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FINEXUS: Center for Financial Networks and Sustainability

Call for Papers on the Journal of Financial Stability: "Climate Risks and Financial Stability" 2019

Summary: We are delighted to announce the first special issue of a high-rank finance journal on the topic of “Climate Risks and Financial Stability”. Despite the growing sense of urgency about climate financial risks, important gaps remain in the academic research on the new risks and opportunities that climate change implies for the stability of both individual financial institutions and the financial system as a whole. We are honoured to co-edit this special issue for the Journal of Financial Stability, which aims to fill these gaps and to establish the importance of this topic in the finance literature.

Guest editors:
Stefano Battiston (University of Zurich)
Yannis Dafermos (University of the West of England)
Irene Monasterolo (Vienna University of Economics and Business, Boston University)

Deadline for submission: 15 February 2019

Inquires: For questions about the relevance of your contribution to this Call for Papers, please contact using the email subject "[JFS CfP Climate Risks - Inquiry]”.


Aims and scope

There is a growing awareness among finance practitioners and regulators that climate change implies new risks and opportunities for the stability of both individual financial institutions and the financial system as a whole. Despite the sense of urgency and the policy relevance of this topic, important gaps remain in the academic research in finance and economics in this area. In order to promote research aimed at filling such gaps, the Journal of Financial Stability will publish a special issue on climate risks and financial stability.

This special issue aims to publish original contributions that shed new light on the sources and the impact of climate-related financial risks, and analyse possible financial policies and financial instruments aiming at mitigating these risks. We welcome research based on a wide spectrum of approaches (such as network models, dynamic macroeconomic models based on evolutionary economics, as well as financial econometrics). The work has to make fundamental contributions to one or more of the following areas:

-  identifying and assessing (i) transmission channels of climate risk from the real economy to financial institutionsportfolios, (ii) amplification mechanisms within thefinancial system and (iii) feedback effects of climate-impaired financial institutions on the real economy;

-  analysing to what extent market players price in climate risk across instruments and institutions

-  developing metrics of climate-related financial risk;

-  assessing potential implications of green finance policies, including climate-aligned central
bank tools and macroprudential regulation;

-  analysing climate-aligned developments in the financial markets (e.g. green bonds);

-  the conceptual and analytical understanding of the conditions for the onset and the
mitigation of climate-related financial risk.

Guidelines for authors: Please submit your manuscript via email to Stefano Battiston at the address, using the email subject “[JFS CfP Climate Risks - Submission]”.

Manuscripts should comply to the JFS guidelines ( Authors are invited to explain in their cover letter how their paper contributes to the research topics of this call for papers. Selected submissions will go through the regular reviewing process.