Quotation Campiglio, Emanuele, Godin, Antoine , Kemp-Benedict, Eric , Matikainen, Sini. 2017. The tightening links between financial systems and environmental issues. In: Economic policies since the Global Financial Crisis, Hrsg. Philip Arestis and Malcolm Sawyer, 313-356. London: Palgrave Macmillan.




This paper investigates the implications of the policy changes triggered by the Global Financial Crisis on the transition to a low-carbon society. The immediate effects have mostly been negative: national governments have retracted from public spending and fiscal support to clean technologies; new macroprudential regulation has discouraged banks from lending to low-carbon projects; monetary policies have perpetuated the high-carbon lock-in of the economic system. However, the transformed macroeconomic and institutional setting, together with the increased awareness of the links between financial dynamics and natural resources, has also created new space of opportunity for low-carbon investment and financing. New concepts and policy proposals have emerged, including the ‘green growth’ narrative, the idea of aligning macroprudential policy to climate objectives, and the suggestion to use unconventional ‘Quantitative Easing’ monetary policies to support low-carbon investment.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Chapter in edited volume
Language English
Title The tightening links between financial systems and environmental issues
Title of whole publication Economic policies since the Global Financial Crisis
Editor Philip Arestis and Malcolm Sawyer
Page from 313
Page to 356
Location London
Publisher Palgrave Macmillan
Year 2017
Reviewed? Y


Campiglio, Emanuele (Details)
Godin, Antoine (Kingston University, United Kingdom)
Kemp-Benedict, Eric (Stockholm Environment Institute, United States/USA)
Matikainen, Sini (London School of Economics and Political Science, United Kingdom)
Institute for Ecological Economics IN (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
1909 Resource economics, - management (Details)
2928 Environmental economics (Details)
2959 Sustainable development, sustainable economics (Details)
5371 Macroeconomics (Details)
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