Monetary-fiscal policy coordination: Lessons ...
Document type :
Compte-rendu et recension critique d'ouvrage
DOI :
Title :
Monetary-fiscal policy coordination: Lessons from Covid-19 for the climate and biodiversity emergencies
Author(s) :
Ryan-Collins, Josh [Auteur]
Kedward, Katie [Auteur]
Chenet, Hugues [Auteur]
Lille économie management - UMR 9221 [LEM]
Kedward, Katie [Auteur]
Chenet, Hugues [Auteur]
Lille économie management - UMR 9221 [LEM]
Journal title :
SSRN Electronic Journal
Publisher :
Elsevier
Publication date :
2023-04-26
English keyword(s) :
green transition
climate finance
sustainable finance
monetary policy
fiscal policy
financial stability
Covid-19 pandemic
net-zero transition
climate change
biodiversity loss
central banking
quantitative easing.
climate finance
sustainable finance
monetary policy
fiscal policy
financial stability
Covid-19 pandemic
net-zero transition
climate change
biodiversity loss
central banking
quantitative easing.
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
The climate and biodiversity emergencies require structural economic shifts that will necessitate strategic coordination between macroeconomic policy authorities. The Covid-19 episode saw the implementation of monetary-fiscal ...
Show more >The climate and biodiversity emergencies require structural economic shifts that will necessitate strategic coordination between macroeconomic policy authorities. The Covid-19 episode saw the implementation of monetary-fiscal policy coordination not seen since the 1970s to avert catastrophic damage to economies caused by pandemic-induced lock-downs. Recent developments suggest these were best understood as emergency short-term responses rather than marking a shift in the consensus that insists on a separation between monetary and fiscal policy spheres that might support a more coordinated policy approach to addressing environmental breakdown. We review the most prominent examples of coordination in high income and emerging market economies in the 2020-2021 period, focusing on the creation of fiscal space and targeted provision of liquidity to strategic sectors of the economy. We consider the lessons and opportunities these policy innovations raise for the development of a precautionary macroeconomic policy approach which seeks to reduce the threat of ecological tipping points, prevent catastrophic losses, and support the Net-Zero transition.Show less >
Show more >The climate and biodiversity emergencies require structural economic shifts that will necessitate strategic coordination between macroeconomic policy authorities. The Covid-19 episode saw the implementation of monetary-fiscal policy coordination not seen since the 1970s to avert catastrophic damage to economies caused by pandemic-induced lock-downs. Recent developments suggest these were best understood as emergency short-term responses rather than marking a shift in the consensus that insists on a separation between monetary and fiscal policy spheres that might support a more coordinated policy approach to addressing environmental breakdown. We review the most prominent examples of coordination in high income and emerging market economies in the 2020-2021 period, focusing on the creation of fiscal space and targeted provision of liquidity to strategic sectors of the economy. We consider the lessons and opportunities these policy innovations raise for the development of a precautionary macroeconomic policy approach which seeks to reduce the threat of ecological tipping points, prevent catastrophic losses, and support the Net-Zero transition.Show less >
Language :
Anglais
Popular science :
Non
Collections :
Source :