Penser la stabilité financière à l'ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes

Patrick Bolton, Morgan Després, Luiz Awazu Pereira da Silva (), Frédéric Samama and Romain Svartzman

Revue d'économie financière, 2020, vol. N° 138, issue 2, 41-54

Abstract: This article explores the potential implications on financial stability of new global and systemic ecological risks (?Green Swans?), including climate-related risks and the Covid-19 pandemic. Rather than proposing a single policy tool (such as a supposedly optimal carbon tax or measurement of climate-related risks) to address extremely complex and non-linear phenomena, it explores broader analytical frameworks that can better embrace the radical uncertainty and the need for structural transformations associated with contemporary ecological risks. An unprecedented level of cooperation among multiple players, including central banks, will be required. Such cooperation raises new challenges. In particular, it requires making difficult trade-offs between the quest for more efficiency and the need for more resilience in the governance of our complex socio-ecological systems. Classification JEL : B41, E58, Q54, Q58.

JEL-codes: B41 E58 Q54 Q58 (search for similar items in EconPapers)
Date: 2020
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