale and the lack of awareness on their scope. Moreover, very few studies explicitly identify environmental outcomes. Finally, this review reveals some limits regarding current methods for impact assessment in this field. Therefore it encourages more standardization to provide greater accuracy and strengthen the legitimacy of community currencies in order to foster their continued development. DA - 2015/08/01/ PY - 2015 DO - 10.1016/j.ecolecon.2015.04.023 DP - ScienceDirect VL - 116 SP - 160 EP - 171 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Community currencies and sustainable development UR - http://www.sciencedirect.com/science/article/pii/S0921800915002086 Y2 - 2020/03/17/15:35:40 KW - Sustainable development KW - Community currency KW - Complementary currency KW - Local exchange systems KW - Systemic review ER - TY - JOUR TI - Money, Vouchers, Public Infrastructures? A Framework for Sustainable Welfare Benefits AU - Bohnenberger, Katharina T2 - Sustainability AB - While the social consequences of environmental policies are extensively evaluated in sustainability research, few studies exist on the ecological impact of social benefits and the welfare state. Sustainable welfare is a novel research field that seeks to close this knowledge gap and develop integrated eco-social policies. Within this, researchers are starting to ask how citizen’s needs can be guaranteed in an environmentally sustainable way and how their welfare benefits should be delivered. Should citizens receive a universal basic income, be given vouchers for ecologically beneficial or socially needed goods and services, or be provided with access to socio-ecological infrastructures and services? This article develops a framework for sustainable welfare benefits with six criteria of sustainable welfare and nine different types of welfare benefits that belong to the domains of universal basic income (UBI), universal basic services (UBS), and universal basic vouchers (UBV). Using this framework, existing policy proposals are categorized and evaluated. The advantages and disadvantages of the different types of welfare benefits are discussed and new application areas highlighted. The analysis shows that a successful policy will likely include all forms of welfare benefits, with certain types being more adequate for certain fields and societal circumstances. The framework for sustainable welfare benefits can serve as a starting point for further research on integrated policy design and inform policymakers on the selection of eco-social policies. DA - 2020/01// PY - 2020 DO - 10.3390/su12020596 VL - 12 IS - 2 SP - 596 LA - English SN - 2071-1050 ST - Money, Vouchers, Public Infrastructures? UR - https://www.mdpi.com/2071-1050/12/2/596 Y2 - 2020/01/16/ ER - TY - JOUR TI - Growing green money? Mapping community currencies for sustainable development AU - Seyfang, Gill AU - Longhurst, Noel T2 - Ecological Economics T3 - Sustainable Urbanisation: A resilient future AB - Parallel sustainable monetary systems are being developed by civil society groups and non-governmental organisations (NGOs), informed by ecological economics perspectives on development, value, economic scale and growth, and responding to the unsustainability of current global financial systems. These parallel systems of exchange (or community currencies) are designed to promote sustainable development by localising economic development, building social capital and substituting for material consumption, valuing work which is marginalised in conventional labour markets, and challenging the growth-based monetary system. However, this international movement towards community-based ecological economic practices, is under-researched. This paper presents new empirical evidence from the first international study of the scope and character of community currencies. It identifies the diversity, scale, geography and development trajectory of these initiatives, discusses the implications of these findings for efforts to achieve sustainable development, and identifies future research needs, to help harness the sustainability potential of these initiatives. DA - 2013/02// PY - 2013 DO - 10.1016/j.ecolecon.2012.11.003 VL - 86 SP - 65 EP - 77 LA - English SN - 0921-8009 ST - Growing green money? UR - http://www.sciencedirect.com/science/article/pii/S0921800912004259 Y2 - 2020/03/26/ KW - Sustainable development KW - Degrowth KW - Community currencies KW - Complementary currencies KW - Grassroots innovations KW - LETS KW - New economics KW - Time banks ER - TY - JOUR TI - Personal Carbon Trading: a critical examination ofproposals for the UK AU - Seyfang, Gill AU - Lorenzoni, Irene AU - Nye, Michael DA - 2009/// PY - 2009 ST - Personal Carbon Trading UR - http://www.tyndall.ac.uk/sites/default/files/twp136.pdf Y2 - 2014/10/09/ ER - TY - BOOK TI - Short Circuit: Strengthening Local Economics for Security in an Unstable World AU - Douthwaite, Richard J. AB - Clearing Inventory! Book has minor flaw, like bent or scratched cover. Total Satisfaction Guaranteed. Fast Processing, ships from our facility within two business days of receiving your order. Delivery take 4-14 days. Please note: Shipping may take longer if you live in Hawaii or Alaska, Puerto Rico or Guam, CY - Devon, England : Dublin DA - 1998/03// PY - 1998 ET - CA res. please inc. 7.25% tax edition LA - English PB - Chelsea Green Pub Co SN - 978-1-870098-64-9 ST - Short Circuit ER - TY - BOOK TI - The great transformation AU - Polanyi, Karl CY - New York DA - 1944/// PY - 1944 PB - Farrar & Rinehart KW - History KW - Economics KW - Economic history KW - Social history KW - 1750-1918 ER - TY - RPRT TI - On the Role of Central Banks in Enhancing Green Finance AU - UNEP DA - 2017/// PY - 2017 DP - Zotero SP - 27 LA - en PB - United Nations Environment Programme (UNEP) UR - https://eprints.soas.ac.uk/23817/1/On_the_Role_of_Central_Banks_in_Enhancing_Green_Finance(1).pdf L1 - files/19027/UNEP_2017_On the Role of Central Banks in Enhancing Green Finance.pdf ER - TY - RPRT TI - The Global Fossil Fuel Divestment and Clean Energy Investment Movement AU - Arabella Advisors DA - 2018/// PY - 2018 PB - Arabella Advisors UR - https://www.arabellaadvisors.com/wp-content/uploads/2018/09/Global-Divestment-Report-2018.pdf L1 - files/26150/Arabella Advisors_2018_The Global Fossil Fuel Divestment and Clean Energy Investment Movement.pdf ER - TY - JOUR TI - Economic Growth and Carbon Emissions: The Road to “Hothouse Earth” is Paved with Good Intentions AU - Schröder, Enno AU - Storm, Servaas T2 - International Journal of Political Economy AB - De-carbonization to restrict future global warming to 1.5 °C is technically feasible but may impose a “limit” or “planetary boundary” to economic growth, depending on whether or not human society can decouple growth from emissions. In this paper, we assess the viability of decoupling. First, we develop a prognosis of climate-constrained global growth for 2014–2050 using the transparent Kaya identity. Second, we use the Carbon-Kuznets-Curve framework to assess the effect of economic growth on emissions using measures of territorial and consumption-based emissions. We run fixed-effects regressions using OECD data for 58 countries during 2007–2015 and source alternative emissions data starting in 1992 from two other databases. While there is weak evidence suggesting a decoupling of emissions and growth at high-income levels, the main estimation sample indicates that emissions are monotonically increasing with per-capita GDP. We draw out the implications for climate policy and binding emission reduction obligations. DA - 2020/04/02/ PY - 2020 DO - 10.1080/08911916.2020.1778866 DP - Taylor and Francis+NEJM VL - 49 IS - 2 SP - 153 EP - 173 SN - 0891-1916 ST - Economic Growth and Carbon Emissions UR - https://doi.org/10.1080/08911916.2020.1778866 Y2 - 2021/05/04/14:02:55 KW - climate change KW - economic growth KW - decoupling KW - Q54 KW - Carbon-Kuznets-Curve KW - consumption-based CO2 emissions KW - F64 KW - Paris agreement KW - Q55 KW - Q56 ER - TY - JOUR TI - Central Bank-Led Capitalism? AU - Bowman, Andrew T2 - Seattle University Law Review DA - 2013/03/10/ PY - 2013 VL - 36 IS - 2 SP - 455 SN - 1078-1927 UR - https://digitalcommons.law.seattleu.edu/sulr/vol36/iss2/6 ER - TY - JOUR TI - Shadow Banking: the Money View AU - Pozsar, Zoltan T2 - OFR (Office of Financial Research) Working Paper DA - 2014/// PY - 2014 VL - 14-04 ER - TY - JOUR TI - Do shadow banks create money? 'Financialisation' and the monetary circuit AU - Michell, Jo T2 - Post Keynesian Economics Study Group Working Paper DA - 2016/// PY - 2016 VL - 1605 ER - TY - BOOK TI - Theorie der wirtschaftlichen Entwicklung AU - Schumpeter, Joseph DA - 1911/// PY - 1911 PB - Duncker & Humblot, Berlin ER - TY - BOOK TI - Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? AU - Keen, Steve DA - 2011/// PY - 2011 PB - Zed Books ER - TY - BOOK TI - Horizontalists and Verticalists: The Macroeconomics of Credit Money AU - Moore, Basil J. DA - 1988/// PY - 1988 PB - Cambridge University Press ER - TY - BOOK TI - Geld und Geldpolitik AU - Bundesbank DA - 2012/// PY - 2012 PB - Frankfurt am Main: Deutsche Bundesbank ER - TY - BOOK TI - Modern Money Mechanics AU - Nichols, Dorothy M. AU - Gonczy, Anne Marie L. DA - 1961///1st Ed.), revised Ed. 1992 PY - 1961 PB - Federal Reserve Bank of Chicago ER - TY - JOUR TI - Interpreting Movements in Broad Money AU - Berry, , S. AU - Harrison, , R. AU - Thomas, R. AU - de Weymarn, I. T2 - Bank of England Quarterly Bulletin, Monetary Analysis Division, Bank of England DA - 2007/// PY - 2007 VL - Q3 47(3) SP - 376 EP - 388 ER - TY - JOUR TI - Why Are Banks Holding So Many Excess Reserves? AU - Keister, T. AU - McAndrews, J. T2 - Federal Reserve Bank of New York, Staff Report DA - 2009/// PY - 2009 VL - No. 380 ER - TY - JOUR TI - Money creation in the modern economy AU - McLeay, M. AU - Radia, A. AU - Thomas, R. T2 - Bank of England, Quarterly Bulletin DA - 2014/// PY - 2014 VL - Q1 ER - TY - BOOK TI - Maturity and stagnation in American capitalism AU - Steindl, Josef DA - 1952/// PY - 1952 PB - NYU Press KW - United States KW - Saving and investment ER - TY - RPRT TI - Roadmap für Europas sozial-ökologische Wende AU - DiEM25 T2 - Green New Deal for Europe AB - "Der erste Versuch einer politischen Antwort auf den Klimawandel, die in derselben Größenordnung wie das Problem liegt" - Bill McKibben DA - 2020/// PY - 2020 LA - en-US PB - DiEM 25 UR - https://report.gndforeurope.com/edition-de/ Y2 - 2021/05/06/16:00:45 L1 - files/26153/DiEM25_2020_Roadmap für Europas sozial-ökologische Wende.pdf ER - TY - JOUR TI - Ecological monetary economics: A post-Keynesian critique AU - Cahen-Fourot, Louison AU - Lavoie, Marc T2 - Ecological Economics AB - The monetary analysis of some ecological economists currently appears to be mostly articulated around the following core: a stationary economy (and a fortiori a degrowth economy) is incompatible with a system in which money is created as interest-bearing debt. To question the relevance of the debt-money/positive interest rate/ output growth nexus, this paper adopts a critical stance towards the currently emerging ecological monetary economics from the standpoint of another strand of heterodox economics – the post-Keynesian approach. In its current state, ecological monetary economics is at odds with post-Keynesian economics in its analysis of the money–growth relationship. This will be shown using the theory of endogenous money and a simple Cambridgian–Kaleckian model where debt-money and a positive interest rate are compatible with a full stationary economy. © 2016 Elsevier B.V. All rights reserved. DA - 2016/06// PY - 2016 DO - 10.1016/j.ecolecon.2016.03.007 VL - 126 SP - 163 EP - 168 LA - English SN - 09218009 ST - Ecological monetary economics UR - https://linkinghub.elsevier.com/retrieve/pii/S0921800915300586 Y2 - 2019/06/01/ KW - Degrowth KW - Ecological monetary economics KW - Stationary-state KW - Debt-money KW - Growth imperative KW - Post-Keynesian economics KW - Ecological macroeconomics ER - TY - RPRT TI - 10 Principles for a Sustainable Recovery AU - Philipponnat, Thierry AB - On 2 October 2020, Finance Watch published a briefing paper to help legislators strengthen the proposed Recovery and Resilience Facility (RRF), which makes up the core of the EU’s EUR 750bn Next Generation EU (NGEU) plan. DA - 2020/10/02/T05:30:26Z PY - 2020 LA - en-US PB - Finance Watch UR - https://www.finance-watch.org/publication/10-principles-for-a-sustainable-recovery/ Y2 - 2021/05/06/16:49:50 L1 - files/26177/Philipponnat_2020_10 Principles for a Sustainable Recovery.pdf ER - TY - RPRT TI - Trade and Development Report 2019. Financing a global green new deal AU - UNCTAD DA - 2019/// PY - 2019 PB - United Nations Conference on Trade and Development (UNCTAD) UR - https://unctad.org/webflyer/trade-and-development-report-2019 Y2 - 2021/05/06/17:00:50 L1 - files/26148/UNCTAD_2019_Trade and Development Report 2019.pdf ER - TY - RPRT TI - The Miracle of Wörgl AU - Barinaga, Ester AB - Recent attempts by several big tech companies to create their own currencies, such as Facebook's Libra, have drawn attention to monetary innovations. The case offers important insights for this debate by engaging with the wave of monetary innovation and entrepreneurship triggered by the unemployment and economic distress of the Great Depression in the 1930s. Through the vantage point of one of the most successful community currencies of the time - the currency of Wörgl in Austria - the students learn about the socio-economic challenges these currencies aimed to address, the distinct monetary designs these currencies adopted, and the kind of support they attempted to mobilize. The students explore the obstacles that monetary innovator and entrepreneur Mayor Unterguggenberger experienced. They develop a plan for a monetary design that will boost the local economy by iterating and evaluating several possible solutions. DA - 2020/// PY - 2020 DP - lup.lub.lu.se LA - eng PB - Harvard Business Publishing UR - https://hbsp.harvard.edu/product/SCG567-PDF-ENG?itemFindingMethod=Search Y2 - 2021/05/09/18:47:31 ER - TY - BOOK TI - Staatliche Theorie Des Geldes AU - Knapp, Georg Friedrich AB - This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. DA - 2010/03/22/ PY - 2010 DP - Amazon SP - 414 LA - Deutsch PB - Nabu Press SN - 978-1-147-79098-6 L2 - https://www.amazon.de/Staatliche-Theorie-Geldes-Georg-Friedrich/dp/1147790981 ER - TY - JOUR TI - Tax Evasion and Inequality AU - Alstadsæter, Annette AU - Johannesen, Niels AU - Zucman, Gabriel T2 - American Economic Review AB - Drawing on a unique dataset of leaked customer lists from offshore financial institutions matched to administrative wealth records in Scandinavia, we show that offshore tax evasion is highly concentrated among the rich. The skewed distribution of offshore wealth implies high rates of tax evasion at the top: we find that the 0.01 percent richest households evade about 25 percent of their taxes. By contrast, tax evasion detected in stratified random tax audits is less than 5 percent throughout the distribution. Top wealth shares increase substantially when accounting for unreported assets, highlighting the importance of factoring in tax evasion to properly measure inequality. DA - 2019/06// PY - 2019 DO - 10.1257/aer.20172043 DP - www.aeaweb.org VL - 109 IS - 6 SP - 2073 EP - 2103 LA - en SN - 0002-8282 UR - https://www.aeaweb.org/articles?id=10.1257/aer.20172043 Y2 - 2021/05/08/14:12:46 KW - includes inheritance and gift taxes, Tax Evasion and Avoidance, Tax Law KW - Personal Income, Wealth, and Their Distributions, Personal Income and Other Nonbusiness Taxes and Subsidies ER - TY - BOOK TI - The Hidden Wealth of Nations AU - Zucman, Gabriel AB - We are well aware of the rise of the 1% as the rapid growth of economic inequality has put the majority of the world’s wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world’s wealth hidden in tax havens—in countries like Switzerland, Luxembourg, and the Cayman Islands—this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world’s assets are currently hidden—until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world’s money held in tax havens. And it’s staggering. In The Hidden Wealth of Nations , Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25%—there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman’s work has quickly become the gold standard for quantifying the amount of the world’s assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.     DA - 2021/01/20/ PY - 2021 DP - www.degruyter.com LA - en PB - University of Chicago Press SN - 978-0-226-24556-0 UR - https://www.degruyter.com/document/doi/10.7208/9780226245560/html Y2 - 2021/05/08/14:12:27 ER - TY - BOOK TI - Economic Direct Democracy: A Framework to End Poverty and Maximize Well-Being AU - Boik, John C. AB - From the back cover:The world faces serious economic, environmental, and social challenges. Unfettered capitalism itself is increasingly seen as part of the problem, as Thomas Piketty, Joseph Stiglitz, and other economists demonstrate. In Economic Direct Democracy: A Framework to End Poverty and Maximize Well-Being, John Boik proposes an innovative social framework that enables communities to strengthen local economies, and take meaningful action on infrastructure, debt, income inequality, health care, climate change, and environmental degradation. He challenges us to examine the basic purpose of an economic system, and to consider that human nature drives individuals toward deeper cooperation.Boik’s proposal integrates multiple local movement, participatory democracy, and open society initiatives into a single framework that helps organize and enhance existing city, county, and regional economies. By infusing a local economy with 21st century direct democracy, the system empowers local areas to take the lead in making real change. The hopeful message is that we can increase incomes, end poverty, reach full employment, and address major social and environmental problems, in our lifetime. DA - 2014/05/29/ PY - 2014 DP - Amazon SP - 254 LA - English PB - SiteForChange ST - Economic Direct Democracy L2 - https://www.amazon.com/Economic-Direct-Democracy-Framework-Well-Being-ebook/dp/B00KNOQ872 ER - TY - JOUR TI - The victims of neoliberal globalisation and the rise of the populist vote: a comparative analysis of three recent electoral decisions AU - Essletzbichler, Jürgen AU - Disslbacher, Franziska AU - Moser, Mathias T2 - Cambridge Journal of Regions, Economy and Society AB - Recent presidential elections in the US and Austria as well as the referendum on Brexit in the UK delivered victories or near-victories for populist right-wing candidates or agendas. In all three cases, globalisation and European integration were blamed for higher immigration and pressure on public services, deindustrialisation and job losses, and the attack on traditional values by cosmopolitan elites supported by traditional centre parties that have been unable or unwilling to control those processes. While election analysts seek to explain voting behaviour with socio-demographic characteristics of individuals, individual voting preferences also depend on the geographical context in which decisions are made. This article thus examines how long-term, regional structural economic changes, the varying impact of the Great Recession on the rise of and recovery from regional unemployment and current regional economic conditions, such as unemployment and welfare benefit losses, affect regional vote shares. In addition to those economic conditions, we examine the impact of immigration and urban size on populist vote shares. We show that regions with low, but rising immigrant shares, old industrial regions, smaller regions, those whose labour markets were exposed more and recovered less from the Great Recession, and those with high unemployment rates and benefit losses exhibited higher populist vote shares. These results are largely consistent across the three case study countries. DA - 2018/// PY - 2018 DO - 10.1093/cjres/rsx025 LA - English ST - The victims of neoliberal globalisation and the rise of the populist vote UR - https://academic.oup.com/cjres/advance-article/doi/10.1093/cjres/rsx025/4821297 Y2 - 2018/01/30/ ER - TY - JOUR TI - Financialisation, income distribution and aggregate demand in the USA AU - Onaran, Oezlem AU - Stockhammer, Engelbert AU - Grafl, Lucas T2 - Cambridge Journal of Economics DA - 2011/// PY - 2011 VL - 35 SP - 637 EP - 661 ER - TY - JOUR TI - ‘The economy’ as if people mattered: revisiting critiques of economic growth in a time of crisis AU - Spash, Clive L. T2 - Globalizations AB - Coronavirus (COVID-19) policy shutdown the world economy with a range of government actions unprecedented outside of wartime. In this paper, economic systems dominated by a capital accumulating growth imperative are shown to have had their structural weaknesses exposed, revealing numerous problems including unstable supply chains, unjust social provisioning of essentials, profiteering, precarious employment, inequities and pollution. Such phenomena must be understood in the context of long standing critiques relating to the limits of economic systems, their consumerist values and divorce from biophysical reality. Critical reflection on the Coronavirus pandemic is combined with a review of how economists have defended economic growth as sustainable, Green and inclusive regardless of systemic limits and multiple crises - climate emergency, economic crash and pandemic. Instead of rebuilding the old flawed political economy again, what the world needs now is a more robust, just, ethical and equitable social-ecological economy. DA - 2020/05/20/ PY - 2020 DO - 10.1080/14747731.2020.1761612 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 18 SN - 1474-7731 ST - ‘The economy’ as if people mattered UR - https://doi.org/10.1080/14747731.2020.1761612 Y2 - 2021/05/07/12:52:18 L1 - files/27355/Spash_2020_‘The economy’ as if people mattered.pdf KW - social-ecological transformation KW - limits to growth KW - Green economy KW - Coronavirus (COVID-19) KW - crisis capitalism KW - economic value ER - TY - RPRT TI - Growth without economic growth AU - EEA AB - Economic growth is closely linked to increases in production, consumption and resource use and has detrimental effects on the natural environment and human health. It is unlikely that a long-lasting, absolute decoupling of economic growth from environmental pressures and impacts can be achieved at the global scale; therefore, societies need to rethink what is meant by growth and progress and their meaning for global sustainability. DA - 2021/// PY - 2021 LA - en M3 - Briefing PB - European Environment Agency (EEA) UR - https://www.eea.europa.eu/publications/growth-without-economic-growth Y2 - 2021/05/07/12:40:29 ER - TY - BOOK TI - The Deficit Myth - Modern Monetary Theory and the Birth of the People's Economy AU - Kelton, Stephanie AB - A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about... DA - 2019/05/07/T07:03:18+00:00 PY - 2019 DP - www.publicaffairsbooks.com LA - en-US UR - https://www.publicaffairsbooks.com/titles/stephanie-kelton/the-deficit-myth/9781541736184/ Y2 - 2021/05/07/12:35:01 ER - TY - JOUR TI - Does slow growth lead to rising inequality? Some theoretical reflections and numerical simulations AU - Jackson, Tim AU - Victor, Peter A. T2 - Ecological Economics AB - This paper explores the hypothesis (most notably made by French economist Thomas Piketty) that slow growth rates lead to rising inequality. If true, this hypothesis would pose serious challenges to achieving ‘prosperity without growth’ or meeting the ambitions of those who call for an intentional slowing down of growth on ecological grounds. It would also create problems of social justice in the context of a ‘secular stagnation’. The paper describes a closed, demand-driven, stock-flow consistent model of Savings, Inequality and Growth in a Macroeconomic framework (SIGMA) with exogenous growth and savings rates. SIGMA is used to examine the evolution of inequality in the context of declining economic growth. Contrary to the general hypothesis, we find that inequality does not necessarily increase as growth slows down. In fact, there are certain conditions under which inequality can be reduced significantly, or even eliminated entirely, as growth declines. The paper discusses the implications of this finding for questions of employment, government fiscal policy and the politics of de-growth. DA - 2016/01// PY - 2016 DO - 10.1016/j.ecolecon.2015.03.019 VL - 121 SP - 206 EP - 219 SN - 0921-8009 ST - Does slow growth lead to rising inequality? UR - http://www.sciencedirect.com/science/article/pii/S0921800915001044 Y2 - 2016/02/01/ KW - Macroeconomics KW - social justice KW - inequality KW - Stock flow consistent modelling KW - Savings KW - Investment KW - Inequality KW - Social justice ER - TY - BOOK TI - Prosperity without growth - foundations for the economy of tomorrow AU - Jackson, Tim AB - The publication of Prosperity without Growth was a landmark in the sustainability debate. This substantially revised and re-written edition updates its arguments and considerably expands upon them. Tim Jackson demonstrates that building a ‘post-growth’ economy is not Utopia – it’s a precise, definable and meaningful task. It’s about taking simple steps towards an economics fit for purpose. DA - 2017/// PY - 2017 LA - en-GB UR - https://www.routledge.com/Prosperity-without-Growth-Foundations-for-the-Economy-of-Tomorrow-2nd/Jackson/p/book/9781138935419 Y2 - 2021/05/07/12:20:31 ER - TY - JOUR TI - Socially Sustainable Economic De-growth AU - Alier, Joan Martinez T2 - Development and Change AB - Economic growth is not compatible with environmental sustainability. The effort to push up the rate of growth by increasing obligations to repay financial debts is in direct conflict with the availability of exhaustible resources and with the capacity of waste sinks. The economic crisis of 2008–09 has resulted in a welcome change to the totally unsustainable trend of increasing carbon dioxide emissions. The Kyoto Protocal of 1997 was generous to the rich countries, giving them property rights on the carbon sinks and the atmosphere in exchange for the promise of a reduction of 5 per cent of their emissions relative to1990. This modest Kyoto objective will be fulfilled more easily because of the economic crisis. This shows that economic de-growth, leading to a steady state, is a plausible objective for the rich industrial economies. This would be supported by the environmental justice movements of the South, which are active in resource extraction conflicts. DA - 2009/// PY - 2009 DO - https://doi.org/10.1111/j.1467-7660.2009.01618.x DP - Wiley Online Library VL - 40 IS - 6 SP - 1099 EP - 1119 LA - en SN - 1467-7660 UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-7660.2009.01618.x Y2 - 2021/05/07/12:20:01 ER - TY - BOOK TI - Managing without growth : slower by design, not disaster AU - Victor, Peter A. AB - Literaturverz. S. 225 - 252 CY - Cheltenham ua DA - 2008/// PY - 2008 LA - English PB - Elgar SN - 978-1-84720-078-5 ST - Managing without growth KW - Kritik KW - Nachhaltigkeit KW - Nachhaltige Entwicklung KW - Sustainable development KW - Environmental aspects KW - Social aspects KW - Economic development KW - Umweltökonomie KW - (DE-588)4033229-9 KW - (DE-588)4066527-6 KW - (DE-588)4113786-3 KW - (DE-588)4326464-5 KW - Antikritik KW - Dauerhafte Entwicklung KW - Erkenntniskritik KW - Grenzen des Wachstums KW - Langfristige Entwicklung KW - Wachstum Wirtschaft KW - Wirtschaftliches Wachstum KW - Wirtschaftsentwicklung KW - Wirtschaftswachstum KW - Wirtschaftswachstum Beschränkung KW - Wirtschaftswachstum Grenze KW - Zukunftsfähige Entwicklung ER - TY - JOUR TI - In the Shadow of Basel: How Competitive Politics Bred the Crisis AU - Thiemann, Matthias T2 - Review of International Political Economy AB - What if global governance mechanisms undermine the capacity of national banking regulators to deal with the deviant activities of their banks? Such was the case, this paper argues with respect to the Basel Accords and the regulation of the bank-based shadow-banking system. Securitization-activities by banks, driven by regulatory arbitrage have been an integral part of the shadow banking sector and a central transmission mechanism during the financial crisis. They have been identified as problematic by the international regulatory community since 1999, motivating reforms in Basel 2. This paper investigates why, nevertheless, regulatory loopholes that allowed banks to engage in these activities without core capital charges persisted in almost all Western jurisdictions pre-crisis. It lays emphasis on the global nature of the securitization business in conjunction with its national regulation, and shows that these national regulations on the fringes of global banking regulation were driven by competitiveness concerns. The Basel Accords were central in this dynamic, as they guaranteed the global nature of this market and gave national banking regulators the leeway to exempt securitization-activities from global regulation. Rather than eliminating competitive inequity concerns, the Basel Accords channelled them to its fringes, where they introduced a regulatory race to the bottom. DA - 2014/11/02/ PY - 2014 DO - 10.1080/09692290.2013.860612 DP - Taylor and Francis+NEJM VL - 21 IS - 6 SP - 1203 EP - 1239 SN - 0969-2290 ST - In the Shadow of Basel UR - https://doi.org/10.1080/09692290.2013.860612 Y2 - 2021/05/07/12:15:29 KW - global markets KW - national regulation KW - regulatory arbitrage KW - securitization ER - TY - JOUR TI - ‘Out of the Shadows?’ Accounting for Special Purpose Entities in European Banking Systems AU - Thiemann, Matthias T2 - Competition & Change AB - This article focuses on national variations in the engagement of banks in off-balance sheet securitization in three case study countries: Spain, France and Germany. It is argued that the failures in prudential regulation that underpinned the recent financial crisis are not predominantly situated at the international level. This article focuses on the way that national accounting rules determine whether the Special Purpose Entities of banks are off- or on-balance sheet. The analysis shows that national accounting norms are an important building block for prudential regulation, and these are prone to wider political influences. DA - 2012/02/01/ PY - 2012 DO - 10.1179/1024529411Z.0000000003 DP - SAGE Journals VL - 16 IS - 1 SP - 37 EP - 55 J2 - Competition & Change LA - en SN - 1024-5294 ST - ‘Out of the Shadows? UR - https://doi.org/10.1179/1024529411Z.0000000003 Y2 - 2021/05/07/12:15:11 KW - banking regulation KW - consolidated accounts KW - shadow banking accounting reform KW - special purpose entities ER - TY - JOUR TI - Regulating the Off-balance Sheet Exposure of Banks: A Comparison Pre- and Post Crisis AU - Thiemann, Matthias AB - Autor: Thiemann, Matthias; Genre: Bericht; Im Druck veröffentlicht: 2011; Open Access; Titel: Regulating the Off-balance Sheet Exposure of Banks: A Comparison Pre- and Post Crisis DA - 2011/// PY - 2011 DP - pure.mpg.de LA - eng ST - Regulating the Off-balance Sheet Exposure of Banks UR - http://www.feps-europe.eu/assets/75a7d5a0-85ba-4954-b39f-48217e5024a1/mpifg-p11-43pdf.pdf Y2 - 2021/05/07/12:14:40 ER - TY - RPRT TI - Update 2018 zum Bericht "Carbon Bubble & Divestment": Analyse zu fossilen Investitionen im österreichischen Fondsmarkt AU - Colard, Armand AU - Frischer, Christoph AU - Günsberg, Georg AU - Fucik, Jan AU - Rattay, Wolfgang DA - 2018/// PY - 2018 DP - Zotero SP - 80 LA - de M3 - Kurzbericht PB - Günsberg Politik- und Strategieberatung, ESG Plus, Green Alpha L1 - files/27153/Colard et al_2018_Update 2018 zum Bericht Carbon Bubble & Divestment.pdf ER - TY - RPRT TI - Carbon Bubble & Divestment: Grundlagen und Analyse zur Bewertung fossiler Investitionen im österreichischen Fondsmarkt AU - Günsberg, Georg AU - Fucik, Jan AU - Colard, Armand AU - Frischer, Christoph AU - Rattay, Wolfgang DA - 2017/// PY - 2017 DP - Zotero SP - 80 LA - de M3 - Studie im Auftrag des Lebensministeriums PB - Günsberg Politik- und Strategieberatung, ESG Plus, Green Alpha UR - http://sustainablealpha.eu/wp-content/uploads/CarbonBubbleDivestment_Analyse_Printversion.pdf L1 - files/20171/Günsberg et al_2017_Carbon Bubble & Divestment.pdf ER - TY - JOUR TI - Economic possibilities for our grandchildren AU - Keynes, John Maynard T2 - Essays in Persuasion DA - 1930/// PY - 1930 VL - New York: Harcourt Brace, 1932 UR - http://www.managementaccounting.info/wp-content/uploads/2015/09/Economic-Possibilities-for-Our-Grandchildren.pdf Y2 - 2016/11/29/ ER - TY - ELEC TI - Resolution for a Green New Deal T2 - Representative Alexandria Ocasio-Cortez AB - Read more about how Representative Ocasio-Cortez is recognizing the scale of the climate crisis and providing a roadmap to protect our planet and uplift our communities. DA - 2019/11/13/T13:31:00-05:00 PY - 2019 LA - en UR - https://www.congress.gov/bill/116th-congress/house-resolution/109/text Y2 - 2021/05/09/19:22:35 L1 - files/27326/2019_Resolution for a Green New Deal.pdf ER - TY - BOOK TI - The General Theory of Employment, Interest and Money AU - Keynes, John Maynard DA - 1936/// PY - 1936 PB - Palgrave Macmillan ER - TY - JOUR TI - 1.5 °C degrowth scenarios suggest the need for new mitigation pathways AU - Keyßer, Lorenz T. AU - Lenzen, Manfred T2 - Nature Communications AB - 1.5  °C scenarios reported by the Intergovernmental Panel on Climate Change (IPCC) rely on combinations of controversial negative emissions and unprecedented technological change, while assuming continued growth in gross domestic product (GDP). Thus far, the integrated assessment modelling community and the IPCC have neglected to consider degrowth scenarios, where economic output declines due to stringent climate mitigation. Hence, their potential to avoid reliance on negative emissions and speculative rates of technological change remains unexplored. As a first step to address this gap, this paper compares 1.5  °C degrowth scenarios with IPCC archetype scenarios, using a simplified quantitative representation of the fuel-energy-emissions nexus. Here we find that the degrowth scenarios minimize many key risks for feasibility and sustainability compared to technology-driven pathways, such as the reliance on high energy-GDP decoupling, large-scale carbon dioxide removal and large-scale and high-speed renewable energy transformation. However, substantial challenges remain regarding political feasibility. Nevertheless, degrowth pathways should be thoroughly considered. DA - 2021/05/11/ PY - 2021 DO - 10.1038/s41467-021-22884-9 VL - 12 IS - 1 SP - 2676 J2 - Nature Communications SN - 2041-1723 UR - https://doi.org/10.1038/s41467-021-22884-9 L1 - files/20551/Keyßer_Lenzen_2021_1.pdf KW - Environmental economics KW - Sustainability KW - Socioeconomic scenarios KW - Climate-change mitigation KW - Energy economics ER - TY - JOUR TI - Climate sentiments, transition risk, and financial stability in a stock-flow consistent model AU - Dunz, Nepomuk AU - Naqvi, Asjad AU - Monasterolo, Irene T2 - Journal of Financial Stability AB - A successful low-carbon transition requires the introduction of policies aimed at aligning investments to the climate and sustainability targets. In this regard, a global Carbon Tax (CT) and a revision of the microprudential banking framework via a Green Supporting Factor (GSF) have been advocated but two main knowledge gaps remain. First, the understanding of the conditions under which the CT or the GSF could contribute to the scaling-up of new green investments or, in contrast, could introduce new sources of risk for macroeconomic and financial stability, is poor. Second, we don’t know how banks’ climatesentiments, i.e. their anticipation of climate policies’ impact in lending conditions, could affect the outcomes of the policies and of the low-carbon transition. To fill these knowledge gaps we develop a Stock-Flow Consistent model of a high income country that embeds an adaptive forecasting function of banks’ climate sentiments. Then, we assess the impact of the CT and GSF on the greening of the economy and on the banking sector analyzing the risk transmission channels from the credit market to the economy via loans contracts, and the reinforcing feedbacks that could give rise to cascading effects. Our results suggest that the GSF contributes to scale up green investments only in the short-run but it also introduces potential trade-offs on bank’s financial stability. To foster the low-carbon transition while preventing unintended effects on Non-Performing Loans and households’ budget, the introduction of the CT should be complemented with redistribution welfare policies. Finally, if banks revise their credit supply conditions based on the firms’ carbon profile ahead of climate policy introduction, they can contribute to align investments to the low-carbon transition and improve financial stability of the banking sector. DA - 2021/06/01/ PY - 2021 DO - 10.1016/j.jfs.2021.100872 DP - ScienceDirect VL - 54 SP - 100872 J2 - Journal of Financial Stability LA - en SN - 1572-3089 UR - https://www.sciencedirect.com/science/article/pii/S1572308921000322 Y2 - 2021/09/14/09:55:00 L2 - files/21463/S1572308921000322.html KW - Bank loans KW - Carbon tax KW - Climate sentiments KW - Climate transition risk KW - Financial stability KW - Green supporting factor KW - Low-carbon transition KW - Stock-Flow Consistent model ER - TY - JOUR TI - Accounting for finance is key for climate mitigation pathways AU - Battiston, Stefano AU - Monasterolo, Irene AU - Riahi, Keywan AU - Ruijven, Bas J. van T2 - Science AB - Investors' expectations can hamper a low-carbon transition DA - 2021/05/28/ PY - 2021 DP - www.science.org LA - EN UR - https://www.science.org/doi/abs/10.1126/science.abf3877 AN - world Y2 - 2021/09/14/09:52:17 L2 - files/21464/science.html ER - TY - RPRT TI - Digital Trade Rules - A Disastrous New Constitution for the Global Economy, by and for Big Tech AU - James, Deborah CY - Brussels DA - 2020/// PY - 2020 PB - Rosa Luxemburg Stiftung, Brussels Office L1 - files/21434/James_2020_Digital Trade Rules - A Disastrous New Constitution for the Global Economy, by.pdf ER - TY - RPRT TI - GATS negotiations in financial services: The EU requests and their implications for developing countries AU - Stichele, Myriam Vander CY - Amsterdam DA - 2005/// PY - 2005 PB - SOMO (Center for Research on Multinational Corporations) UR - https://www.somo.nl/wp-content/uploads/2006/05/GATS-negotiations-in-financial-services.pdf L1 - files/26163/Stichele_2005_GATS negotiations in financial services.pdf ER - TY - BOOK TI - Final Report - The Economics of Biodiversity: The Dasgupta Review AU - Dasgupta, Partha AB - Final Report of the Independent Review on the Economics of Biodiversity led by Professor Sir Partha Dasgupta. CY - London DA - 2021/// PY - 2021 LA - en PB - HM Treasury ST - Final Report - The Economics of Biodiversity UR - https://www.gov.uk/government/publications/final-report-the-economics-of-biodiversity-the-dasgupta-review Y2 - 2021/09/14/09:30:25 L2 - files/21465/final-report-the-economics-of-biodiversity-the-dasgupta-review.html ER - TY - JOUR TI - Stress Testing at the IMF AU - Adrian, Tobias AU - Morsink, James AU - Schumacher, Liliana T2 - International Monetary Fund Departmental Papers AB - "Volume 2020 (2020): Issue 001 (Feb 2020): Stress Testing at the IMF" published on 05 Feb 2020 by International Monetary Fund. DA - 2020/// PY - 2020 VL - 20 IS - 001 LA - en ST - Departmental Papers Volume 2020 Issue 001 UR - https://www.elibrary.imf.org/view/journals/087/2020/001/087.2020.issue-001-en.xml Y2 - 2021/09/14/09:24:38 L2 - files/21466/087.2020.issue-001-en.html ER - TY - JOUR TI - Building Back Better: How Big Are Green Spending Multipliers? AU - Batini, Nicoletta AU - Serio, Mario Di AU - Fragetta, Matteo AU - Melina, Giovanni AU - Waldron, Anthony T2 - IMF Working Papers AB - This paper estimates multipliers for spending in clean energy and biodiversity conservation to help inform stimulus measures for a post-COVID-19 sustainable recovery. Using a new international dataset, part of which was especially assembled for this analysis, we find that every dollar spent on key carbon-neutral or carbon-sink activities—from zero-emission power plants to the protection of wildlife and ecosystems—can generate more than a dollar’s worth of economic activity. The estimated multipliers associated with green spending are about 2 to 7 times larger than those associated with non-eco-friendly expenditure, depending on sectors, technologies and horizons. These findings survive several robustness checks and suggest that ‘building back better’ could be a win-win for economies and the planet. DA - 2021/03/19/ PY - 2021 DO - 10.5089/9781513574462.001.A001 DP - www.elibrary.imf.org VL - 2021 IS - 087 LA - en ST - Building Back Better UR - https://www.elibrary.imf.org/view/journals/001/2021/087/article-A001-en.xml Y2 - 2021/09/14/09:22:31 L1 - files/21468/Batini et al_2021_Building Back Better.pdf L2 - files/21467/article-A001-en.html ER - TY - RPRT TI - Cheap Talk and Cherry-Picking: What ClimateBert has to say on Corporate Climate Risk Disclosures AU - Bingler, Julia Anna AU - Kraus, Mathias AU - Leippold, Markus AB - Disclosure of climate-related financial risks greatly helps investors assess companies' preparedness for climate change. Voluntary disclosures such as those based on the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) are being hailed as an effective measure for better climate risk management. We ask whether this expectation is justified. We do so with the help of a deep neural language model, which we christen ClimateBert. We train ClimateBert on thousands of sentences related to climate-risk disclosures aligned with the TCFD recommendations. In analyzing the disclosures of TCFD-supporting firms, ClimateBert comes to the sobering conclusion that the firms' TCFD support is mostly cheap talk and that firms cherry-pick to report primarily non-material climate risk information. From our analysis, we conclude that the only way out of this dilemma is to turn voluntary reporting into regulatory disclosures. CY - Rochester, NY DA - 2021/03/02/ PY - 2021 DP - papers.ssrn.com LA - en M3 - SSRN Scholarly Paper PB - Social Science Research Network SN - ID 3796152 ST - Cheap Talk and Cherry-Picking UR - https://papers.ssrn.com/abstract=3796152 Y2 - 2021/09/14/08:55:35 L1 - files/26172/Bingler et al_2021_Cheap Talk and Cherry-Picking.pdf L2 - files/21469/papers.html KW - \\ natural language processing KW - Climate-risk disclosure KW - TCFD recommendations KW - voluntary reporting ER - TY - ELEC TI - Climate Change and the Cost of Capital in Developing Countries AU - Buhr, Bob AU - Volz, Ulrich AU - Donovan, Charles AU - Kling, Gerhard AU - Lo, Yuen AU - Murinde, Victor AU - Pullin, Natalie AB - This report represents the first systematic effort to assess the relationship between climate vulnerability, sovereign credit profiles, and the cost of capital in developing countries. Climate risks are multi-dimensional, covering a range of geophysical, social, and economic issues. The intensification of these risks and the degree to which they are accurately priced by financial markets are of increasing concern to global economic stability. Integrating climate risks into financial decision-making is crucial to long-term economic and financial stability as these risks affect return on investment. Broader recognition of these risks will be necessary for sustainable development. For every USD 10 paid in interest by developing countries, an additional dollar will be spent due to climate vulnerability. This financial burden exacerbates the present-day economic challenges of poorer countries. The magnitude of this burden will at least double over the next decade. The climate consequences on poorer countries’ cost of capital and overall fiscal health need to be addressed. A range of existing policy and market responses can build climate resilience in vulnerable countries and deliver demonstrable financial benefits. Investments that enhance the resilience of climate vulnerable countries are crucial to not only helping vulnerable countries deal with the consequences of climate risks, but also bring down their cost of borrowing. DA - 2018/07/02/ PY - 2018 LA - en M3 - Monographs and Working Papers UR - https://eprints.soas.ac.uk/26038/ Y2 - 2021/09/14/08:54:17 L1 - files/21471/Buhr et al_2018_Climate Change and the Cost of Capital in Developing Countries.pdf L2 - files/21470/26038.html ER - TY - ELEC TI - Climate Change and Sovereign Risk AU - Volz, Ulrich AU - Beirne, John AU - Ambrosio Preudhomme, Natalie AU - Fenton, Adrian AU - Mazzacurati, Emilie AU - Renzhi, Nuobu AU - Stampe, Jeanne DA - 2020/10/12/ PY - 2020 LA - en M3 - Monographs and Working Papers UR - https://eprints.soas.ac.uk/33524/ Y2 - 2021/09/14/08:52:39 L1 - files/21473/Volz et al_2020_Climate Change and Sovereign Risk.pdf L2 - files/21472/33524.html ER - TY - RPRT TI - Riding the Wave: Navigating the ESG Landscape for Sovereign Debt Managers AU - Boitreaud, Sebastien AU - Gratcheva, Ekaterina M AU - Gurhy, Bryan AU - Paladines, Cindy AU - Skarnulis, Andrius DP - Zotero SP - 72 LA - en PB - World Bank Group UR - http://hdl.handle.net/10986/34673 L1 - files/21474/Boitreaud et al_Riding the Wave.pdf ER - TY - JOUR TI - Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy AU - Chenet, Hugues AU - Ryan-Collins, Josh AU - van Lerven, Frank T2 - Ecological Economics AB - Climate-related financial risks (CRFR) are now recognised by central banks and supervisors as material to their financial stability mandates. But while CRFR are considered to have some unique characteristics, the emerging policy framework for dealing with them has largely focused on market-based solutions that seek to reduce perceived information gaps that prevent the accurate pricing of CRFR. These include disclosure, transparency, scenario analysis and stress testing. We argue this approach will be limited in impact because CRFR are characterised by radical uncertainty and hence ‘efficient’ price discovery is not possible. In addition, this approach tends to bias financial policy towards concern around avoiding short-term market disruption at the expense of longer-term, potentially catastrophic and irreversible climate risks. Instead, an alternative ‘precautionary’ financial policy approach is proposed that offers an intellectual framework for legitimizing more ambitious financial policy interventions in the present to better deal with these long-term risks. This framework draws on two existing concepts — the ‘precautionary principle’ and modern macroprudential policy — and justifies the full integration of CRFR into financial policy, including prudential, macroprudential and monetary policy frameworks. DA - 2021/05/01/ PY - 2021 DO - 10.1016/j.ecolecon.2021.106957 DP - ScienceDirect VL - 183 SP - 106957 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Finance, climate-change and radical uncertainty UR - https://www.sciencedirect.com/science/article/pii/S092180092100015X Y2 - 2021/09/14/08:46:43 L1 - files/21475/Chenet et al_2021_Finance, climate-change and radical uncertainty.pdf L2 - files/21476/S092180092100015X.html KW - Climate change KW - Low carbon transition KW - Sustainable finance KW - Financial stability KW - Central banks KW - Climate-related financial risks KW - Financial regulation KW - Macroprudential policy KW - Systemic risk ER - TY - RPRT TI - A call for action. Climate change as a source of financial risk AU - NGFS DA - 2021/// PY - 2021 LA - en-US PB - Network for Greening the Financial System UR - https://www.mainstreamingclimate.org/publication/ngfs-a-call-for-action-climate-change-as-a-source-of-financial-risk/ Y2 - 2021/09/14/08:43:54 L1 - files/26157/NGFS_2021_A call for action.pdf L2 - files/21477/ngfs-a-call-for-action-climate-change-as-a-source-of-financial-risk.html ER - TY - JOUR TI - Central bank mandates, sustainability objectives and the promotion of green finance AU - Dikau, Simon AU - Volz, Ulrich T2 - Ecological Economics AB - This article examines how addressing climate-related risks and supporting mitigation and adaptation policies fit into central bank mandates. We conduct an analysis of mandates and objectives using the IMF's Central Bank Legislation Database and compare these to sustainability-related policies central banks have adopted in practice. Out of 135 central banks, only 12% have explicit sustainability mandates, while 40% are mandated to support the government's policy priorities, which mostly include sustainability goals. However, given that climate risks can directly affect central banks' traditional core responsibilities, all institutions ought to incorporate climate-related physical and transition risks into their policy frameworks to safeguard macro-financial stability. DA - 2021/06/01/ PY - 2021 DO - 10.1016/j.ecolecon.2021.107022 DP - ScienceDirect VL - 184 SP - 107022 J2 - Ecological Economics LA - en SN - 0921-8009 UR - https://www.sciencedirect.com/science/article/pii/S092180092100080X Y2 - 2021/09/14/08:43:39 L1 - files/21478/Dikau_Volz_2021_Central bank mandates, sustainability objectives and the promotion of green.pdf L2 - files/21479/S092180092100080X.html KW - Central banks KW - Central bank mandates KW - Green finance ER - TY - BOOK TI - The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place In the Universe AU - Lent, Jeremy R. AB - Jeremy Lent's new book, The Web of Meaning, lays out a rich, coherent, worldview based on a deep recognition of connectedness. CY - London DA - 2021/// PY - 2021 LA - en PB - Profile Books Ltd. ST - The Web of Meaning UR - https://www.jeremylent.com/the-web-of-meaning.html Y2 - 2021/10/08/16:06:52 ER - TY - BOOK TI - Lombard Street: a description of the money market AU - Bagehot, Walter CY - New York DA - 1873/// PY - 1873 PB - Scribner, Armstrong & Co. ST - Lombard Street KW - Finance KW - Great Britain KW - Banks and banking KW - England London ER - TY - JOUR TI - Die Transformation des Finanzkapitals AU - Guttmann, Robert T2 - PROKLA. Zeitschrift für kritische Sozialwissenschaft AB - Money seems to be both: public good and private commodity. This contradictory nature of money necessitates its careful management. Based on these arguments the recent developements concerning money and banking, primarily confined to the United States, are described.and analysed as the disintegration of the Fordist monetary regime. As a result of this process the private-commodity aspect of money was intensified. lt generated new private fonns of money which triggered acutc crises conditions at financial markets. To counteract these effects it is necessary to establish a new international monetary regime. DA - 1996/06/01/ PY - 1996 DO - 10.32387/prokla.v26i103.924 DP - www.prokla.de VL - 26 IS - 103 SP - 165 EP - 195 LA - de SN - 2700-0311 UR - https://www.prokla.de/index.php/PROKLA/article/view/924 Y2 - 2021/10/13/13:45:36 KW - Marx ER - TY - JOUR TI - From “Decent work and economic growth” to “Sustainable work and economic degrowth”: a new framework for SDG 8 AU - Kreinin, Halliki AU - Aigner, Ernest T2 - Empirica AB - Abstract The sustainable Development Goal (SDGs) have successfully raised awareness and built momentum for taking collective action, while also remaining uncritical of the central causes of the environmental crises – economic growth, inequality, and overconsumption in the Global North. We analyse SDG 8 “Decent Work and Economic Growth” from the perspective of strong sustainability – as phenomena, institutions and ideologies – and find that it does not fit the criteria of strong sustainability. Based on this observation, we propose a novel framework for SDG8 in line with strong sustainability and the latest scientific research, “Sustainable Work and Economic Degrowth”, including a first proposal for new sub-goals, targets and indicators. This encompasses an integrated systems approach to achieving the SDGs’ overalls goals – a sustainable future for present and future generations. The key novel contributions of the paper include new indicators to measure societies’ dependence on economic growth, to ensure the provisioning of welfare independent of economic growth. DA - 2021/// PY - 2021 DO - https://doi.org/10.1007/s10663-021-09526-5 DP - DOI.org (Crossref) J2 - Empirica LA - en SN - 0340-8744, 1573-6911 ST - From “Decent work and economic growth” to “Sustainable work and economic degrowth” UR - https://link.springer.com/10.1007/s10663-021-09526-5 Y2 - 2021/10/25/07:46:54 L1 - files/22513/Kreinin_Aigner_2021_From “Decent work and economic growth” to “Sustainable work and economic.pdf L1 - files/23713/Kreinin_Aigner_2021_From “Decent work and economic growth” to “Sustainable work and economic.pdf KW - SOD ER - TY - JOUR TI - Can we live within environmental limits and still reduce poverty? Degrowth or decoupling? AU - Hickel, Jason AU - Hallegatte, Stéphane T2 - Development Policy Review DA - 2021/// PY - 2021 DO - 10.1111/dpr.12584 DP - Wiley Online Library IS - 00 SP - 1 EP - 24 LA - en SN - 1467-7679 ST - Can we live within environmental limits and still reduce poverty? UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/dpr.12584 Y2 - 2021/10/25/07:57:52 ER - TY - JOUR TI - The Tragedy of the Commons AU - Hardin, Garrett T2 - Science AB - The population problem has no technical solution; it requires a fundamental extension in morality. DA - 1968/12/13/ PY - 1968 DO - 10.1126/science.162.3859.1243 DP - science.sciencemag.org VL - 162 IS - 3859 SP - 1243 EP - 1248 LA - en SN - 0036-8075, 1095-9203 UR - https://science.sciencemag.org/content/162/3859/1243 Y2 - 2021/04/28/12:18:44 L1 - files/22997/Hardin_1968_The Tragedy of the Commons.pdf L2 - http://www.ncbi.nlm.nih.gov/pubmed/5699198 L2 - files/22998/1243.html ER - TY - BOOK TI - The Denial of Death AU - Becker, Ernest AB - Winner of the Pulitzer prize in 1974 and the culmination of a life's work, The Denial of Death is Ernest Becker's brilliant and impassioned answer to the "why" of human existence. In bold contrast to the predominant Freudian school of thought, Becker tackles the problem of the vital lie -- man's refusal to acknowledge his own mortality. In doing so, he sheds new light on the nature of humanity and issues a call to life and its living that still resonates more than twenty years after its writing. CY - New York DA - 1973/// PY - 1973 ET - First Edition SP - 314 LA - Englisch PB - Simon and Schuster SN - 978-0-684-83240-1 ER - TY - JOUR TI - The ethics of carbon offsetting AU - Hyams, Keith AU - Fawcett, Tina T2 - WIREs Climate Change AB - Carbon offsetting can be loosely characterized as a mechanism by which an organization or individual contributes to a scheme that is projected either to remove carbon dioxide from the atmosphere or to deliver carbon dioxide emission reductions on the part of other organizations or individuals. An activity that has been offset therefore purports to make no long-term net contribution to atmospheric greenhouse gas concentrations. The ethical basis for using carbon offsetting as an approach to tackling climate change is very much contested. We seek to expose some of the underlying reasons for these ethical disagreements. We show that they relate both to empirical disagreements about what the likely benefits of offsetting are and, more fundamentally, to principled disagreements about the right way to discharge duties to deliver carbon reductions. WIREs Clim Change 2013, 4:91–98. doi: 10.1002/wcc.207 This article is categorized under: Climate, Nature, and Ethics > Ethics and Climate Change DA - 2013/// PY - 2013 DO - 10.1002/wcc.207 DP - Wiley Online Library VL - 4 IS - 2 SP - 91 EP - 98 LA - en SN - 1757-7799 UR - https://onlinelibrary.wiley.com/doi/abs/10.1002/wcc.207 Y2 - 2021/11/01/10:48:31 ER - TY - JOUR TI - Virtual nature, violent accumulation: The ‘spectacular failure’ of carbon offsetting at a Ugandan National Park AU - Cavanagh, Connor AU - Benjaminsen, Tor A. T2 - Geoforum AB - In East Africa, financially strained governments increasingly experiment with voluntary, market-based carbon offset schemes for enhancing the public management of protected areas. Often, conservationists and governments portray these as ‘triple-win’ solutions for climate change mitigation, biodiversity preservation, and local socioeconomic development. Examining such rhetoric, this paper analyses the rise and decline of an integrated carbon offset and conservation initiative at Mount Elgon National Park in eastern Uganda, involving a partnership between the Uganda Wildlife Authority (UWA) and a Dutch NGO, Face the Future. In doing so, the paper reveals the ways in which the uncompensated dispossession of local residents was a necessary precondition for the project’s implementation. Although external auditors expected the project to sequester 3.73 million tons of carbon dioxide equivalent (tCO2e) between 1994 and 2034, conflicts forced the scheme to cease reforestation in 2003. Noting this rapid decline, we problematize the ways in which Face the Future and other carbon market intermediaries represented their activities via project documents and websites, obscuring the violence that was necessary for the project’s implementation. In so doing, we argue that the maintenance of a ‘triple win’ spectacle is itself integral to the management of carbon sequestration projects, as it provides consumers with a form of ‘ethical’ use value, and greatly enhances the capacity of carbon market brokers to accumulate exchange value by attracting ‘green’ investors. Consequently, what we term a ‘spectacular failure’ manifests in at least two ways: first, in the unravelling of the heavily mediatized spectacle of harmonious, profitable conservation, and, second, in the deleterious nature of the consequences that accrue to local communities and ecosystems alike. DA - 2014/09/01/ PY - 2014 DO - 10.1016/j.geoforum.2014.06.013 DP - ScienceDirect VL - 56 SP - 55 EP - 65 J2 - Geoforum LA - en SN - 0016-7185 ST - Virtual nature, violent accumulation UR - https://www.sciencedirect.com/science/article/pii/S001671851400147X Y2 - 2021/11/01/10:46:56 KW - Accumulation by dispossession KW - Carbon offsets KW - Green grabbing KW - Spectacle KW - Virtualism KW - Voluntary carbon markets ER - TY - ELEC TI - Cambridge Bitcoin Electricity Consumption Index (CBECI) AB - The Cambridge Bitcoin Electricity Consumption Index (CBECI) provides a real-time estimate of the total electricity consumption of the Bitcoin network. The CBECI is maintained by the Cambridge Centre for Alternative Finance (CCAF) at Judge Business School, University of Cambridge. DA - 2021/// PY - 2021 LA - en UR - https://cbeci.org/index Y2 - 2021/10/31/18:43:24 ER - TY - ELEC TI - Digiconomist - Exposing the Unintended Consequences of Digital Trends T2 - Digiconomist AB - Financial and Economic news, information, opinions and reviews concerning Bitcoin and related services. DA - 2021/// PY - 2021 LA - en-US UR - https://digiconomist.net/ Y2 - 2021/10/31/18:27:06 ER - TY - ELEC TI - Mehr als ganz Italien: Stromverbrauch macht Bitcoin zum Klimakiller AU - MDR AB - Bis 2024 übersteigt der Jahresstromverbrauch für das Schürfen der Kryptowährung Bitcoin in China den von ganzen Staaten wie Italien oder Tschechien. Das legt eine neue Studie nahe. Aber warum ist das so? DA - 2021/// PY - 2021 LA - de ST - Mehr als ganz Italien UR - https://www.mdr.de/wissen/stromverbrauch-kryptowaehrung-bitcoin-100.html Y2 - 2021/10/31/18:25:42 ER - TY - JOUR TI - Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China AU - Jiang, Shangrong AU - Li, Yuze AU - Lu, Quanying AU - Hong, Yongmiao AU - Guan, Dabo AU - Xiong, Yu AU - Wang, Shouyang T2 - Nature Communications AB - The growing energy consumption and associated carbon emission of Bitcoin mining could potentially undermine global sustainable efforts. By investigating carbon emission flows of Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon emission model, we find that without any policy interventions, the annual energy consumption of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this emission output would exceed the total annualized greenhouse gas emission output of the Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42 industrial sectors in China. In this work, we show that moving away from the current punitive carbon tax policy to a site regulation policy which induces changes in the energy consumption structure of the mining activities is more effective in limiting carbon emission of Bitcoin blockchain operation. DA - 2021/04/06/ PY - 2021 DO - 10.1038/s41467-021-22256-3 DP - www.nature.com VL - 12 IS - 1 SP - 1938 J2 - Nat Commun LA - en SN - 2041-1723 UR - https://www.nature.com/articles/s41467-021-22256-3 Y2 - 2021/10/31/18:24:06 KW - Climate-change impacts KW - Climate-change mitigation KW - Climate-change policy ER - TY - ELEC TI - Bitcoin & Co: Kryptowährungen und ihr ökologischer Einfluß T2 - Tech & Nature AB - Bitcoin verbraucht so viel Energie wie alle anderen Rechenzentren der Welt zusammen, lässt die Ozeane verdampfen und stößt so viel Emissionen aus wie ganz DA - 2021/04/12/T09:16:51+00:00 PY - 2021 LA - de-AT ST - Bitcoin & Co UR - https://www.techandnature.com/bitcoin-co-kryptowaehrungen-und-ihr-oekologischer-einfluss/ Y2 - 2021/10/31/18:23:11 ER - TY - RPRT TI - What Is the Role of Basel III in Creating Sufficient Risk Management in the Banking Sector? AU - Siskos, Dimitrios V. AB - This paper attempts to investigate the reasons that lead bankers into establishing Basel III agreement and, second, to examine whether it would be able to bring about prudent risk behavior among banks. Basel III was the third set of regulations, following Basel I and Basel II, and was developed in response to the financial crisis. The measures developed by the Basel Committee on Banking Supervision aimed to reinforce banks liquidity, to protect the banking sector from systemic risks, as well as to solidify the regulation. Although most of the fundamental problems, that were responsible for the global financial crisis, had already been identified with Basel I and Basel II, Basel III did not offer solutions for many of them. In fact, Basel III inherited some of the weaknesses of Basel II, as the concept that banks should hold more capital against a risky asset. Regarding the risk protection, the challenge was to reduce unforeseeable risks, whereas Basel III focused mostly on the foreseeable ones. CY - Rochester, NY DA - 2019/08/19/ PY - 2019 DP - papers.ssrn.com LA - en M3 - SSRN Scholarly Paper PB - Social Science Research Network SN - ID 3439267 UR - https://papers.ssrn.com/abstract=3439267 Y2 - 2021/11/01/19:33:10 L1 - files/26147/Siskos_2019_What Is the Role of Basel III in Creating Sufficient Risk Management in the.pdf KW - Globalization KW - Banking KW - Crisis. KW - Risks ER - TY - JOUR TI - Let's Be Frank: Are the Proposed US Rules Based on Basel III an Adequate Response to the Financial Debacle AU - Goyfman, Eugene T2 - Fordham International Law Journal DA - 2013/// PY - 2013 VL - 36 SP - 1062 J2 - Fordham Int'l L.J. ST - Let's Be Frank UR - https://heinonline.org/HOL/Page?handle=hein.journals/frdint36&id=1078&div=&collection= ER - TY - JOUR TI - Basel III: Is the cure worse than the disease? AU - Allen, Bill AU - Chan, Ka Kei AU - Milne, Alistair AU - Thomas, Steve T2 - International Review of Financial Analysis T3 - Banking and the Economy AB - This paper discusses the economic impact of the Basel III reforms to banking regulation. We find that the long-term impact should be much less than many in the industry fear but the required accompanying changes to business models, business processes and governance, need to be carefully managed to avoid a severe shortage of funding. We agree with critics of Basel III that there is a real danger that reform will limit the availability of credit and reduce economic activity. But the problem is not higher capital and liquidity requirements per se but rather the difficulties of ensuring a coordinated adaption to the new rules across the entire financial services industry. The authorities must use the long period of Basel III implementation to engage both banks and investors in constructive dialogue about the required operational and business changes. If these are not forthcoming, then the cure will indeed turn out to have been worse than the disease. DA - 2012/12/01/ PY - 2012 DO - 10.1016/j.irfa.2012.08.004 DP - ScienceDirect VL - 25 SP - 159 EP - 166 J2 - International Review of Financial Analysis LA - en SN - 1057-5219 ST - Basel III UR - https://www.sciencedirect.com/science/article/pii/S1057521912000762 Y2 - 2021/11/01/19:31:23 KW - Structural change KW - Asset liability management KW - Bank business models KW - Bank business processes KW - Bank capital KW - Bank governance KW - Bank regulation KW - Cost of bank capital KW - Liquidity requirements ER - TY - ELEC TI - Der GLOBAL 2000 Banken-Check: 10 von 11 Banken finanzieren fossile Energien T2 - GLOBAL 2000 AB - GLOBAL 2000 hat Banken auf ihre Nachhaltigkeitsleistung untersucht DA - 2021/// PY - 2021 LA - de ST - Der GLOBAL 2000 Banken-Check UR - https://www.global2000.at/presse/der-global-2000-banken-check-10-von-11-banken-finanzieren-fossile-energien Y2 - 2021/11/01/18:59:06 L1 - files/27328/2021_Der GLOBAL 2000 Banken-Check.pdf ER - TY - ELEC TI - ECO - Earth Carbon Obligation T2 - Klimakonzept AB - Der ECO - Emissionshandel mittels komplementären Währungssystems zur Bepreisung fossiler Energieträger DA - 2021/// PY - 2021 LA - de-DE UR - https://www.saveclimate.earth/klimakonzept/der-eco/ Y2 - 2021/11/01/18:30:28 ER - TY - RPRT TI - Net Zero by 2050 – A Roadmap for the Global Energy Sector AU - IEA AB - Net Zero by 2050 - Analysis and key findings. A report by the International Energy Agency. DA - 2021/// PY - 2021 LA - en-GB PB - International Energy Agency (IEA) UR - https://www.iea.org/reports/net-zero-by-2050 Y2 - 2021/11/01/18:14:05 L1 - files/26158/IEA_2021_Net Zero by 2050 – A Roadmap for the Global Energy Sector.pdf ER - TY - ELEC TI - Was ist Greenwashing? 10 gängige Täuschungsmethoden AU - Matthias T2 - Besser nachhaltig! AB - Nachhaltig ist hip. Deshalb ist es umso wichtiger, sich nicht von grün gewaschenen Produkten täuschen zu lassen. Die 10 größten Greenwashing-Tricks >>> DA - 2019/09/05/T11:50:11+00:00 PY - 2019 LA - de-DE ST - Was ist Greenwashing? UR - https://besser-nachhaltig.com/was-ist-greenwashing/ Y2 - 2021/11/01/18:01:08 ER - TY - BOOK TI - Monetäre Modernisierung Zur Zukunft der Geldordnung: Vollgeld und Monetative AU - Huber, Joseph DA - 2016/// PY - 2016 LA - German PB - Metropolis-Verlag für Ökonomie Gesellschaft und Politik GmbH SN - 978-3-7316-1198-1 ST - Monetäre Modernisierung Zur Zukunft der Geldordnung ER - TY - BOOK TI - Die Gemeinwohl-Ökonomie AU - Felber, Christian AB - Die Gemeinwohl-Ökonomie beruht – wie eine Marktwirtschaft – auf privaten Unternehmen und individueller Initiative, jedoch streben die Betriebe nicht ... DA - 2018/// PY - 2018 LA - de PB - Deuticke Verlag UR - https://www.hanser-literaturverlage.de/buch/die-gemeinwohl-oekonomie/978-3-552-06385-3/ Y2 - 2021/11/01/17:35:27 ER - TY - BOOK TI - Sacred Economics, Revised AU - Eisenstein, Charles AB - Expanded and updated, Charles Eisenstein's classic treatise on capitalism, currency, and the gift economy. This revised version traces the history of money, from ancient gift economies to modern capitalism,... CY - Berkeley, California DA - 2021/// PY - 2021 LA - en-US PB - North Atlantic Books ST - Sacred Economics, Revised by Charles Eisenstein UR - https://www.penguinrandomhouse.com/books/659305/sacred-economics-revised-by-charles-eisenstein/ Y2 - 2021/11/01/17:06:19 ER - TY - NEWS TI - Facebook Is Now Meta. And It Wants to Monetize Your Whole Existence. T2 - Jacobin AB - Mark Zuckerberg’s turn toward the “metaverse” claims to put an extra digital layer on top of the real world. But Facebook’s new Meta brand isn’t augmenting your reality — it just wants to suck more money out of it. DA - 2021/11/01/ PY - 2021 LA - en-US UR - https://jacobinmag.com/2021/10/mark-zuckerberg-meta-facebook-rebrand-metaverse Y2 - 2021/11/01/15:30:39 ER - TY - NEWS TI - Emissionen durch Bitcoin-Nutzung: Die Kurve steigt und steigt AU - Sander, Lalon T2 - Die Tageszeitung: taz AB - Trotz Kursschwankungen boomt die Kryptowährung Bitcoin. Das System verbraucht inzwischen so viel Strom wie manche Länder. DA - 2021/05/24/T14:07:00+01:00 PY - 2021 DP - taz.de LA - de SE - taz, Öko SN - 0931-9085 ST - Emissionen durch Bitcoin-Nutzung UR - https://taz.de/!5773789/ Y2 - 2021/10/31/18:23:05 KW - Klimawandel KW - Bitcoin KW - klimataz KW - Netzökonomie KW - Öko KW - Schwerpunkt KW - Stromverbrauch KW - tageszeitung KW - taz KW - Treibhausgase ER - TY - RPRT TI - The Climate Risk Landscape: Mapping Climate-related Financial Risk Assessment Methodologies – United Nations Environment – Finance Initiative AU - UNEP DA - 2021/// PY - 2021 LA - en-GB PB - United Nations Environment Programme - Finance Initiative (UNEP FI) ST - The Climate Risk Landscape UR - https://www.unepfi.org/publications/banking-publications/the-climate-risk-landscape/ Y2 - 2021/10/31/10:11:02 ER - TY - ELEC TI - Task Force on Climate-Related Financial Disclosures - TCFD AU - TCFD T2 - Task Force on Climate-Related Financial Disclosures AB - The TCFD has developed a framework to help public companies and other organizations disclose climate-related risks and opportunities. DA - 2021/// PY - 2021 LA - en-US UR - https://www.fsb-tcfd.org/ Y2 - 2021/10/31/10:05:14 ER - TY - RPRT TI - Climate-related financial risks - measurement methodologies AU - BIS AB - This report provides an overview of conceptual issues related to climate-related financial risk measurement and methodologies, as well as practical implementation by banks and banking supervisors. DA - 2021/04/14/ PY - 2021 DP - www.bis.org LA - en PB - Bank for International Settlements (BIS) UR - https://www.bis.org/bcbs/publ/d518.htm Y2 - 2021/10/31/10:07:55 L1 - files/26170/BIS_2021_Climate-related financial risks - measurement methodologies.pdf ER - TY - RPRT TI - Progress report on bridging data gaps AU - NGSF DA - 2021/05/26/T12:37:06+02:00 PY - 2021 LA - en-GB UR - https://www.ngfs.net/en/progress-report-bridging-data-gaps Y2 - 2021/10/31/10:06:38 L1 - files/26155/NGSF_2021_Progress report on bridging data gaps.pdf ER - TY - RPRT TI - Natural Capital and Sovereign Bonds AU - Wang, Dieter AB - Natural capital is related to government bonds through the macroeconomy and credit risks. This paper estimates this relationship from the long-term, between-country view and the short-term, within-country view. The paper cautions against the former, as it is dominated by income differences. These are de facto ingrained, as they cannot be overcome by short-term policy efforts. The within-country view is unaffected by the ingrained income bias and leaves room for recent natural capital changes to affect bond yields. The paper finds that non-renewables (fossil fuels and mineral assets) raise bond yields, possibly due to the resource curse. Renewables (forests and agricultural wealth) lower borrowing costs because they are economically worthwhile investments. Protected areas are more likely to be luxury investments. CY - Washington, DC DA - 2021/04// PY - 2021 DP - openknowledge.worldbank.org LA - English M3 - Working Paper PB - World Bank UR - https://openknowledge.worldbank.org/handle/10986/35401 Y2 - 2021/10/31/09:34:10 L1 - files/26159/Wang_2021_Natural Capital and Sovereign Bonds.pdf KW - Greenhouse Gas Emissions KW - Ingrained Income Bias KW - Interactive Fixed Effect KW - Latent Common Bond Factors KW - Natural Capital KW - Natural Resource Management KW - Renewable Resources KW - Sovereign Bond Yield ER - TY - RPRT TI - Demystifying Sovereign ESG AU - Gratcheva, Ekaterina M. AU - Emery, Teal AU - Wang, Dieter AB - The evolution of sustainable finance to mainstream finance has been motivated by a growing demand for the financial sector to play a greater role in the transformation of the current economic model into a more sustainable one. The introduction of the United Nation’s (UN) Sustainable Development Goals and the Paris Agreement on climate change in 2015 have helped galvanize a societal shift to ensure a sustainable future and to fight climate change in particular. As a result, the pace of environmental, social, and governance (ESG) integration, which has become the most prevalent form of sustainable finance, has accelerated in recent years. Market participants continue to grapple with adapting the ESG framework to the sovereign context, despite significant progress of ESG integration in the corporate bond and equity asset class. This challenge is due to the multifaceted nature of ESG-related issues facing governments in relation to corporate entities, as well as a more complex transmission mechanism of the sovereign debt asset class to sustainable outcomes in the real economy. This paper demystifies sovereign ESG as a distinct segment of the ESG sector by assessing the major sovereign ESG providers that have laid the foundation for the operationalization of ESG investing in sovereign fixed income markets. CY - Washington, DC DA - 2020/12/31/ PY - 2020 DP - openknowledge.worldbank.org LA - English PB - World Bank UR - https://openknowledge.worldbank.org/handle/10986/35586 Y2 - 2021/10/31/09:33:18 L1 - files/26169/Gratcheva et al_2020_Demystifying Sovereign ESG.pdf KW - Governance KW - Sustainable Development Goals KW - Environmental Kuznets Curve KW - Environmental Sustainability KW - Esg Score Methodology KW - Sustainable Finance KW - Wealth Composition ER - TY - ELEC TI - Was ist Greenwashing? 10 gängige Täuschungsmethoden AU - Besser nachhaltig T2 - Besser nachhaltig! AB - Nachhaltig ist hip. Deshalb ist es umso wichtiger, sich nicht von grün gewaschenen Produkten täuschen zu lassen. Die 10 größten Greenwashing-Tricks >>> DA - 2019/09/05/T11:50:11+00:00 PY - 2019 LA - de-DE ST - Was ist Greenwashing? UR - https://besser-nachhaltig.com/was-ist-greenwashing/ Y2 - 2021/10/30/11:34:33 ER - TY - RPRT TI - Climate Policy Initiative (CPI) Report: Global Landscape of Climate Finance 2019 AU - CPI AB - The 2019 edition of Climate Policy Initiative’s Global Landscape of Climate Finance provides the most comprehensive overview of global climate-related primary investment. DA - 2019/// PY - 2019 LA - en-US PB - Climate Policy Initiative UR - https://www.climatepolicyinitiative.org/publication/global-landscape-of-climate-finance-2019/ Y2 - 2021/10/30/10:08:43 L1 - files/26171/CPI_2019_Climate Policy Initiative (CPI) Report.pdf ER - TY - ELEC TI - ECB presents action plan to include climate change considerations in its monetary policy strategy AU - ECB AB - The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency. DA - 2021/07/08/ PY - 2021 LA - en UR - https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1~f104919225.en.html Y2 - 2021/10/30/09:48:37 L1 - files/27327/ECB_2021_ECB presents action plan to include climate change considerations in its.pdf ER - TY - JOUR TI - The nature of money AU - Ingham, Geoffrey T2 - Economic Sociology: European Electronic Newsletter T3 - Economic Sociology: European Electronic Newsletter. - ISSN 1871-3351. - Vol. 5.2004, 2, p. 18-28 DA - 2004/// PY - 2004 VL - 5 IS - 2 LA - eng ER - TY - JOUR TI - The Structure–Agency Relation of Growth Imperative Hypotheses in a Credit Economy AU - Kimmich, Christian AU - Wenzlaff, Ferdinand T2 - New Political Economy AB - Growth dynamics are often explained by insatiable wants or anthropological constants, modelled as preferences and behavioural axioms. By contrast, structural perspectives postulate a growth imperative due to macroeconomic or monetary system-inherent properties. Reconciling both perspectives, we develop a relational structure–agency framework to evaluate growth imperative hypotheses. We analytically separate the credit structure (including balance-sheet mechanics and nominal uncertainty) from institutional structure, and describe decision norms for households, entrepreneurs, commercial banks, central bank, and the state. Our framework suggests that the interplay of credit principles, income-dependent saving and portfolio saving rationales prevent the interest rate from adjusting downwards and thereby cause mature credit economies to stagnate. Underemployment results in growth policies becoming the dominant norm – seeking, under budget constraints, to overcome declining growth rates. Our method helps identifying agency to resolve this imperative. Preventing real asset inflation to relieve monetary policy at the effective lower bound appears essential. DA - 2021/07/15/ PY - 2021 DO - 10.1080/13563467.2021.1952557 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 19 SN - 1356-3467 UR - https://doi.org/10.1080/13563467.2021.1952557 Y2 - 2021/11/02/08:54:56 KW - institutional macroeconomics KW - land value tax KW - monetary theory KW - social ontology KW - Stagnation ER - TY - ENCYC TI - Dogecoin T2 - Wikipedia AB - Dogecoin (Zeichen: Ɖ; Abkürzung: DOGE) ist eine von Litecoin abgeleitete Peer-to-Peer-Kryptowährung, deren Name und Design auf dem Internetphänomen Doge basiert. DA - 2021/10/05/T14:36:59Z PY - 2021 DP - Wikipedia LA - de UR - https://de.wikipedia.org/w/index.php?title=Dogecoin&oldid=216135742 Y2 - 2021/11/02/09:02:53 ER - TY - RPRT TI - Financial Transaction Tax: How severe? AU - Goldman Sachs DA - 2013/// PY - 2013 DP - Zotero SP - 73 LA - en PB - Goldman Sachs UR - https://www.steuer-gegen-armut.org/fileadmin/Dateien/Kampagnen-Seite/Unterstuetzung_Ausland/EU/2013/2013.05._GS_on_Fin_l_Transaction_tax__FTT__-_Bottom_Up_Analysis_Europe.pdf L1 - files/23110/Goldman Sachs_2013_Financial Transaction Tax.pdf ER - TY - RPRT TI - G20 Rome Leaders' Declaration AU - G20 CY - Rome DA - 2021/// PY - 2021 PB - G20 UR - https://www.g20.org/wp-content/uploads/2021/10/G20-ROME-LEADERS-DECLARATION.pdf Y2 - 2021/11/02/12:12:11 L1 - files/23218/G20_2021_G20 Rome Leaders' Declaration.pdf ER - TY - JOUR TI - Summary for Policymakers of IPCC Special Report on Global Warming of 1.5ºC approved by governments AU - IPCC DA - 2018/// PY - 2018 ER - TY - JOUR TI - Sustainable welfare: How do universal basic income and universal basic services compare? AU - Büchs, Milena T2 - Ecological Economics AB - The newly emerging concept of sustainable welfare refers to welfare systems which aim to satisfy everyone's needs within planetary boundaries and to decouple the welfare-growth nexus. Both Universal Basic Income (UBI) and Universal Basic Services (UBS) have been discussed as suitable, but potentially competing, approaches that could support sustainable welfare. This paper contributes to this debate by asking how UBI and UBS compare in relation to four sustainable welfare criteria: a) planetary boundaries, b) needs satisfaction, c) fair distribution, and d) democratic governance. The paper argues that UBI and UBS are not so much conflicting but complementary approaches for supporting sustainable welfare. UBI focuses on the consumption side of the economy while UBS addresses the production side more directly, both of which would be relevant in any sustainable welfare system. Sustainable welfare outcomes of UBI and UBS would be shaped by the institutional contexts within which they operate, especially by the governance of markets, collective provisioning systems and decision-making at all levels. More attention needs to be paid to these institutional contexts when discussing potential sustainable welfare outcomes of UBI and UBS. DA - 2021/11/01/ PY - 2021 DO - 10.1016/j.ecolecon.2021.107152 DP - ScienceDirect VL - 189 SP - 107152 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Sustainable welfare UR - https://www.sciencedirect.com/science/article/pii/S092180092100210X Y2 - 2022/01/04/10:56:38 L1 - files/24762/Büchs_2021_Sustainable welfare.pdf L2 - files/24761/S092180092100210X.html KW - Equality KW - Post-growth KW - Markets KW - Planetary boundaries KW - Provisioning systems KW - Democratic Governance KW - Needs satisfaction KW - Sustainable welfare KW - Universal Basic Income KW - Universal Basic Services ER - TY - BOOK TI - The Patterning Instinct: A History of Humanity's Search for Meaning, AU - Lent, Jeremy AB - Showing how culture shapes values and values shape history, The Patterning Instinct provides a fresh perspective on crucial questions of the human story. CY - Amherst, New York DA - 2017/// PY - 2017 LA - en PB - Prometheus Books ST - The Patterning Instinct UR - https://www.jeremylent.com/the-patterning-instinct.html Y2 - 2022/02/03/09:48:11 ER - TY - RPRT TI - Renewable Energy and Jobs – Annual Review 2021 AU - IRENA AU - ILO CY - Abu Dhabi, Genf DA - 2021/10// PY - 2021 PB - International Renewable Energy Agency, International Labour Organization UR - https://www.irena.org/publications/2021/Oct/Renewable-Energy-and-Jobs-Annual-Review-2021 L1 - files/26200/IRENA_ILO_2021_Renewable Energy and Jobs – Annual Review 2021.pdf ER - TY - RPRT TI - Inequality kills. The unparalleled action needed to combat unprecedented inequality in the wake of COVID-19 AU - Nabil, Ahmed AU - Marriott, Anna AU - Dabi, Nafkote AU - Lowthers, Megan AU - Lawson, Max AU - Mugehera, Leah DA - 2022/// PY - 2022 LA - en PB - Oxfam International UR - https://www.oxfam.org/en/research/inequality-kills Y2 - 2022/03/04/16:26:24 L1 - files/26162/Nabil et al_2022_Inequality kills.pdf ER - TY - BOOK TI - Keynes Against Capitalism: His Economic Case for Liberal Socialism AU - Crotty, James AB - Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that DA - 2019/// PY - 2019 LA - en PB - Routledge & CRC Press ST - Keynes Against Capitalism UR - https://www.routledge.com/Keynes-Against-Capitalism-His-Economic-Case-for-Liberal-Socialism/Crotty/p/book/9781138612846 Y2 - 2022/03/07/14:20:32 ER - TY - JOUR TI - The Origins of Fossil Capital: From Water to Steam in the British Cotton Industry* AU - Malm, Andreas T2 - Historical Materialism AB - Abstract The process commonly referred to as business-as-usual has given rise to dangerous climate change, but its social history remains strangely unexplored. A key moment in its onset was the transition to steam power as a source of rotary motion in commodity production, in Britain and, first of all, in its cotton industry. This article tries to approach the dynamics of the fossil economy by examining the causes of the transition from water to steam in the British cotton industry in the second quarter of the nineteenth century. Common perceptions of the shift as driven by scarcity are refuted, and it is shown that the choice of steam was motivated by a rather different concern: power over labour. Turning away from standard interpretations of the role of energy in the industrial revolution, this article opens a dialogue with Marx on matters of carbon and outlines a theory of fossil capital, better suited for understanding the drivers of business-as-usual as it continues to this day. DA - 2013/01/01/ PY - 2013 DO - 10.1163/1569206X-12341279 DP - brill.com VL - 21 IS - 1 SP - 15 EP - 68 LA - en SN - 1465-4466, 1569-206X ST - The Origins of Fossil Capital UR - https://brill.com/view/journals/hima/21/1/article-p15_2.xml Y2 - 2022/03/14/16:21:54 KW - time KW - labour KW - Fossil fuels KW - carbon dioxide KW - space KW - capital accumulation KW - cotton industry KW - steam power KW - water power ER - TY - BOOK TI - Fossil Capital: The Rise of Steam Power and the Roots of Global Warming AU - Malm, Andreas AB - How capitalism first promoted fossil fuels with the rise of steam powerThe more we know about the catastrophic implications of climate change, the more fossil fuels we burn. How did we end up in this mess?In this masterful new history, Andreas Malm claims it all began in Britain with the rise of steam power. But why did manufacturers turn from traditional sources of power, notably water mills, to an engine fired by coal? Contrary to established views, steam offered neither cheaper nor more abundant energy—but rather superior control of subordinate labour. Animated by fossil fuels, capital could concentrate production at the most profitable sites and during the most convenient hours, as it continues to do today. Sweeping from nineteenth-century Manchester to the emissions explosion in China, from the original triumph of coal to the stalled shift to renewables, this study hones in on the burning heart of capital and demonstrates, in unprecedented depth, that turning down the heat will mean a radical overthrow of the current economic order. DA - 2016/02/01/ PY - 2016 SP - 678 LA - en PB - Verso Books SN - 978-1-78478-131-6 ST - Fossil Capital L2 - https://books.google.at/books?id=dG3nDwAAQBAJ KW - Political Science / Public Policy / Environmental Policy KW - History / Social History ER - TY - JOUR TI - Making Nature Investable: from Legibility to Leverageability in Fabricating ‘Nature’ as ‘Natural-Capital’ AU - Sullivan, Sian T2 - Science & Technology Studies AB - In response to perceived valuation problems giving rise to global environmental crisis, ‘nature’ is being qualified, quantified and materialised as the new external(ised) ‘Nature-whole’ of ‘natural capital’. This paper problematises the increasing legibility, through numbering and (ac)counting practices, of natural capital as an apparently exterior ‘matter of fact’ that can be leveraged financially. Interconnected policy and technical texts, combined with observation as an academic participant in recent international environmental policy meetings, form the basis for a delineation of four connected and intensifying dimensions of articulation in fabricating ‘nature’ as ‘natural capital’: discursive, numerical-economic, material and institutional. Performative economic sociology approaches are drawn on to clarify the numbering and calculative practices making and performing indicators of nature health and harm as formally economic. These institutionalised fabrications are interpreted as attempts to enrol previously uncosted ‘standing natures’ in the forward-driving movement of capital. DA - 2018/09/15/ PY - 2018 DO - 10.23987/sts.58040 DP - sciencetechnologystudies.journal.fi VL - 31 IS - 3 SP - 47 EP - 76 LA - en SN - 2243-4690 ST - Making Nature Investable UR - https://sciencetechnologystudies.journal.fi/article/view/58040 Y2 - 2022/03/17/17:44:19 ER - TY - JOUR TI - Innovation, growth and the transition to net-zero emissions AU - Stern, Nicholas AU - Valero, Anna T2 - Research Policy AB - The climate crisis and the global economic impact of the Covid-19 crisis occur against a background of slowing growth and widening inequalities, which together imply an urgent need for a new environmentally sustainable and inclusive approach to growth. Investments in “clean” innovation and its diffusion are key to shaping this, accompanied by investments in complementary assets including sustainable infrastructure, and human, natural and social capital which will not only help achieve net-zero greenhouse gas emissions, but will also improve productivity, living standards and the prospects of individuals. In this article, we draw on the theoretical and empirical evidence on the opportunities, drivers and policies for innovation-led sustainable growth. We highlight the importance of a coordinated set of long-term policies and institutions that can enable and foster private sector investments in clean innovation and assets quickly and at scale. In doing so, we draw inspiration from Chris Freeman's work on the system-wide drivers of innovation, and his early vision of achieving environmental sustainability by reorienting growth. DA - 2021/11/01/ PY - 2021 DO - 10.1016/j.respol.2021.104293 DP - ScienceDirect VL - 50 IS - 9 SP - 104293 J2 - Research Policy LA - en SN - 0048-7333 UR - https://www.sciencedirect.com/science/article/pii/S0048733321000949 Y2 - 2022/03/17/17:01:28 ER - TY - RPRT TI - Österreichische Stellungnahme zur Taxonomie Verordnung AU - MSEG DA - 2022/// PY - 2022 LA - de M3 - Stellungnahme der österreichischen Mitgliedsstaaten Expert:innengruppe zur EU Taxonomie Verordnung UR - https://www.bmk.gv.at/themen/klima_umwelt/klimaschutz/green_finance/taxonomie_vo.html Y2 - 2022/03/17/15:55:50 L1 - files/25420/MSEG_2022_Österreichische Stellungnahme zur Taxonomie Verordnung.pdf ER - TY - ELEC TI - Central Banking, Climate Change and Green Finance AU - Dikau, Simon AU - Volz, Ulrich AB - Responsibility for financial and macroeconomic stability implicitly or explicitly lies with the central bank, which therefore ought to address climate-related and other environmental risks on a systemic level. Furthermore, central banks, through their regulatory oversight over money, credit, and the financial system, are in a powerful position to support the development of green finance models and enforce an adequate pricing of environmental and carbon risk by financial institutions. The central topic of this paperare the public financial governance policies through which central banks, as well as other relevant financial regulatory agencies, can address environmental risk and promote sustainable finance. The paperfirst discusses the reasons why central banks should be concerned with aligning finance with sustainable development. Second, the paperreviews the tools and instruments that can be utilized by central banks and financial regulatory agencies to address environmental risk and promote green finance and sustainable development. Third, the paperprovides a brief review of green public financial governance initiatives. DA - 2018/09// PY - 2018 LA - en M3 - Monographs and Working Papers UR - https://eprints.soas.ac.uk/26445/ Y2 - 2022/03/17/15:27:32 ER - TY - RPRT TI - Green Banking Practices – A Review AU - Nath, Vikas AU - Nayak, Nitin AU - Goel, Ankit AB - Society is facing most complicated issues of climate change. People nowadays are more conversant with global warming and its inherent consequences on human life. So change is the need of the hour for the survival and continuous efforts should be made for the environmental management in a sustainable manner. It is not only the concern of the government and the direct polluters but also of other stakeholders like financial institutions such as banks, which are playing a fundamental role in the development of the society. Banking activities are not physically related to the environment, but the external impact of their customer activities is substantial. So there is need for banks to adopt green strategies into their operations, buildings, investments and financing strategies. The purpose of this paper is to highlight the green rating standards given by RBI, the World Bank’s environmental and social norms, the initiatives taken by public and private sector banks in India in the adoption of Green Banking practices and to enlist the significant strategies for adoption of Green Banking. CY - Rochester, NY DA - 2014/04/15/ PY - 2014 DP - papers.ssrn.com LA - en M3 - SSRN Scholarly Paper PB - Social Science Research Network SN - ID 2425108 UR - https://papers.ssrn.com/abstract=2425108 Y2 - 2022/03/17/15:17:20 L1 - files/27135/Nath et al_2014_Green Banking Practices – A Review.pdf KW - and Banking KW - Green Banking KW - Green Banking Strategies KW - Green Building KW - Green Coin Ratings by RBI KW - Indian Banks Initiatives KW - World Bank Environmental and Social (E&S) Norms ER - TY - JOUR TI - A review of studies on green finance of banks, research gaps and future directions AU - Akomea-Frimpong, Isaac AU - Adeabah, David AU - Ofosu, Deborah AU - Tenakwah, Emmanuel Junior T2 - Journal of Sustainable Finance & Investment AB - With growing global concern for environmental protection, climate change and sustainable development, policymakers and researchers have recently focused on green finance. In this study, existing studies on green finance in the context of the banking sector have been reviewed with considerations on products and determinants of green finance. The content analysis approach has been used to critically analyse and summarize forty-six (46) relevant studies. The results found green securities, green investments, climate finance, carbon finance, green insurance, green credit and green infrastructural bonds as part of key green finance products of banks. Pertinent determinants the study found to be influencing green finance policies from banks include environmental and climate change policies, interest rates, religion, risks, social inclusion and social justice as well as banking regulations. In theory, this study provides a guide for further studies. The results of the study will assist banks on the key issues to consider in adopting, developing and granting green finance. DA - 2021/01/15/ PY - 2021 DO - 10.1080/20430795.2020.1870202 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 24 SN - 2043-0795 UR - https://doi.org/10.1080/20430795.2020.1870202 Y2 - 2022/03/17/15:14:41 KW - content analysis KW - Bank KW - determinants KW - green finance KW - review article ER - TY - JOUR TI - Climate Change Driving Financial Innovation: The Case of Green Bonds AU - Horsch, Andreas AU - Richter, Sylvia T2 - The Journal of Structured Finance AB - This article deals with green bonds as a structured finance instrument that could help close the clean energy investment gap by addressing private and institutional investors. At first, the green bond universe is structured, with market-labeled green bonds being chosen for further analysis, so that patterns of issues, issuers, and market processes can be identified. Based on monthly bond price data, the authors analyze the drivers of green bond prices and their correlations with prices of other financial assets. Their findings on the risk–return positions that green bonds offer on either a standalone or a portfolio basis are mixed and suggest that factors other than pure economic criteria are responsible for the current tendency toward green bond investments.TOPICS: Fixed income and structured finance, ESG investing DA - 2017/04/30/ PY - 2017 DO - 10.3905/jsf.2017.23.1.079 VL - 23 IS - 1 SP - 79 UR - http://jsf.pm-research.com/content/23/1/79.abstract ER - TY - ELEC TI - Climate Change Driving Financial Innovation: The Case of Green Bonds | The Journal of Structured Finance UR - https://jsf.pm-research.com/content/23/1/79.short Y2 - 2022/03/17/15:00:09 ER - TY - RPRT TI - Financial Innovation for a Sustainable Economy AU - Alonso, Andrés AU - Marqués, J. Manuel AB - Climate change and its management and mitigation are unquestionably among the main risks facing our society in the coming decades. The financial sector plays a key role in this challenge, firstly because of its exposure and the consequent capital shocks if this risk crystallises, and secondly because it has the task of financing the investments needed to transform our economy into a sustainable one. This article reviews various initiatives under way in the private financial sector to introduce the variable “sustainability” into its decision-making process in order to achieve a balance sheet with a smaller carbon footprint (transformation of stock) and to develop a business strategy aligned with responsible investment principles and international standards (transformation of flow). We analyse the innovations emerging along the path to sustainable finance, looking particularly at: 1) new suppliers and services in the market, 2) the creation of sustainability-linked financial instruments, 3) the adaptation of financial risk management policies, and 4) the interaction of technological progress with climate change. CY - Rochester, NY DA - 2019/10/18/ PY - 2019 DP - papers.ssrn.com LA - en M3 - SSRN Scholarly Paper PB - Social Science Research Network SN - ID 3471742 UR - https://papers.ssrn.com/abstract=3471742 Y2 - 2022/03/17/14:59:26 L1 - files/27136/Alonso_Marqués_2019_Financial Innovation for a Sustainable Economy.pdf KW - climate change KW - sustainability KW - innovation KW - artificial intelligence KW - fintech KW - green bonds KW - sustainable development goals ER - TY - CHAP TI - Mobilising Private Sector Climate Investment: Public–Private Financial Innovations AU - Venugopal, Shally T2 - Responsible Investment Banking: Risk Management Frameworks, Sustainable Financial Innovation and Softlaw Standards A2 - Wendt, Karen T3 - CSR, Sustainability, Ethics & Governance AB - Public financial resources alone will not be adequate to limit greenhouse gas emissions to safe levels and build resilience to the impacts of climate change. Recognising this financial gap, public actors, such as governments, development finance institutions, and aid agencies, are considering how best to harness and redirect private sector investment towards activities that address climate change.This chapter profiles trends and innovative public interventions used or considered to mobilise private sector investment, including policy and technical support, supplying incremental finance, de-risking investments, and fostering public–private partnerships. It draws on a mix of primary research and analysis, case studies, and consultations to identify innovative means that the public and private sectors can collectively pursue to foster climate-friendly markets. CY - Cham DA - 2015/// PY - 2015 DP - Springer Link SP - 301 EP - 324 LA - en PB - Springer International Publishing SN - 978-3-319-10311-2 ST - Mobilising Private Sector Climate Investment UR - https://doi.org/10.1007/978-3-319-10311-2_18 Y2 - 2022/03/17/14:58:26 KW - Climate Finance KW - Global Environment Facility KW - International Finance Corporation KW - Private Sector KW - Private Sector Investment ER - TY - CHAP TI - Crowdfunding Sustainability AU - Maehle, Natalia AU - Otte, Pia Piroschka AU - Drozdova, Natalia T2 - Advances in Crowdfunding: Research and Practice A2 - Shneor, Rotem A2 - Zhao, Liang A2 - Flåten, Bjørn-Tore AB - The chapter focuses on using crowdfunding for financing sustainable projects, that is projects aiming to extend their goal beyond market success and provide benefit to the larger part of society. The chapter discusses the definition and dimensions of sustainable development and sustainable entrepreneurship and provides an overview of the existing literature on crowdfunding of sustainable projects. The authors also review four European sustainability-oriented crowdfunding platforms representing different crowdfunding models. This review reveals that sustainable projects have rather high success rates in crowdfunding and may address all the three dimensions of sustainable development. However, environmental dimension gets the most attention. All the crowdfunding models are relevant for sustainable projects; yet, Loan-based crowdfunding seems to have the highest success rates. Moreover, focus on a particular dimension of sustainability may influence the choice of the crowdfunding model. CY - Cham DA - 2020/// PY - 2020 DP - Springer Link SP - 393 EP - 422 LA - en PB - Springer International Publishing SN - 978-3-030-46309-0 UR - https://doi.org/10.1007/978-3-030-46309-0_17 Y2 - 2022/03/17/14:55:18 KW - Sustainable development KW - Sustainability KW - Crowdfunding challenges KW - Crowdfunding models KW - Crowdfunding success KW - Sustainability-oriented crowdfunding platforms KW - Sustainable entrepreneurship ER - TY - JOUR TI - Three is a crowd? Exploring the potential of crowdfunding for renewable energy in the Netherlands AU - Vasileiadou, E. AU - Huijben, J. C. C. M. AU - Raven, R. P. J. M. T2 - Journal of Cleaner Production T3 - New approaches for transitions to low fossil carbon societies: promoting opportunities for effective development, diffusion andimplementation of technologies, policies and strategies AB - There is a huge gap between demand and supply of finance for energy transitions, and the financial and economic crisis have had a negative impact in the already meagre funds for transforming the energy system towards renewable sources. In this paper we explore whether crowdfunding for renewable energy, as a novel sociotechnical practice developed in a niche, has the potential to break through and transform both the energy and the financial regimes, utilising the Multi-Level Perspective theory. We empirically investigate crowdfunding platforms linked to renewable electricity projects in the Netherlands. The main conclusion is that the volume of crowdfunding today is low, but the dynamic of these projects holds potential. There is limited indication of learning processes until now, as well as limited support from regime actors, pointing at a low level of niche stabilization and break-through potential, which may however be related to the early stage of development of crowdfunding in the Netherlands. On the other hand, the heterogeneity of crowdfunders is very promising. Platforms dedicated to renewable electricity exclusively, and with an investment based business model seem to be the most successful. We show how governmental market regulation and support mechanisms are shaping crowdfunding as a business model, and discuss the implications for other countries. DA - 2016/08/01/ PY - 2016 DO - 10.1016/j.jclepro.2015.06.028 DP - ScienceDirect VL - 128 SP - 142 EP - 155 J2 - Journal of Cleaner Production LA - en SN - 0959-6526 ST - Three is a crowd? UR - https://www.sciencedirect.com/science/article/pii/S0959652615007489 Y2 - 2022/03/17/14:54:03 KW - Renewable energy KW - Sustainability transitions KW - Business models KW - Crowdfunding KW - Up-scaling ER - TY - JOUR TI - Complexity and the Economics of Climate Change: A Survey and a Look Forward AU - Balint, T. AU - Lamperti, F. AU - Mandel, A. AU - Napoletano, M. AU - Roventini, A. AU - Sapio, A. T2 - Ecological Economics AB - Climate change is one of the most daunting challenges human kind has ever faced. In the paper, we provide a survey of the micro and macro economics of climate change from a complexity science perspective and we discuss the challenges ahead for this line of research. We identify four areas of the literature where complex system models have already produced valuable insights: (i) coalition formation and climate negotiations, (ii) macroeconomic impacts of climate-related events, (iii) energy markets and (iv) diffusion of climate-friendly technologies. On each of these issues, accounting for heterogeneity, interactions and disequilibrium dynamics provides a complementary and novel perspective to the one of standard equilibrium models. Furthermore, it highlights the potential economic benefits of mitigation and adaptation policies and the risk of under-estimating systemic climate change-related risks. DA - 2017/08/01/ PY - 2017 DO - 10.1016/j.ecolecon.2017.03.032 DP - ScienceDirect VL - 138 SP - 252 EP - 265 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Complexity and the Economics of Climate Change UR - https://www.sciencedirect.com/science/article/pii/S092180091630828X Y2 - 2022/03/17/14:51:21 KW - Agent-based models KW - Climate change KW - Climate policy KW - Climate economics KW - Complex systems KW - Socio-economic networks ER - TY - BOOK TI - The New Financial Order: Risk in the 21st Century AU - Shiller, Robert J. AB - In his best-selling Irrational Exuberance , Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy. DA - 2009/02/09/ PY - 2009 DP - www.degruyter.com LA - en PB - Princeton University Press SN - 978-1-4008-2547-9 ST - The New Financial Order UR - https://www.degruyter.com/document/doi/10.1515/9781400825479/html?lang=en Y2 - 2022/03/17/14:47:58 KW - Institution KW - Income distribution KW - Economic growth KW - Economics KW - Unemployment KW - Investment KW - Technology KW - Finance KW - Uncertainty KW - Debt KW - Inflation KW - Wealth KW - Poverty KW - Technological change KW - Employment KW - Financial crisis KW - Stock market KW - Economy KW - Consumer KW - Behavioral economics KW - Insurance KW - Sharing KW - Welfare KW - After-Tax Income KW - Allan Weiss KW - Asset KW - Bankruptcy KW - Calculation KW - Career KW - Competition KW - Consideration KW - Currency KW - Customer KW - Developed country KW - Disability insurance KW - Diversification (finance) KW - Economic inequality KW - Economic security KW - Economist KW - Economy of the United States KW - Electronic money KW - Exchange rate KW - Expense KW - Financial innovation KW - Financial institution KW - Financial technology KW - Futures exchange KW - Home equity KW - Incentive KW - Income KW - Income Risk KW - Income tax KW - Indexation KW - Indexed unit of account KW - Insurance policy KW - Interest rate KW - International Monetary Fund KW - Investor KW - Lecture KW - Life insurance KW - Livelihood KW - Management contract KW - Marginal product KW - Market (economics) KW - Market liquidity KW - Measures of national income and output KW - Milton Friedman KW - Moral hazard KW - Negative income tax KW - Paycheck KW - Payment KW - Pension KW - Precedent KW - Price index KW - Private sector KW - Progressive tax KW - Provision (accounting) KW - Real estate appraisal KW - Real versus nominal value (economics) KW - Recession KW - Redistribution of income and wealth KW - Retirement KW - Risk KW - Risk management KW - Salary KW - Saving KW - Social insurance KW - Social Security System (Philippines) KW - Standard of living KW - Stanford University KW - Tax KW - Tax bracket KW - Tax rate KW - Unemployment benefits KW - Unit of account KW - Value (economics) KW - Wage KW - World economy KW - World War II KW - Year ER - TY - BOOK TI - Irrational Exuberance AU - Shiller, Robert J. DA - 2000/// PY - 2000 DP - www.degruyter.com LA - en PB - Princeton University Press SN - 1-4008-2436-2 ST - Irrational Exuberance UR - https://www.degruyter.com/document/doi/10.1515/9781400865536/html Y2 - 2022/03/17/14:47:44 KW - Capitalism KW - Economic growth KW - Economics KW - Unemployment KW - Investment KW - Technology KW - Optimism KW - Finance KW - Uncertainty KW - Inflation KW - Wealth KW - Employment KW - Financial crisis KW - Stock market KW - Economy KW - Price KW - Quantitative easing KW - Monetary policy KW - Behavioral economics KW - Newspaper KW - Asset KW - Calculation KW - Customer KW - Diversification (finance) KW - Economist KW - Exchange rate KW - Futures exchange KW - Income KW - Interest rate KW - International Monetary Fund KW - Investor KW - Pension KW - Price index KW - Real estate appraisal KW - Real versus nominal value (economics) KW - Recession KW - Saving KW - Tax KW - Value (economics) KW - World War II KW - Year KW - 1997 Asian financial crisis KW - Advertising KW - Alan Greenspan KW - Bond Yield KW - Capital gain KW - Central bank KW - Consumption (economics) KW - Discounts and allowances KW - Dividend KW - Dividend yield KW - Dow Jones Industrial Average KW - Economic bubble KW - Economic problem KW - Efficient-market hypothesis KW - Financial crisis of 2007–08 KW - Forecasting KW - High tech KW - Institutional investor KW - Irrational exuberance KW - Irrational Exuberance (book) KW - Long run and short run KW - Market price KW - Market trend KW - Market value KW - Money illusion KW - National Bureau of Economic Research KW - New York Stock Exchange KW - Overreaction KW - Pension fund KW - Percentage KW - Ponzi scheme KW - Portfolio insurance KW - Prediction KW - Present value KW - Price Change KW - Price level KW - Probability KW - Psychology KW - Publication KW - Rate of return KW - Real estate bubble KW - Real estate economics KW - Real interest rate KW - Robert J. Shiller KW - S&P 500 Index KW - Share price KW - Short sale (real estate) KW - Speculation KW - Standard & Poor's KW - Stock exchange KW - Stock market bubble KW - Stock market crash KW - Suggestion KW - Supply (economics) KW - The New York Times KW - Time value of money KW - Trader (finance) KW - Tulip mania KW - Valuation (finance) ER - TY - JOUR TI - From Efficient Markets Theory to Behavioral Finance AU - Shiller, Robert J. T2 - Journal of Economic Perspectives AB - The efficient markets theory reached the height of its dominance in academic circles around the 1970s. Faith in this theory was eroded by a succession of discoveries of anomalies, many in the 1980s, and of evidence of excess volatility of returns. Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a blossoming of research on behavioral finance. Some important developments since 1990 include feedback theories, models of the interaction of smart money with ordinary investors, and evidence on obstacles to smart money. DA - 2003/03// PY - 2003 DO - 10.1257/089533003321164967 DP - www.aeaweb.org VL - 17 IS - 1 SP - 83 EP - 104 LA - en SN - 0895-3309 UR - https://www.aeaweb.org/articles?id=10.1257%2F089533003321164967&source=post_page--------------------------- Y2 - 2022/03/17/14:42:39 KW - Event Studies KW - Information and Market Efficiency KW - Insider Trading ER - TY - JOUR TI - Permanent and Temporary Components of Stock Prices AU - Fama, Eugene F. AU - French, Kenneth R. T2 - Journal of Political Economy AB - A slowly mean-reverting component of stock prices tends to induce negative autocorrelation in returns. The autocorrelation is weak for the daily and weekly holding periods common in market efficiency tests but stronger for long-horizon returns. In tests for the 1926-85 period, large negative autocorrelations for return horizons beyond a year suggest that predictable price variation due to mean reversion accounts for large fractions of 3-5-year return variances. Predictable variation is estimated to be about 40 percent of 3-5-year return variances for portfolios of small firms. The percentage falls to around 25 percent for portfolios of large firms. DA - 1988/// PY - 1988 DP - JSTOR VL - 96 IS - 2 SP - 246 EP - 273 SN - 0022-3808 UR - https://www.jstor.org/stable/1833108 Y2 - 2022/03/17/14:35:19 ER - TY - JOUR TI - The Efficient Market Hypothesis and Its Critics AU - Malkiel, Burton G. T2 - Journal of Economic Perspectives AB - Revolutions often spawn counterrevolutions and the efficient market hypothesis in finance is no exception. The intellectual dominance of the efficient-market revolution has more been challenged by economists who stress psychological and behaviorial elements of stock-price determination and by econometricians who argue that stock returns are, to a considerable extent, predictable. This survey examines the attacks on the efficient market hypothesis and the relationship between predictability and efficiency. I conclude that our stock markets are more efficient and less predictable than many recent academic papers would have us believe. DA - 2003/03// PY - 2003 DO - 10.1257/089533003321164958 DP - www.aeaweb.org VL - 17 IS - 1 SP - 59 EP - 82 LA - en SN - 0895-3309 UR - https://www.aeaweb.org/articles?id=10.1257/089533003321164958 Y2 - 2022/03/17/14:34:06 KW - Event Studies KW - Information and Market Efficiency KW - Insider Trading ER - TY - JOUR TI - Unaccounted forms of complexity: A path away from the efficient market hypothesis paradigm AU - Maloumian, Nicolas T2 - Social Sciences & Humanities Open AB - Financial markets are complex systems. Even with the prudent notion of inefficiency pockets, the efficient market hypothesis (EMH) is incapable to cope with the possible consequences of complexity in the relationship between information, price and value. Despite savant and sophisticated negative heuristics, the EMH can no longer provide sufficient theoretical conditions to consider the presence of market phases that are reconcilable with it. In other words, market patterns cannot be considered ‘accidental’ effects and/or even be caused by a criterion that is linked to informational inefficiency. This paper shows that markets could behave independently of the concepts and terminology of the EMH, and that computational irreducibility found in complex systems demonstrates its invalidity. As a principle, autonomous price patterns can emerge out of complexity, and this reduces the meaning of the concepts of efficiency or inefficiency, interrogates the causality of the relationship between information and price, and questions the univocity of the relationship between value and price. Since such patterns have been observed and reported abundantly in technical analysis literature, they are to be considered as the outcome of complexity at work. Therefore, in a more sophisticated approach of both uncertainty and determinism, forecasting price behavior is an essential possibility of complexity at work and this consideration may lead to a renewed approach of appraising risks. DA - 2022/01/01/ PY - 2022 DO - 10.1016/j.ssaho.2021.100244 DP - ScienceDirect VL - 5 IS - 1 SP - 100244 J2 - Social Sciences & Humanities Open LA - en SN - 2590-2911 ST - Unaccounted forms of complexity UR - https://www.sciencedirect.com/science/article/pii/S2590291121001406 Y2 - 2022/03/17/14:33:58 KW - Complexity KW - Price KW - Efficient market hypothesis KW - EMH KW - Informational efficiency KW - Invalidity KW - Value ER - TY - JOUR TI - Multifactor Explanations of Asset Pricing Anomalies AU - Fama, Eugene F. AU - French, Kenneth R. T2 - The Journal of Finance AB - Previous work shows that average returns on common stocks are related to firm characteristics like size, earnings/price, cash flow/price, book-to-market equity, past sales growth, long-term past return, and short-term past return. Because these patterns in average returns apparently are not explained by the CAPM, they are called anomalies. We find that, except for the continuation of short-term returns, the anomalies largely disappear in a three-factor model. Our results are consistent with rational ICAPM or APT asset pricing, but we also consider irrational pricing and data problems as possible explanations. DA - 1996/// PY - 1996 DO - 10.1111/j.1540-6261.1996.tb05202.x DP - Wiley Online Library VL - 51 IS - 1 SP - 55 EP - 84 LA - en SN - 1540-6261 UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.1996.tb05202.x Y2 - 2022/03/17/14:32:25 ER - TY - JOUR TI - The Global Financial Crisis and the Efficient Market Hypothesis: What Have We Learned? AU - Ball, Ray T2 - Journal of Applied Corporate Finance AB - The sharp economic downturn and turmoil in the financial markets, commonly referred to as the “global financial crisis,” has spawned an impressive outpouring of blame. The efficient market hypothesis (EMH)—the idea that competitive financial markets exploit all available information when setting security prices—has been singled out for particular attention. Like all successful theories, the EMH has major limitations, even as it continues to provide the foundation for not only past accomplishment, but future advances in the field of finance. Despite the theory's undoubted limitations, the claim that it is responsible for the current worldwide crisis seems wildly exaggerated. This essay shows the misreading of the theory and logical inconsistencies involved in popular arguments that EMH played a significant role in (1) the formation of the real estate and stock market bubbles, (2) investment practitioners' miscalculation of risks, and (3) the failure of regulators to recognize the bubbles and avert the crisis. At the same time, the author argues that the collapse of Lehman Brothers and other large financial institutions, far from resulting from excessive faith in efficient markets, reflects a failure to heed the lessons of efficient markets. In the author's words, “To me, Lehman's demise conclusively demonstrates that, in a competitive capital market, if you take massive risky positions financed with extraordinary leverage, you are bound to lose big one day—no matter how large and venerable you are.” Finally, behavioral finance, widely considered as challenging and even supplanting efficient markets theory, is viewed in this article as complementing if not reinforcing efficient markets theory. As the author says, “it takes a theory to beat a theory.” Behavioralism, for all its important contributions to finance literature, is described as not a theory but rather “a collection of ideas and results”— one that depends for its existence on the theory of efficient markets. DA - 2009/// PY - 2009 DO - 10.1111/j.1745-6622.2009.00246.x DP - Wiley Online Library VL - 21 IS - 4 SP - 8 EP - 16 LA - en SN - 1745-6622 ST - The Global Financial Crisis and the Efficient Market Hypothesis UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1745-6622.2009.00246.x Y2 - 2022/03/17/14:31:02 ER - TY - JOUR TI - The commodification of nature, a review in social sciences AU - Smessaert, Jacob AU - Missemer, Antoine AU - Levrel, Harold T2 - Ecological Economics AB - The commodification of nature, through privatization, marketization, monetary valuation and other associated processes, has become a central topic in social sciences to examine the conditions and effects of the economic approaches for supporting conservation policies all around the world. The aim of this contribution is to delineate the current state of knowledge, within and beyond ecological economics, and to see, with some historical perspective, how commodification has been systematized in the literature. The results are as follows: (i) studies of commodification processes remain essentially critical, with a central role played by economists, political ecologists and geographers; (ii) over the past 15 years, we have seen more fragmentation than consolidation of the field; (iii) researchers avoid analytical shortcuts, but do not always well define what they mean by commodification. The construction of visual representations – we propose a ‘commodification chain’ – and the identification of decommodification opportunities are future lines of research that would be promising, particularly for the community of ecological economists. DA - 2020/06/01/ PY - 2020 DO - 10.1016/j.ecolecon.2020.106624 DP - ScienceDirect VL - 172 SP - 106624 J2 - Ecological Economics LA - en SN - 0921-8009 UR - https://www.sciencedirect.com/science/article/pii/S0921800919316337 Y2 - 2022/03/17/14:23:48 KW - Survey KW - Commodification KW - Economic imperialism KW - Market-based instruments KW - Privatization ER - TY - JOUR TI - Geldreform als Weg aus der Krise? Ein kritischer Überblick auf Bitcoin, Regionalgeld, Vollgeld und die Modern Money Theory AU - Weber, Beat T2 - PROKLA. Zeitschrift für kritische Sozialwissenschaft AB - Monetary reform proposals can be characterized by their position taking on two fundamental debates within monetary theory: What is the nature of money (credit or asset)? Who should issue money (the state or private entities)? In opting for a radical departure from the hybrid nature of the current monetary system, reform proposals suffer from a gap between far reaching legitimacy claims and neglected functionality problems in monetary governance. DA - 2015/06/01/ PY - 2015 DO - 10.32387/prokla.v45i179.218 DP - www.prokla.de VL - 45 IS - 179 SP - 217 EP - 236 LA - de SN - 2700-0311 ST - Geldreform als Weg aus der Krise? UR - https://www.prokla.de/index.php/PROKLA/article/view/218 Y2 - 2022/03/17/11:39:12 KW - Modern Money Theory ER - TY - JOUR TI - Selling out on nature AU - McCauley, Douglas J. T2 - Nature AB - With scant evidence that market-based conservation works, argues Douglas J. McCauley, the time is ripe for returning to the protection of nature for nature's sake. DA - 2006/09// PY - 2006 DO - 10.1038/443027a DP - www.nature.com VL - 443 IS - 7107 SP - 27 EP - 28 LA - en SN - 1476-4687 UR - https://www.nature.com/articles/443027a Y2 - 2022/03/17/11:02:14 KW - Science KW - Humanities and Social Sciences KW - multidisciplinary ER - TY - JOUR TI - Monetary valuation of ecosystem services: It matters to get the timeline right AU - Baveye, Philippe C. AU - Baveye, Jacques AU - Gowdy, John T2 - Ecological Economics AB - In the abundant literature dealing with the monetary valuation, or monetization, of ecosystem services (MES), with very few exceptions, the concept is presented as having emerged in 1997. In fact, there is a long history, starting in the late fifties but largely ignored, of sustained attempts to assign monetary values to nature's services. These early efforts encountered many conceptual and methodological roadblocks, which could not be resolved and led a number of researchers to argue that monetary valuation was not a fruitful approach. It is in that context that MES was hailed by some in 1997 as a promising way to integrate environmental goods and services into the logic of economic markets. Knowledge of the full timeline casts a very different light, in particular on the difficulties currently encountered in the practice of MES; far from being the expected growing pains of a young discipline, these difficulties turn out to be long-standing problems that have eluded solution over the last half-century and appear intrinsically unresolvable. This perspective suggests that, at this point, it is advisable to look at alternatives to MES for the integration of nature into economic decisions. DA - 2013/11/01/ PY - 2013 DO - 10.1016/j.ecolecon.2013.09.009 DP - ScienceDirect VL - 95 SP - 231 EP - 235 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Monetary valuation of ecosystem services UR - https://www.sciencedirect.com/science/article/pii/S0921800913002954 Y2 - 2022/03/17/10:58:15 KW - Environmental sustainability KW - Ecosystem services KW - Commodification KW - Nature's services KW - Valuation ER - TY - JOUR TI - The Value of Nature: Economic, Intrinsic, or Both? AU - Rea, Anne W AU - Munns, Wayne R T2 - Integrated environmental assessment and management DA - 2017/09// PY - 2017 DO - 10.1002/ieam.1924 DP - PubMed Central VL - 13 IS - 5 SP - 953 EP - 955 J2 - Integr Environ Assess Manag SN - 1551-3777 ST - The Value of Nature UR - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5790155/ Y2 - 2022/03/17/10:57:51 L2 - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5790155/ ER - TY - BOOK TI - The Entropy Law and the Economic Process AU - Georgescu-Roegen, Nicholas AB - The Entropy Law and the Economic Process von Nicholas Georgescu-Roegen wurde am 1. Oktober 2013 von Harvard University Press veröffentlicht. DA - 1971/// PY - 1971 DP - www.degruyter.com LA - en PB - Harvard University Press SN - 978-0-674-28165-3 UR - https://www.degruyter.com/document/doi/10.4159/harvard.9780674281653/html?lang=de Y2 - 2022/03/17/10:52:57 KW - Economics. KW - Entropy. ER - TY - JOUR TI - The Future of the Commons AU - Harvey, David T2 - Radical History Review DA - 2011/// PY - 2011 DO - https://doi.org/10.1215/01636545-2010-017 VL - 109 SP - 101 EP - 107 ER - TY - JOUR TI - The Art of Rent: Globalisation, Monopoly and the Commodification of Culture AU - Harvey, David T2 - Socialist Register AB - That culture has become a commodity of some sort is undeniable. Yet there is also a widespread belief that there is something so special about certain cultural products and events (be they in the arts, theatre, music, cinema, architecture or more broadly in localized ways of life, heritage, collective memories and affective communities) as to set them apart from ordinary commodities like shirts and shoes. While the boundary between the two sorts of commodities is highly porous (perhaps increasingly so) there are still grounds for maintaining an analytic separation. It may be, of course, that we distinguish cultural artefacts and events because we cannot bear to think of them as anything other than authentically different, existing on some higher plane of human creativity and meaning than that located in the factories of mass production and consumption. But even when we strip away all residues of wishful thinking (often backed by powerful ideologies) we are still left with something very special about those products designated as 'cultural'. How, then, can the commodity status of so many of these phenomena be reconciled with their special character? DA - 2002/// PY - 2002 DP - socialistregister.com VL - 38 LA - en SN - 0081-0606 ST - The Art of Rent UR - https://socialistregister.com/index.php/srv/article/view/5778 Y2 - 2022/03/17/10:41:45 ER - TY - BOOK TI - Natural Causes: Essays in Ecological Marxism AU - O'Connor, James R. AB - Economic growth since the Industrial Revolution has been achieved at great cost both to the natural environment and to the autonomy of human communities. What can a Marxist perspective contribute to understanding this disturbing legacy, and mitigating its impact on future generations? Renowned social theorist James O'Connor shows how the policies and imperatives of business and government influence - and are influenced by - environmental and social change. Probing the relationship between economy, nature, and society, O'Connor argues that environmental and social crises pose a growing threat to capitalism itself. These illuminating essays and case studies demonstrate the power of ecological Marxist analysis for understanding our diverse environmental and social history, for grounding economic behavior in the real world, and for formulating and evaluating new political strategies. DA - 1998/01/01/ PY - 1998 DP - Google Books SP - 376 LA - en PB - Guilford Press SN - 978-1-57230-273-0 ST - Natural Causes L2 - https://books.google.at/books?id=4_cYGQ2BafUC KW - Political Science / Political Ideologies / Communism, Post-Communism & Socialism KW - Science / Life Sciences / Ecology KW - Social Science / Human Geography ER - TY - RPRT TI - System of Environmental-Economic Accounting 2012 – Experimental Ecosystem Accounting AU - United Nations et al. DA - 2021/// PY - 2021 M3 - White cover publication, pre-edited text subject to official editing. UR - https://seea.un.org/ecosystem-accounting Y2 - 2022/03/18/09:40:37 L1 - files/26152/United Nations et al._2021_System of Environmental-Economic Accounting 2012 – Experimental Ecosystem.pdf ER - TY - RPRT TI - 50 Shades of Green Part II: The Fallacy of Environmental Markets AU - Hache, Frederic AB - Recent calls to action to address critical loss of biodiversity are both long overdue and very welcome, but a parallel debate on the ‘how’ is missing. Yet the ‘how’ is arguably as important as the headline objective. The ‘how’ is also in the process of changing drastically with the promotion of new financial markets on environmental destruction, and the mainstreaming of a new kind of sustainable finance. Offset markets on biodiversity and other ecosystem services have been shown to suffer from intractable conceptual issues, including measurement issues, incalculable additionality, highly uncertain valuations and an inexistent price signal. As a result, they will never be able to achieve their environmental and social objectives. Empirical evidence also suggests an appalling social and environmental track record for some existing markets. As importantly, the selective pricing of only some ecosystem services and the ignorance of ecosystem interdependencies mean that the resulting values cannot claim to represent biodiversity. Traditional environmental regulation would be far more effective, simpler and cheaper to address the critical loss of natural resources. They would not require the unrealistic assumptions and oversimplifications needed to create markets on biodiversity, and would accommodate infinitely better the high scientific uncertainty and our incomplete scientific knowledge. While putting a price on nature to save it is a catchy formula, it would therefore seem that regulating nature’s destruction would be a far superior alternative. Sustainable finance should not foster the creation of such markets if it is to be truly sustainable. CY - Rochester, NY DA - 2019/05/01/ PY - 2019 DP - papers.ssrn.com LA - en M3 - SSRN Scholarly Paper PB - Social Science Research Network SN - ID 3547414 ST - 50 Shades of Green Part II UR - https://papers.ssrn.com/abstract=3547414 Y2 - 2022/03/18/09:31:06 L1 - files/26176/Hache_2019_50 Shades of Green Part II.pdf KW - market KW - biodiversity KW - natural capital KW - ecosystem service KW - habitat banking KW - offset ER - TY - BOOK TI - The Limits to Growth AU - Meadows, Donella H. AU - Meadows, Dennis L. AU - Randers, Jorgen AU - Behrens, William B. III CY - New York DA - 1972/// PY - 1972 DP - Amazon PB - Club of Rome. Universe Books L2 - https://www.amazon.de/Limits-Growth-Donella-Meadows-1972-10-01/dp/B01N5JMO52/ref=sr_1_4?keywords=limits+to+growth+1972&qid=1647768130&sprefix=limits+to+grow%2Caps%2C140&sr=8-4 ER - TY - JOUR TI - Bitcoin: Medium of exchange or speculative assets? AU - Baur, Dirk G. AU - Hong, KiHoon AU - Lee, Adrian D. T2 - Journal of International Financial Markets, Institutions and Money AB - Bitcoin is defined as digital money within a decentralized peer-to-peer payment network. It is a hybrid between fiat currency and commodity currency without intrinsic value and independent of any government or monetary authority. This paper analyses the question of whether Bitcoin is a medium of exchange or an asset and more specifically, what is its current usage and what usage will prevail in the future given its characteristics. We analyse the statistical properties of Bitcoin and find that it is uncorrelated with traditional asset classes such as stocks, bonds and commodities both in normal times and in periods of financial turmoil. The analysis of transaction data of Bitcoin accounts shows that Bitcoins are mainly used as a speculative investment and not as an alternative currency and medium of exchange. DA - 2018/05/01/ PY - 2018 DO - 10.1016/j.intfin.2017.12.004 DP - ScienceDirect VL - 54 SP - 177 EP - 189 J2 - Journal of International Financial Markets, Institutions and Money LA - en SN - 1042-4431 ST - Bitcoin UR - https://www.sciencedirect.com/science/article/pii/S1042443117300720 Y2 - 2022/03/19/23:34:56 KW - Bitcoin KW - Alternative currency KW - Asset class KW - Digital currency KW - Medium of exchange KW - Safe haven ER - TY - RPRT TI - A Review Of Ecosystem Valuation Techniques AU - Carson, Rebecca M. AU - Bergstrom, John C. T2 - Faculty Series AB - No abstract is available for this item. DA - 2003/// PY - 2003 DP - ideas.repec.org LA - en PB - University of Georgia, Department of Agricultural and Applied Economics SN - 16651 UR - https://ideas.repec.org/p/ags/ugeofs/16651.html Y2 - 2022/03/19/15:04:03 L1 - files/27138/Carson_Bergstrom_2003_A Review Of Ecosystem Valuation Techniques.pdf KW - Resource /Energy Economics and Policy ER - TY - JOUR TI - Ecosystem valuation: some principles and a partial application AU - Morse-Jones, Sian AU - Luisetti, Tiziana AU - Turner, R. Kerry AU - Fisher, Brendan T2 - Environmetrics AB - Understanding the economic value of nature and the services it provides to humanity has become increasingly important for local, national and global policy, and decision-making. However, problems arise in that it is difficult to obtain meaningful values for goods and services that ecosystems provide which have no formal market, or are characteristically intangible. Additional problems occur when economic methods are applied inappropriately and when the importance of ecosystem maintenance for human welfare is underestimated. In this article, we provide clarification to practitioners on important considerations in ecosystem services valuation. We first review and adapt definitions of ecosystem services in order to make an operational link to valuation methods. We make a distinction between intermediate and final ecosystem services and also identify non-monetary ways to incorporate regulatory and support services into decision-making. We then discuss the spatially explicit nature of ecosystem service provision and benefits capture, and highlight the issues surrounding the valuing of marginal changes, nonlinearities in service benefits, and the significance of non-convexities (threshold effects). Finally, we argue for a sequential decision support system that can lead to a more integrated and rigorous approach to ecosystem valuation and illustrate some of its features in a coastal ecosystem management context. Copyright © 2011 John Wiley & Sons, Ltd. DA - 2011/// PY - 2011 DO - 10.1002/env.1073 DP - Wiley Online Library VL - 22 IS - 5 SP - 675 EP - 685 LA - en SN - 1099-095X ST - Ecosystem valuation UR - https://onlinelibrary.wiley.com/doi/abs/10.1002/env.1073 Y2 - 2022/03/19/15:03:20 KW - economic valuation KW - ecosystem services KW - ecosystem valuation ER - TY - JOUR TI - Ecosystem valuation AU - Turner, R. Kerry AU - Morse-Jones, Sian AU - Fisher, Brendan T2 - Annals of the New York Academy of Sciences AB - Understanding the economic value of nature and the services it provides to humanity has become increasingly important for local, national, and global policy and decision making. It has become obvious that quantifying and integrating these services into decision making will be crucial for sustainable development. Problems arise in that it is difficult to obtain meaningful values for the goods and services that ecosystems provide and for which there is no formal market. A wide range of ecosystem services fall into this category. Additional problems arise when economic methods are applied inappropriately and when the importance of ecosystem maintenance for human welfare is underestimated. In this article we identify a place for monetary valuation within the pluralistic approach supported by ecological economics and assess progress to date in the application of environmental valuation to ecosystem service provision. We first review definitions of ecosystem services in order to make an operational link to valuation methods. We then discuss the spatially explicit nature of ecosystem services provision and benefits capture. We highlight the importance of valuing marginal changes and the role for macroscale valuation, nonlinearities in service benefits, and the significance of nonconvexities (threshold effects). We also review guidance on valuation studies quality assurance, and discuss the problems inherent in the methodology as exposed by the findings of behavioral economics, as well as with benefits transfer—the most common way valuation studies are applied in the policy process. We argue for a sequential decision support system that can lead to a more integrated and rigorous approach to environmental valuation and biophysical measurement of ecosystem services. This system itself then needs to be encompassed within a more comprehensive multicriteria assessment dialogue and process. DA - 2010/// PY - 2010 DO - 10.1111/j.1749-6632.2009.05280.x DP - Wiley Online Library VL - 1185 IS - 1 SP - 79 EP - 101 LA - en SN - 1749-6632 UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1749-6632.2009.05280.x Y2 - 2022/03/19/15:02:45 KW - ecosystem services KW - ecosystem valuation KW - double counting KW - ecosystem valuation techniques KW - marginality KW - nonlinearities KW - spatial explicitness KW - threshold effects ER - TY - JOUR TI - Issues in ecosystem valuation: improving information for decision making AU - Bingham, Gail AU - Bishop, Richard AU - Brody, Michael AU - Bromley, Daniel AU - Clark, Edwin (Toby) AU - Cooper, William AU - Costanza, Robert AU - Hale, Thomas AU - Hayden, Gregory AU - Kellert, Stephen AU - Norgaard, Richard AU - Norton, Bryan AU - Payne, John AU - Russell, Clifford AU - Suter, Glenn T2 - Ecological Economics T3 - Issues in Ecosystem Valuation Improving Information for Decision Making AB - In Spring 1991, the U.S. Environmental Protection Agency convened an expert group of ecologists, economists and other social scientists for the purpose of advancing the state of the art of ecosystem valuation methods. This Ecosystem Valuation Forum was organized as a dialogue because it has been clear from the outset that agreement even on the meaning of the term “ecosystem valuation” could not be taken for granted. Individuals from diverse disciplines, and from industry, environmental groups and government agencies disagree about what information about ecosystem services is needed, how it should be used and, therefore, what would constitute an advance in the methods that analysts should employ. The Forum discussed the varied ways in which experts from different disciplines approach valuation, what ecosystem attributes or services are important to value, and the factors that complicate the task of assigning values to ecosystem attributes. The Forum placed particular importance on approaching the problem of ecosystem valuation from the perspective of decision makers. Therefore, members discussed the variety of decision makers who might need valuation information, the controversy over where balancing decisions about costs and benefits should be made, and the implications for what information is needed within different institutional constraints. In addition, agency decision makers operate under real time and resource constraints. Thus, the Forum discussed the need to develop protocols that would guide analysts in a search for decisive information. The Forum concluded that the time is ripe for making new progress in solving some of these problems, while acknowledging that it may not be possible to develop a single unifying definition of value. Instead, the goal would be to understand how various concepts of value are structured, how they relate to each other, and how they can guide us toward a more integrated valuation process. The Forum recommended that next steps in addressing these issues be organized around case studies, particularly those that would enable researchers to improve linkages between ecological and economic methods and to develop improved protocols for valuation studies. DA - 1995/08/01/ PY - 1995 DO - 10.1016/0921-8009(95)00021-Z DP - ScienceDirect VL - 14 IS - 2 SP - 73 EP - 90 J2 - Ecological Economics LA - en SN - 0921-8009 ST - Issues in ecosystem valuation UR - https://www.sciencedirect.com/science/article/pii/092180099500021Z Y2 - 2022/03/19/15:02:08 KW - Decision makers KW - Ecosystem valuation ER - TY - RPRT TI - Optionen für eine CO2-Preisreform AU - Edenhofer, Ottmar AU - Flachsland, Christian AU - Kalkuhl, Matthias AU - Knopf, Brigitte AU - Pahle, Michael AB - Die deutsche Klimapolitik benötigt eine grundlegende Neuausrichtung. Deutschland muss im Rahmen der EU-Lastenteilungsverordnung bis 2030 seine Emissionen im Verkehrs-, Gebäude- und Landwirtschaftssektor sowie in Teilen des Industrie- und Energiesektors um 38 Prozent gegenüber 2005 vermindern, sonst drohen erhebliche Strafzahlungen. Das erfordert einen deutlich steileren CO2-Reduktionspfad als in den vergangenen Jahren. Die Regierung plant daher, bis zum Ende des Jahres ein Klimaschutzgesetz zu verabschieden. Mit der aktuellen Ausrichtung von Energiewende und Klimapolitik kann dieses Ziel allerdings nicht erreicht werden, weil die bestehenden ökonomischen Anreize unzureichend sind und für Investoren und Innovatoren erhebliche Unsicherheiten über die zukünftige Ausrichtung der Klimapolitik bestehen. Außerdem sind die bisherigen Maßnahmen sozial unausgewogen. Der klimapolitische Rahmen muss dringend auf das zentrale Ziel ausgerichtet werden, also das Vermeiden von CO2-Emissionen. Der CO2-Preis sollte zum Leitinstrument der Klimapolitik werden. Gleichzeitig wächst die Unzufriedenheit mit dem unzureichenden klimapolitischen Fortschritt in breiten Teilen der Gesellschaft: Die nationalen Klimaziele für 2020 werden verfehlt. Die Jugend, prominent vertreten durch die "Fridays for Future"-Bewegung, sieht die Lebensgrundlagen ihrer eigenen und künftiger Generationen in Gefahr. Klimaschutz ist zu einem zentralen Thema in der Mitte der Gesellschaft geworden. Daraus ist ein unmittelbarer klimapolitischer Handlungsdruck entstanden, der für eine umfassende Reform der Klimapolitik genutzt werden sollte. Die nötigen Reformen lassen sich nur durch einen Paradigmenwechsel erreichen, bei dem auch die Umwelt- und Klimapolitik an den grundlegenden Prinzipien der Sozialen Marktwirtschaft ausgerichtet wird. Dabei gilt es den Wettbewerb um die günstigsten Vermeidungstechnologien zu fördern, Investitionssicherheit zu stärken, die Gesamtkosten für die Erreichung der Ziele möglichst gering zu halten und die Belastungen gerecht über Haushalte und Unternehmen zu verteilen. Ordnungsrecht und Förderprogramme sollten künftig nur eine ergänzende Rolle einnehmen. Im Zentrum der Neuausrichtung muss eine umfassende und koordinierte Bepreisung der CO2-Emissionen stehen. Die Ausgestaltung einer deutschen CO2-Preisreform sollte von Beginn an als Dreiklang gedacht werden: Erstens muss der Konvergenzpunkt eine europaweit harmonisierte CO2-Bepreisung sein. Zweitens sollte Deutschland als Zwischenschritt zügig eine nationale CO2-Preisreform umsetzen, um seine Ziele im Rahmen der EU-Lastenteilungsverordnung zu erreichen. Drittens sollte die europäische CO2-Preisreform Grundlage für erfolgreiche internationale Klimaverhandlungen werden. Mit dieser Reform haben Deutschland und Europa die Chance, nicht nur die europäische Klimapolitik voranzubringen, sondern auch ihre Position in den internationalen Verhandlungen zu verbessern. DA - 2019/// PY - 2019 DP - www.econstor.eu LA - ger M3 - Working Paper PB - Arbeitspapier SN - 04/2019 UR - https://www.econstor.eu/handle/10419/201374 Y2 - 2022/03/19/14:08:32 L1 - files/26156/Edenhofer et al_2019_Optionen für eine CO2-Preisreform.pdf ER - TY - JOUR TI - Safeguarding the energy transition against political backlash to carbon markets AU - Pahle, M. AU - Tietjen, O. AU - Osorio, S. AU - Egli, F. AU - Steffen, B. AU - Schmidt, T. S. AU - Edenhofer, O. T2 - Nature Energy AB - Substantial renewable energy (RE) cost reductions have raised the prospect of a subsidy-free RE era of the energy transition. The envisaged policy cornerstones of this era are carbon markets, which create economic incentives for sustaining further RE deployment. However, this overlooks that exposing RE to market risks and increasing interest rates would result in substantially higher financing cost, which in turn would lead to much steeper carbon price paths. The resulting political pressure may provoke a price-depressing regulatory intervention, disrupting further RE expansion. Here we conceptualize this feedback and infer indicators for the risk of such an intervention. By quantifying these indicators for the European Union, we find that increased financing cost could double carbon prices in the long term, halve the rate of renewable capacity deployment in the next 15 years and considerably increase the profits of fossil fuel plants. This implies a substantial risk of pushback that policymakers should safeguard against. DA - 2022/03/03/ PY - 2022 DO - 10.1038/s41560-022-00984-0 DP - www.nature.com SP - 1 EP - 7 J2 - Nat Energy LA - en SN - 2058-7546 UR - https://www.nature.com/articles/s41560-022-00984-0 Y2 - 2022/03/19/13:54:17 KW - Economics KW - Finance KW - Politics and international relations ER - TY - ELEC TI - MCC Carbon Clock: Remaining carbon budget - Mercator Research Institute on Global Commons and Climate Change (MCC) AU - MCC DA - 2022/// PY - 2022 UR - https://www.mcc-berlin.net/en/research/co2-budget.html Y2 - 2022/03/19/13:46:54 ER - TY - JOUR TI - Supplement to “OeNB climate risk stress test – modeling a carbon price shock for the Austrian banking sector” AU - Königswieser, Csilla AU - Neudorfer, Benjamin AU - Schneider, Martin T2 - Financial Stability Report AB - This supplement contains the formal write-up of the sectoral carbon price model as described in detail, albeit in natural language in section 3.1 of the paper “OeNB climate risk stress test – modeling a carbon price shock for the Austrian banking sector” in the OeNB’s Financial Stability Report 42. The sectoral carbon price model is implemented as a multiregional input-output analysis for 21 NACE sectors in the 27 countries of the European Union. We start with a short introduction to input-analysis and carbon prices, section 2 is then structured along the five calculation steps of our input-output model: 1) carbon price shocks, 2) price model with incomplete cost pass-through, 3) final demand model, 4) quantity model and 5) second-round effects. DA - 2021/// PY - 2021 DP - ideas.repec.org IS - 42 LA - en UR - https://ideas.repec.org/a/onb/oenbfs/y2021i42b2.html Y2 - 2022/03/19/13:43:42 ER - TY - JOUR TI - OeNB climate risk stress test – modeling a carbon price shock for the Austrian banking sector AU - Guth, Martin AU - Hesse, Jannika AU - Königswieser, Csilla AU - Krenn, Gerald AU - Lipp, Christian AU - Neudorfer, Benjamin AU - Schneider, Martin AU - Weiss, Philipp T2 - Financial Stability Report AB - The climate crisis is one of the most pressing global issues of our time. Policymakers across the field are challenged with the trade-offs of either taking insufficient action to tackle climate change and keeping the current economy humming or decisively addressing global warming and sending the economy into a tailspin. The introduction of a carbon pricing mechanism, one of the main policy instruments in the transition to a more climate-friendly economy, has been intensively discussed. In Austria, the government presented a tax reform package in September 2021, which also includes a carbon pricing scheme. In this article, we assess the impact of carbon pricing on the Austrian banking system in a forward-looking framework. We evaluate three scenarios over a horizon of five years: The baseline scenario is consistent with the current OeNB top-down solvency stress test and serves as a reference point. One transition scenario assumes an orderly increase of carbon emission costs for the economy, the other one envisages a disorderly increase. These two scenarios provide the empirical basis for our policy conclusions. Our stress test focuses on the transmission channels and the potential impact of transition risks on the banking system and should not be interpreted as a forecast of the development of the Austrian economy. We expand the OeNB’s top-down stress testing infrastructure with two additional models. First, we develop an enhanced multiregional input-output model to calculate cost and turnover changes for different economic sectors following the introduction of carbon pricing schemes. Second, we expand the OeNB’s corporate insolvency model introduced in 2020 to assess the impact of the COVID-19 pandemic to include shocks such as a carbon emissions-based shock. This allows us to assess the impact of the aforementioned policy measures on sectoral insolvency rates, which is then used as an approximation for stressed credit risk default probabilities. In addition, we use these stressed default rates to derive valuation losses in Austrian banks’ bond portfolios. Both inputs feed into the OeNB’s top-down stress testing framework ARNIE, making it possible to assess the impact on the Austrian banking system. Our results imply that especially the disorderly transition scenario can have a sizable impact on certain economic sectors, most importantly agriculture and transport, where default rates would rise sharply, affecting banks exposed to these sectors. The aggregate CET1 ratio for the Austrian banking system would decrease by 2.7 percentage points in the disorderly scenario and by 0.7 percentage points in the orderly scenario. Given initial capitalization levels, this seems manageable. Hence, while the introduction of a carbon pricing mechanism will certainly create additional costs for the Austrian banking system, our results indicate that the banks are well placed to withstand the indirect effects of measures to counter the climate crisis. DA - 2021/// PY - 2021 DP - ideas.repec.org IS - 42 SP - 27 EP - 45 LA - en UR - https://ideas.repec.org/a/onb/oenbfs/y2021i42b1.html Y2 - 2022/03/19/13:41:27 KW - climate change KW - risk management KW - banks KW - credit risk KW - stress tests ER - TY - JOUR TI - Austrian banks’ exposure to climate-related transition risk AU - Battiston, Stefano AU - Guth, Martin AU - Monasterolo, Irene AU - Neudorfer, Benjamin AU - Pointner, Wolfgang T2 - Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank) AB - Climate change poses several risks to the value of financial assets and to financial stability. In this study, we estimate the exposure of the Austrian banking sector to climate risks that might arise from a disorderly transition to a carbon-neutral economy. To this end, we identify climate policy-relevant sectors (CPRSs), i.e. sectors which are particularly sensitive to these transition risks, and match that information with granular data of outstanding credits and bonds held by Austrian banks. We find that the Austrian banking sector’s direct exposure to CPRSs is comparable with banks’ exposure in other countries and relevant to financial supervision. As some banks are particularly exposed to climate transition risk, both banks and supervisors should take this risk seriously and monitor it closely. DA - 2020/// PY - 2020 DP - ideas.repec.org IS - 40 SP - 31 EP - 44 LA - en UR - https://ideas.repec.org/a/onb/oenbfs/y2020i40b1.html Y2 - 2022/03/19/13:39:33 KW - climate change KW - risk management KW - credit risk ER - TY - RPRT TI - The EU Budgetary Package 2021 to 2027 Almost Finalised: An Assessment AU - Reininger, Thomas AB - This policy note presents an assessment of the EU budgetary package for 2021-2027, including the European Union Recovery Instrument... DA - 2021/// PY - 2021 DP - wiiw.ac.at LA - en PB - wiiw Policy Note/Policy Report No. 45 ST - The EU Budgetary Package 2021 to 2027 Almost Finalised UR - https://wiiw.ac.at/p-5627.html Y2 - 2022/03/19/13:22:35 L1 - files/25982/Reininger_2021_The EU Budgetary Package 2021 to 2027 Almost Finalised.pdf ER - TY - JOUR TI - Green transition: what have CESEE EU member states achieved so far? AU - Breitenfellner, Andreas AU - Lahnsteiner, Mathias AU - Reininger, Thomas AU - Schriefl, Jakob T2 - Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank) AB - Scientific evidence and political commitments require decisive measures to both mitigate and adapt to climate change. This stock-taking exercise sheds light on the green transition to climate neutrality in Central, Eastern and Southeastern Europe (CESEE), comparing the EU members in CESEE in the aggregate with the group of other EU countries. Over the last three decades, CESEE economies have converged substantially to EU averages with respect to both carbon intensity and income per capita – on the back of their profound and painful restructuring process mainly in the first decade of their transition to market economies. Analyzing the development of greenhouse gas emissions in CESEE from 1990 to 2018, we find that energy intensity dropped markedly, the share of transport sector emissions increased sharply and reliance on coal, while still substantial, declined. Industry electricity prices before taxes in CESEE are roughly on a par with the EU average, but household energy prices before taxes are still moderately lower in nominal – but clearly higher – in real terms (adjusted for income levels). At the same time, (implicit) CO2 prices are below EU average levels. Comparing EU member states’ climate policy commitments, we find that both the CESEE and the other EU members are very likely to have met the long-standing targets for 2020 on aggregate, with the targets for the CESEE region having been relatively modest. We conclude that despite their still lagging behind somewhat, CESEE economies are generally well positioned to advance their green transition at relatively low costs and to compete for market shares in green industries. However, all EU member states must step up their efforts in the coming years to have a reasonable chance of reaching their net-zero emission target in 2050 and the intermediate target to reduce net emissions by 55% up to 2030. Our assessment is relevant for the ongoing drive in the EU to mobilize finance for sustainable growth – a drive which involves central banks and supervisors in banks’ home and host countries. DA - 2021/// PY - 2021 DP - ideas.repec.org IS - Q4/21 SP - 61 EP - 76 LA - en ST - Green transition UR - https://ideas.repec.org/a/onb/oenbfi/y2021iq4-21b1.html Y2 - 2022/03/19/13:20:12 KW - climate change KW - environmental sustainability KW - economic development KW - Central KW - Eastern and Southeastern Europe KW - low-carbon transition ER - TY - JOUR TI - Österreichs Klimapolitik: Vom Vorbild zum Nachzügler in der EU AU - Breitenfellner, Andreas AU - Lahnsteiner, Matthias AU - Reininger, Thomas T2 - OeNB Konjunktur aktuell DA - 2021/// PY - 2021 IS - Dezember 2021 UR - https://www.oenb.at/Publikationen/Volkswirtschaft/konjunktur-aktuell.html L1 - files/25985/Breitenfellner et al_2021_Österreichs Klimapolitik.pdf ER - TY - RPRT TI - Climate change as a risk to financial stability AU - Pointner, Wolfgang AU - Ritzberger-Grünwald, Doris DA - 2019/// PY - 2019 M3 - In: Financial Stability Report 38, OeNB Oesterreichische Nationalbank UR - https://www.oenb.at/Publikationen/Finanzmarkt/Finanzmarktstabilitaetsbericht.html L1 - files/25986/Pointner_Ritzberger-Grünwald_2019_Climate change as a risk to financial stability.pdf ER - TY - JOUR TI - The joint distribution of wealth, income and consumption in Austria: a cautionary note on heterogeneity AU - Lindner, Peter AU - Schürz, Martin T2 - Monetary Policy and the Economy Q4/19 - Oesterreichische Nationalbank (OeNB) DA - 2019/// PY - 2019 UR - https://www.oenb.at/Publikationen/Volkswirtschaft/Geldpolitik-und-Wirtschaft/2019/monetary-policy-and-the-economy.html Y2 - 2022/03/19/11:41:55 ER - TY - JOUR TI - Wealth Inequality: A Hybrid Approach Toward Multidimensional Distributional National Accounts In Europe AU - Waltl, Sofie R. T2 - Review of Income and Wealth AB - This article proposes a practically feasible framework for compiling Multidimensional Distributional National Accounts (MDINAs) serving two functions: a comprehensive measure of (components of) net worth and their distribution, and a link to macroeconomic statistics. I break down 12 components of marketable wealth by wealth and income groups, and three functions of wealth for Austria, Finland, France, Germany, and Spain. MDINA complemented by summary indicators reveal large heterogeneity in the degree of inequality, and shed light on differences in the structure of wealth portfolios across and within countries. I combine data collected in the largely harmonized HFCS survey and adjust for remaining differences in survey modes regarding the treatment of the top tail using (Generalized) Pareto models estimated from rich lists or top wealth shares derived from tax data and leaked information on wealth held in offshore tax havens. Measured inequality increases strongest in countries where surveys refrain from appropriate top-tail corrections. DA - 2022/// PY - 2022 DO - 10.1111/roiw.12519 DP - Wiley Online Library VL - 68 IS - 1 SP - 74 EP - 108 LA - en SN - 1475-4991 ST - Wealth Inequality UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/roiw.12519 Y2 - 2022/03/19/11:46:41 KW - HFCS KW - micro–macro linkage KW - Multidimensional Distributional National Accounts KW - survey data KW - wealth decomposition ER - TY - JOUR TI - Eurosystem Household Finance and Consumption Survey 2017 for Austria AU - Fessler, Pirmin AU - Lindner, Peter AU - Schürz, Martin T2 - Monetary Policy and the Economy Q4/18 - Oesterreichische Nationalbank (OeNB) DA - 2018/// PY - 2018 UR - https://www.oenb.at/Publikationen/Volkswirtschaft/Geldpolitik-und-Wirtschaft/2018/monetary-policy-and-the-economy-q4-18.html Y2 - 2022/03/19/11:38:42 ER - TY - JOUR TI - Rational Expectations and Macroeconomics in 1984 AU - Barro, Robert J. T2 - The American Economic Review DA - 1984/// PY - 1984 DP - JSTOR VL - 74 IS - 2 SP - 179 EP - 182 SN - 0002-8282 UR - https://www.jstor.org/stable/1816351 Y2 - 2022/03/19/09:57:18 ER - TY - JOUR TI - The Rational Expectations Revolution: An Assessment AU - Hoover, Kevin D. T2 - Cato Journal DA - 1992///1993 PY - 1992 VL - 12 SP - 81 J2 - Cato J. ST - The Rational Expectations Revolution UR - https://heinonline.org/HOL/Page?handle=hein.journals/catoj12&id=87&div=&collection= ER - TY - BOOK TI - A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Markets Models AU - Mishkin, Frederic S. AB - A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program. DA - 2007/11/01/ PY - 2007 DP - www.degruyter.com LA - en PB - University of Chicago Press SN - 978-0-226-53192-2 ST - A Rational Expectations Approach to Macroeconometrics UR - https://www.degruyter.com/document/doi/10.7208/9780226531922/html Y2 - 2022/03/19/09:54:45 KW - rationality KW - methodology KW - macroeconomics KW - monetary policy KW - government KW - growth KW - unemployment KW - economics KW - econometrics KW - capital KW - finance KW - inflation KW - regulation KW - aggregate demand KW - business KW - forecasting equations KW - gnp KW - interest rates KW - investment KW - market efficiency KW - markets KW - models KW - nonfiction KW - output KW - rational expectations KW - variables ER - TY - CHAP TI - How the Rational Expectations Revolution has Changed Macroeconomic Policy Research AU - Taylor, John T2 - Advances in Macroeconomic Theory: International Economic Association A2 - Drèze, Jacques T3 - International Economic Association AB - The rational expectations hypothesis is by far the most common expectations assumption used in macroeconomic research today. This hypothesis, which simply states that people’s expectations are the same as the forecasts of the model being used to describe those people, was first put forth and used in models of competitive product markets by John Muth in the 1960s. But it was not until the early 1970s that Robert Lucas (1972, 1976) incorporated the rational expectations assumption into macroeconomics and showed how to make it operational mathematically. The ‘rational expectations revolution’ is now as old as the Keynesian revolution was when Robert Lucas first brought rational expectations to macroeconomics. CY - London DA - 2001/// PY - 2001 DP - Springer Link SP - 79 EP - 96 LA - en PB - Palgrave Macmillan UK SN - 978-0-333-99275-3 UR - https://doi.org/10.1057/9780333992753_5 Y2 - 2022/03/19/09:54:13 KW - Central Bank KW - Federal Reserve KW - Interest Rate KW - Monetary Policy KW - Rational Expectation ER - TY - JOUR TI - The Rational Expectations Revolution* AU - Begg, David T2 - Economic Outlook AB - In the last decade there has been a major new development in economics – the Rational Expectations Revolution. Its supporters claim that it has permanently altered our whole approach to economics, particularly in the areas of policy-making and forecasting. Its critics argue that it is based on wholly unrealistic ideas about the possible sophistication of individuals in making economic decisions. This Briefing Paper offers a preliminary assessment of the Rational Expectations Revolution and indicates areas in which current research is active. DA - 1982/// PY - 1982 DO - 10.1111/j.1468-0319.1982.tb00817.x DP - Wiley Online Library VL - 6 IS - 9 SP - 23 EP - 30 LA - en SN - 1468-0319 UR - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-0319.1982.tb00817.x Y2 - 2022/03/19/09:53:02 ER - TY - BOOK TI - Less is More: How Degrowth Will Save the World AU - Hickel, Jason CY - London DA - 2021/02/25/ PY - 2021 DP - Amazon ET - 1 SP - 336 LA - Englisch PB - Windmill Books SN - 978-1-78609-121-5 ST - Less is More ER - TY - JOUR TI - Non-bank financial sector: systemic regulation needed AU - Carstens, Augustin T2 - BIS Quarterly Review AB - BIS Quarterly Review for December 2021 - Widening the regulatory circle for non-bank financial firms DA - 2021/12/06/ PY - 2021 DP - www.bis.org VL - December 2021 SP - 1 EP - 6 LA - en UR - https://www.bis.org/publ/qtrpdf/r_qt2112.htm Y2 - 2022/07/21/13:02:04 ER - TY - BOOK TI - Der Wachstumszwang: Warum die Volkswirtschaft immer weiterwachsen muss, selbst wenn wir genug haben AU - Binswanger, Mathias CY - Weinheim DA - 2019/05/08/ PY - 2019 DP - Amazon ET - 1 SP - 310 LA - Deutsch PB - Wiley-VCH SN - 978-3-527-50975-1 ST - Der Wachstumszwang ER - TY - BOOK TI - Beschleunigung: die Veränderung der Zeitstrukturen in der Moderne AU - Rosa, Hartmut T2 - Suhrkamp Taschenbuch Wissenschaft CN - HM656 .R67 2005 CY - Frankfurt am Main DA - 2005/// PY - 2005 DP - Library of Congress ISBN ET - 1. Aufl SP - 537 M1 - 1760 PB - Suhrkamp SN - 978-3-518-29360-7 ST - Beschleunigung KW - 21st century KW - Civilization, Modern KW - Social change KW - Sociological aspects KW - Time KW - Time perception KW - Time pressure ER - TY - BOOK TI - Bullshit jobs AU - Graeber, David AB - "'Does your job make a meaningful contribution to the world?' David Graeber asked this question in a playful, provocative online essay titled On the Phenomenon of Bullshit Jobs. He defined a bullshit job as 'a form of paid employment that is so completely pointless, unnecessary, or pernicious that even the employee cannot justify its existence, even though as part of the conditions of employment, the employee feels obliged to pretend that this is not the case.' After a million views in seventeen different languages, people all over the world are still debating the answer. ... Graeber, in his singularly searing and illuminating style, identifies the five types of bullshit jobs and argues that when 1 percent of the population controls most of a society's wealth, they control what jobs are 'useful' and 'important.' ... Graeber illustrates how nurses, bus drivers, musicians, and landscape gardeners provide true value, and what it says about us as a society when we look down upon them. Using arguments from some of the most revered political thinkers, philosophers, and scientists of our time, Graeber articulates the societal and political consequences of these bullshit jobs. Depression, anxiety, and a warped sense of our values are all dire concerns. He provides a blueprint to undergo a shift in values, placing creative and caring work at the center of our culture, providing the meaning and satisfaction we all crave."--Jacket. CY - New York DA - 2018/// PY - 2018 DP - Open WorldCat LA - English PB - Simon & Schuster SN - 978-1-5011-4331-1 L4 - files/27963/Graeber_2018_Bullshit jobs.epub ER - TY - JOUR TI - Is Green Growth Possible? AU - Hickel, Jason AU - Kallis, Giorgos T2 - New Political Economy AB - The notion of green growth has emerged as a dominant policy response to climate change and ecological breakdown. Green growth theory asserts that continued economic expansion is compatible with our planet’s ecology, as technological change and substitution will allow us to absolutely decouple GDP growth from resource use and carbon emissions. This claim is now assumed in national and international policy, including in the Sustainable Development Goals. But empirical evidence on resource use and carbon emissions does not support green growth theory. Examining relevant studies on historical trends and model-based projections, we find that: (1) there is no empirical evidence that absolute decoupling from resource use can be achieved on a global scale against a background of continued economic growth, and (2) absolute decoupling from carbon emissions is highly unlikely to be achieved at a rate rapid enough to prevent global warming over 1.5°C or 2°C, even under optimistic policy conditions. We conclude that green growth is likely to be a misguided objective, and that policymakers need to look toward alternative strategies. DA - 2019/04/17/ PY - 2019 DO - 10.1080/13563467.2019.1598964 DP - Taylor and Francis+NEJM VL - 0 IS - 0 SP - 1 EP - 18 SN - 1356-3467 UR - https://doi.org/10.1080/13563467.2019.1598964 Y2 - 2019/06/03/16:08:39 KW - decoupling KW - degrowth KW - ecological economics KW - green growth KW - Sustainable development ER - TY - BOOK TI - Resonanz: eine Soziologie der Weltbeziehung AU - Rosa, Hartmut T2 - Surhkamp Taschenbuch Wissenschaft CN - HM590 .R67 2019 CY - Berlin DA - 2019/// PY - 2019 DP - Library of Congress ISBN ET - 1. Auflage SP - 815 M1 - 2272 PB - Suhrkamp SN - 978-3-518-29872-5 ST - Resonanz ER - TY - JOUR TI - Growth, degrowth and climate change: A scenario analysis AU - Victor, P. A. T2 - Ecological Economics DA - 2011/// PY - 2011 DP - Google Scholar ST - Growth, degrowth and climate change UR - http://www.sciencedirect.com/science/article/pii/S0921800911001662 Y2 - 2013/01/02/10:55:51 L1 - files/27969/Victor_2011_Growth, degrowth and climate change.pdf KW - degrowth KW - Economic growth KW - No growth KW - Scenarios ER -