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dc.contributor.authorAguilar García, Pablo
dc.contributor.authorGonzález, Beatriz
dc.contributor.authorHurtado López, Samuel
dc.coverage.spatialEspaña
dc.date.accessioned2021-08-04T12:23:44Z
dc.date.available2021-08-04T12:23:44Z
dc.date.issued2021-05-24
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/17326
dc.description.abstractThe challenges of climate change affect all aspects of the economy, including financial stability, which may be affected both by the physical risks (associated with the climate change process itself) and the transition risks (associated with initiatives to curb the climate change process). This article presents a model designed to produce macroeconomic scenarios, chiefly related to transition risks, to serve as a basis for stress tests to verify that all the components of the financial system are prepared for possible adverse events of this type. In particular, these scenarios are based on a hypothetical rise in the price of CO2 emission allowances, over a 2-5 year horizon. The model simulates the impact of this shock on the Spanish economy, paying particular attention to sectoral asymmetries arising from the intensity with which different types of energy are used in each industry, the interdependencies summarised in the input-output tables for the Spanish economy and the general equilibrium effects in terms of relative price changes and sectoral reallocation.
dc.format.extent15 p.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofFinancial Stability Review / Banco de España, Spring 2021, p. 193-207
dc.relation.hasversionVersión en español 123456789/16739
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.titleThe design of macroeconomic scenarios for climate change stress tests
dc.typeArtículo
dc.identifier.bdebib000471696
dc.identifier.bdepubFIER-40-8
dc.subject.bdeMedio ambiente
dc.subject.bdeRegulación y supervisión de instituciones financieras
dc.publisher.bdeMadrid : Banco de España, 2021
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