Report

Barcelona Reports

Barcelona 3: Resilience of the Financial System to Natural Disasters

edited by Patrick Bolton Harrison Hong Marcin Kacperczyk Xavier Vives

25 May 2021

The Covid-19 pandemic has exposed severe vulnerabilities in the global financial system, and serves as a cautionary tale for the potentially devastating effects that future natural disasters and climate change could cause to the world economy. The third report in The Future of Banking series tests precisely how resilient the financial system is to natural disasters and discusses what can be done to make it more resilient.

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The role of central banks and banking supervisors in climate action

Pablo Hernández de Cos

Citation

Hernández de Cos, P (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/role-central-banks-and-banking-supervisors-climate-action

Resilience of the Financial System to Natural Disasters: Introduction

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Resilience of the Financial System to Natural Disasters: Introduction“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/resilience-financial-system-natural-disasters-introduction

Green swans and risk management

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Green swans and risk management“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/green-swans-and-risk-management

Natural disasters, climate change and central banks

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Natural disasters, climate change and central banks“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/natural-disasters-climate-change-and-central-banks

Asset managers' response to natural disasters

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Asset managers' response to natural disasters“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/asset-managers-response-natural-disasters

Mitigating disaster risks to the financial system

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Mitigating disaster risks to the financial system“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/mitigating-disaster-risks-financial-system

Natural disasters, climate change and central banks: Introduction

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Natural disasters, climate change and central banks: Introduction“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/natural-disasters-climate-change-and-central-banks-introduction

Including climate change in central bank mandates

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Including climate change in central bank mandates“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/including-climate-change-central-bank-mandates

Understanding climate change risks

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Understanding climate change risks“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/understanding-climate-change-risks

Central bank climate policies in the context of net-zero commitments

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Central bank climate policies in the context of net-zero commitments“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/central-bank-climate-policies-context-net-zero-commitments

Natural disasters, climate change and central banks: Conclusion

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Natural disasters, climate change and central banks: Conclusion“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/natural-disasters-climate-change-and-central-banks-conclusion

Asset managers' response to natural disasters: Introduction

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Asset managers' response to natural disasters: Introduction“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/asset-managers-response-natural-disasters-introduction

The asset management paradigm

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “The asset management paradigm“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/asset-management-paradigm

Asset managers' response to natural disasters: Conclusion

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Asset managers' response to natural disasters: Conclusion“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/asset-managers-response-natural-disasters-conclusion

Building resilience to climate change and natural disasters

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Building resilience to climate change and natural disasters“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/building-resilience-climate-change-and-natural-disasters

Mitigation of climate change and natural disasters

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Mitigation of climate change and natural disasters“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/mitigation-climate-change-and-natural-disasters

Implications for efficiency and welfare

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Implications for efficiency and welfare“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/implications-efficiency-and-welfare

Mitigating disaster risks to the financial system: Introduction

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Mitigating disaster risks to the financial system: Introduction“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/mitigating-disaster-risks-financial-system-introduction

Mitigation Cover-19 risks to the stock market

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Mitigation Cover-19 risks to the stock market“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/mitigation-cover-19-risks-stock-market

Decarbonisation and climate disasters

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Decarbonisation and climate disasters“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/decarbonisation-and-climate-disasters

Sustainable finance commitments needed to achieve net zero

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Sustainable finance commitments needed to achieve net zero“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/sustainable-finance-commitments-needed-achieve-net-zero

Conclusion and policy implications

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Conclusion and policy implications“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/conclusion-and-policy-implications

Resilience of the Financial System to Natural Disasters: Discussions

Citation

Bolton, P, H Hong, and M Kacperczyk (2021), “Resilience of the Financial System to Natural Disasters: Discussions“, in X Vives (eds), Barcelona 3: Resilience of the Financial System to Natural Disasters, CEPR Press, London. https://cepr.org/chapters/resilience-financial-system-natural-disasters-discussions