Bressan, G., Duranovic, A., Monasterolo, I., Battiston, S. (2024). Asset-level climate physical risk assessment matters for adaptation finance. Nature Communications, 15, 5371 (2024).
Gourdel, R., Monasterolo, I, Dunz, N., Mazzocchetti, A. and Parisi, L. (2024). The double materiality of climate physical and transition risks in the euro-area. Journal of Financial Stability, 71, 101233. Previous version as ECB working paper series, n. 2665, May 2022. Covered in: S&P Global, SUERF-Bocconi, Natixis Research.
Dunz, N., Mazzocchetti, A., Monasterolo, I., Essenfelder, A., Raberto, M. (2023). Compounding COVID-19 and climate risks: the interplay of banks’ lending and government’s policy in the shock recovery. Journal of Banking and Finance, 152, 106303. Covered in: Brookings Institute, World Bank Report on 360degrees resilience.
Battiston S. Monasterolo, I., Riahi, K., and van Rujiven, B. (2021). Accounting for finance is key for climate mitigation pathways. Science, 372(6545), 918-920. Covered in: IPCC AR6 report, UN PRI, IMF 2021, Financial Times - the Banker, Le Monde, Il Sole24Ore.
Monasterolo, I., Raberto, M (2018). The EIRIN flow-of-funds behavioral model of green fiscal policies and green sovereign bonds. Ecological Economics, 144, 228-243. Covered in: IPCC AR6 report, G20 Finance Ministers for Climate 2021, IMF working paper 2019, The World Bank 2021, Asian Development Bank 2020, Banco de Espana 2020.
Monasterolo, I., Battiston, S., Janetos, A. C., & Zheng, Z. (2017). Vulnerable yet relevant: the two dimensions of climate-related financial disclosure. Climatic Change, 145(3-4), 495-507. Covered in: IPCC AR6 report, G20 Finance Ministers for Climate 2021, IMF working paper 2019.
Battiston S., Mandel A, Monasterolo I., Schuetze F. & G. Visentin (2017). A Climate stress-test of the EU financial system. Nature Climate Change, 7, 283–288. Covered in; IPCC AR6 report 2021, IPCC 2018; G20 Finance Ministers for Climate 2021; IMF 2019, 2021, 2022; The World Bank 2020, 2020b, 2021; Deutsche Bundesbank 2021; Bank of Canada 2019; BIS 2021; OECD 2019.
Publications
2024
Scholarly publications
Monasterolo, I., Mandel, A., Battiston, S., Mazzocchetti, A., Oppermann, K., Coony, J., Stretton, S., Stewart, F., & Dunz, N. (2024). The role of green financial sector initiatives in the low-carbon transition: A theory of change. Global Environmental Change, 89, Article 102915. Advance online publication. https://doi.org/10.1016/j.gloenvcha.2024.102915
Bressan, G., Đuranović, A., Monasterolo, I., & Battiston, S. (2024). Asset-level assessment of climate physical risk matters for adaptation finance. Nature Communications, 15(1), Article 5371. https://doi.org/10.1038/s41467-024-48820-1
https://research-portal.uu.nl/ws/files/232169008/s41467-024-48820-1.pdf
https://research-portal.uu.nl/ws/files/232169008/s41467-024-48820-1.pdf
Eker, S., Wilson, C., Höhne, N., McCaffrey, M. S., Monasterolo, I., Niamir, L., & Zimm, C. (2024). Harnessing social tipping dynamics: A systems approach for accelerating decarbonization. One Earth, 7(6), 976-988. https://doi.org/10.1016/j.oneear.2024.05.012
https://research-portal.uu.nl/ws/files/229341822/1-s2.0-S2590332224002550-main.pdf
https://research-portal.uu.nl/ws/files/229341822/1-s2.0-S2590332224002550-main.pdf
Gourdel, R., Monasterolo, I., Dunz, N., Mazzocchetti, A., & Parisi, L. (2024). The double materiality of climate physical and transition risks in the euro area. Journal of Financial Stability, 71, Article 101233. https://doi.org/10.1016/j.jfs.2024.101233
https://dspace.library.uu.nl/bitstream/handle/1874/438253/1-s2.0-S1572308924000184-main.pdf?sequence=1
https://dspace.library.uu.nl/bitstream/handle/1874/438253/1-s2.0-S1572308924000184-main.pdf?sequence=1
2023
Professional publications
Monasterolo, I., Nieto, M., & Schets, E. (2023). The good, the bad and the hot-house world: Conceptual underpinnings of the NGFS Scenarios and suggestions for improvement. Banco de Espana working paper series. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4211384
Monasterolo, I., Carletti, E., Pagano, M., Berg, T., & Krahnen, J. P. (2023). Climate regulation and financial risk: The challenge of policy uncertainty. Vox Europe.
2022
Scholarly publications
Monasterolo, I., Battiston, S., Dunz, N., Mazzocchetti, A., Mandel, A., & Cooney, J. (2022). The role of green finance sector initiatives in the low-carbon transition: a theory of change. (World Bank Research and Policy Paper). World Bank. https://doi.org/10.1596/1813-9450-10181
Bressan, G., Monasterolo, I., & Battiston, S. (2022). Sustainable Investing and Climate Transition Risk: A Portfolio Rebalancing Approach. Journal of Portfolio Management, 48(10), 165-192. https://doi.org/10.3905/jpm.2022.1.394
Professional publications
Monasterolo, I., Dunz, N., Mazzocchetti, A., Gourdel, R., & Parisi, L. (2022). The double materiality of climate physical and transition risks in the euro-area. (European Central Bank Working Papers; No. 2022/2665). SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4115997
Monasterolo, I., Mahul, O., & Ranger, N. (2022). Assessing Financial Risks from Physical Climate Shock: A Framework for Scenario Generation. (The World Bank, Equitable Growth, Finance & Institutions Insight). World Bank. http://documents.worldbank.org/curated/en/760481644944260441/Assessing-Financial-Risks-from-Physical-Climate-Shocks-A-Framework-for-Scenario-Generation
2021
Scholarly publications
Monasterolo, I., Ranger, N., & Mahul, O. (2021). Managing the financial risks of climate change and pandemics: What we know (and don't know). One Earth, 4(10), 1375-1385.
Monasterolo, I., Battiston, S., Riahi, K., & van Ruijven, B. (2021). Accounting for finance is key for climate mitigation pathways. Science, 372(6545). https://doi.org/10.1126/science.abf3877
Dunz, N., Mazzocchetti, A., Hrast Essenfelder, A., Monasterolo, I., & Raberto, M. (2021). Compounding COVID-19 and climate risks: the interplay of banks’ lending and government’s policy in the shock recovery. Journal of Banking and Finance, 152(July), Article 106306.
Ramos, L., Gallagher, K., Stephenson, C., & Monasterolo, I. (2021). Climate risk and IMF surveillance policy: a baseline analysis. Climate Policy, 22(3), 371-381.
Monasterolo, I., West, C., Duranovic, A., von Jagow, A., & Stocker, E. (2021). Europe's cross-border trade, human security and financial connections: A climate risk perspective. Climate Risk Management, 34, Article 100382. https://doi.org/10.1016/j.crm.2021.100382
Naqvi, A., & Monasterolo, I. (2021). Assessing the cascading impacts of natural disasters in a multi-layer behavioral network framework. Scientific Reports, 11, Article 20146.
Battiston, S., Dafermos, Y., & Monasterolo, I. (2021). Climate risks and financial stability. Journal of Financial Stability, 54(June), Article 100867.
Dunz, N., Naqvi, A., & Monasterolo, I. (2021). Climate sentiments, transition risk, and financial stability in a stock-flow consistent model. Journal of Financial Stability, 54(June), Article 100872.
2020
Scholarly publications
Monasterolo, I. (2020). Embedding finance in the macroeconomics of climate change: research challenges and opportunities ahead. (4 ed.) (CESifo Forum). https://www.cesifo.org/en/publications/2020/article-journal/embedding-finance-macroeconomics-climate-change-research
Monasterolo, I. (2020). Climate change and the financial system. Annual Review of Resource Economics, 12(October), 299-320.
Hafner, S., Jones, A., Monasterolo, I., & Anger-Kraavi, A. (2020). Emergence of New Economics Energy Transition Models: A Review. Ecological Economics, 177(November), Article 106779.
Monasterolo, I., & de Angelis, L. (2020). Blind to carbon risk? An Analysis of Stock Market’s Reaction to the Paris Agreement. Ecological Economics, 170(April), Article 106571.
2019
Scholarly publications
Monasterolo, I., Roventini, A., & Lamperti, F. (2019). Uncertainty of climate policies and implications for economics and finance: an evolutionary economics approach. Ecological Economics, 163(September), 177-182.
Monasterolo, I., & Raberto, M. (2019). The impact of phasing out fossil fuel subsidies on the low-carbon transition. Energy Policy, 124(January), 355-370.
Working papers
Monasterolo, I., Pagano, M., Pacelli, A., Russo, C. (2024). A European climate bond. CEPR discussion paper, https://cepr.org/publications/dp18988
De Angelis, L., Monasterolo, I. (2024). Greeness confusion and the greenium. Working paper, available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4719166
Battiston, S., Monasterolo, I., Montone, M. (2023). Technological greenness and long-run performance. Working paper, available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4639787
Battiston, S., Mandel, A., Monasterolo, I. and Roncoroni, A. (2023). Climate credit risk and corporate valuation. Working paper, available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4124002 Invited presentation and the Green Finance Research Advances conference 2022 (Banque de France) and Climate Credit Risk Conference (Banca d’Italia, 2021).
Gourdel, R., Monasterolo, I., Gallagher, K. (2022). Climate transition spillovers and sovereign risk: evidence from Indonesia. Working paper, G24-V20 Task Force on Climate Policy for Development at the International Monetary Fund (https://bit.ly/3JYpzfM).
Mazzocchetti, A., Monasterolo, I., Vismara, A. (2022). A question of trust? Banks’ climate sentiments, lending behavior and the low-carbon transition. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4293713
Gourdel, R, Monasterolo, I (2022). Climate physical risk, transition spillovers and fiscal stability. Application to Barbados. Working paper, G24-V20 Task Force on Climate Policy for Development at the International Monetary Fund (https://bit.ly/3Y0PE52).
Battiston, S., Monasterolo, I., van Ruijven, B., Krey, V. (2022). Mapping economic activities into climate scenarios and transition risk classes: the NACE-CPRS-IAM classification, Available on the NGFS scenarios database explorer and at SSRN (https://bit.ly/3tssBSG).
Battiston, S., Monasterolo, I. (2020). On the dependence of investor's probability of default on climate transition scenarios. Available at SSRN (abstract_id=3743647).
Technical reports
Ranger, N., et al. (2024). Assessing the Materiality of Nature-Related Financial Risks for the UK. Green Finance Institute, April 2024.
Calice, P., Battiston, S., Demekas, D., G., Duggan, V.F., Monasterolo, I. (2023). Mobilizing Finance for the Just Energy Transition in the European Union. Washington, D.C.: World Bank Group. http://documents.worldbank.org/curated/en/099071523034041011/P179493027acfc0960858d0cb3597661c6b
Brandhani, R., Gourdel, R., He, X., Monasterolo, I. (2023). Addressing cross-border spillover risks of climate transition policies: what role for G20 influence at the IMF? G20 - T20 Indonesia report.
Monasterolo, I., Duranovic, A. (2023). Transboundary climate risks and finance. In: The Global Transboundary Climate Risks Report, available at: https://adaptationwithoutborders.org/knowledge-base/adaptation-without-borders/the-global-transboundary-climate-risk-report
Monasterolo, I., Briere, M., Gallagher, K., Gardes-Landolfini, C., & Ranger, N. Scaling up climate adaptation finance in times of growing public debt, inflation and natural disasters (2023). European Capital Market Institute, policy brief, April 2023. Available at: https://www.ecmi.eu/publications/policy-briefs/scaling-climate-adaptation-finance-during-periods-growing-public-debt
Monasterolo, I., Mandel, A., Battiston, S. et al. (2022). The role of green finance sector initiatives in the low-carbon transition: a theory of change. World Bank Research and Policy Paper (https://bit.ly/3jcqJf1).
Ranger, N., Mahul, O., Monasterolo, I. (2022). Assessing Financial Risks from Physical Climate Shock: A Framework for Scenario Generation. The World Bank, Equitable Growth, Finance & Institutions Insight. Washington, DC: World Bank. https://openknowledge.worldbank.org/handle/10986/37041
Monasterolo, I., Volz, U. (2020). Addressing climate-related financial risks and overcoming barriers to scaling up sustainable investments. G20 Saudi Arabia: T20’s Task Force 2 “Climate Change and Environment” 2020 (https://bit.ly/3wPSa39).
Battiston, S., Guth, M., Monasterolo, I., Nuerdorfer, B., Pointner, W. (2020). The exposure of Austrian banks to climate-related transition risk. In: Austrian National Bank’s Financial Stability Report 2020: https://www.oenb.at/en/Publications/Financial-Market/Financial-Stability-Report.html
Monasterolo, I., Battiston, S. (2020). Pricing forward-looking climate risks in financial contracts. In: Report of the Joint JRC - EBA workshop on Banking Regulation and Sustainability, edt. by Alessi,L
Battiston, S., Jakubik, P., Monasterolo, I., Riahi, K., van Ruijven, B. (2019). Climate risk assessment of sovereign bonds’ portfolio of European insurers. In: European Insurance and Occupational Pension Authority (EIOPA) Financial Stability Report, December 2019.
Battiston, S., Monasterolo, I. (2019). How could the ECB's monetary policy support the sustainable finance transition? Working paper available at https://www.finexus.uzh.ch/en/news/cspp_sustainable_finance.html, input for Positive Money report.