Have a personal or library account? Click to login
The Impact of Climate Change on the Financial Stability of the Republic of Serbia: The Case of the Mining Industry Cover

The Impact of Climate Change on the Financial Stability of the Republic of Serbia: The Case of the Mining Industry

By: Vesna Martin  
Open Access
|Jul 2025

References

  1. Borio, C. & Drehmann, M. (2009). Assessing the risk of banking crises – revisited. BIS Quarterly Review, 29-46.
  2. Borio, C. & Lowe, P. (2004). Securing sustainable price stability: should credit come back from the wilderness?. Bank for International Settlement, BIS Working Papers No 157, 1-51.
  3. Bowen, A. & Dietz, S. (2016). The effects of climate change on financial stability, with particular reference to Sweden. Grantham Research Institute on Climate Change and the Environment and London School of Economics and Political Science, 1-41.
  4. Buch, C. & Weigert, B. (2021). Climate Change and Financial Stability: Contributions to the Debate. Deutsche Bundesbank, 1-27.
  5. Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G. & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, https://doi.org/10.1038/s41558-018-0175-0
  6. Carney, M. (2015, September 29). Breaking the Tragedy of the Horizon – climate change and financial stability. Speech given by Mark Carney Governor of the Bank of England and Chairman of the Financial Stability Board. downloaded from: https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability, accessed: July 20, 2023
  7. Christophers, B. (2017). Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance. Annals of the American Association of Geographers, https://doi.org/10.1080/24694452.2017.1293502
  8. Dafermos, Y., Nikolaidi, M. & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, https://doi.org/10.1016/j.ecolecon.2018.05.011
  9. DeFries, R., Edenhofer, O., Halliday, A., Heal, G., Lenton, T., Puma, M., Rising, J., Rockström, J., Ruane, A., Schellnhuber, H., Stainforth, D., Stern, N., Tedesco, M. & Ward, B. (2019). The missing economic risks in assessments of climate change impacts. The Grantham Research Institute on Climate Change and the Environment, 1-15.
  10. Drehmann, M. & Tsatsaronis, K. (2014). The Credit-to-GDP Gap and Countercyclical Capital Buffers: Questions and Answers. BIS Quarterly Review, March 2014, 55-73.
  11. Drehmann, M., Borio, C., Gambacorta, L., Jiménez, G. & Trucharte, C. (2010). Countercyclical capital buffers: exploring options. BIS Working Papers No 317, 1-64.
  12. Environmental Protection Agency, downloaded from: http://www.sepa.gov.rs/#, accessed: May 26, 2023
  13. ESRB - European Systemic Risk Board. Recommendation of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (ESRB/2014/1). downloaded from: https://www.esrb.europa.eu/pub/pdf/recommendations/140630_ESRB_Recommendation.en.pdf, accessed: July 25, 2023
  14. European Union. Climate change. downloaded from: https://climate-pact.europa.eu/about/climate-change_en, accessed: July 27, 2023
  15. Fabris, N. (2020). Financial Stability and Climate Change. Journal of Central Banking Theory and Practice, https://doi.org/10.2478/jcbtp-2020-0034
  16. FSB. (2020). The Implications of Climate Change for Financial Stability. Financial Stability Board. downloaded from: https://www.fsb.org/2020/11/the-implications-of-climate-change-for-financial-stability/, accessed: August 7, 2023
  17. Hodrick, R. & Prescott, E. (1997). Postwar U.S. Business Cycles: An Empirical Investigation. Journal of Money, Credit and Banking, 29 (1), 1-16.
  18. https://unfccc.int/process-and-meetings/the-paris-agreement, UN Climate Change, The Paris Agreement, accessed: June 2, 2023
  19. https://www.nbs.rs/en/indeks/index.html, National Bank of Serbia, accessed: June 8, 2023
  20. https://www.stat.gov.rs/en-US/, Statistical Office of the Republic of Serbia, accessed: May 15, 2023
  21. Kedward, K., Ryan-Collins, J. & Chenet, H. (2022). Biodiversity loss and climate change interactions: financial stability implications for central banks and financial supervisors. Climate Policy, https://doi.org/10.1080/14693062.2022.2107475
  22. Liu, Z., Sun, H. & Tang, S. (2021). Assessing the impacts of climate change to financial stability: evidence from China. International Journal of Climate Change Strategies and Management, https://doi.org/10.1108/IJCCSM-10-2020-0108
  23. Löyttyniemi, T. (2021). Integrating climate change into the financial stability framework. Center for economic policy research, 175-183.
  24. Mandel, A., Tiggeloven, T., Lincke, D., Koks, E. Ward, P. & Hinkel, J. (2021). Risks on global financial stability induced by climate change: the case of flood risks. Climatic Change, https://doi.org/10.1007/s10584-021-03092-2
  25. Martin, V. (2022). Climate change and the role of central banks. Bankarstvo. https://doi.org/10.5937/bankarstvo2202086M
  26. Martin, V. (2023). Residential real estate analysis in Serbia. The Annals of the Faculty of Economics in Subotica, https://doi.org/10.5937/AnEkSub2300019M
  27. Pagnottoni, P., Spelta, A., Flori, A. & Pammolli, F. (2021). Climatic Change and Financial Stability: Natural Disaster Impacts on Global Stock Markets. Research Square, https://doi.org/10.21203/rs.3.rs-902973/v1
  28. Pointner, W. & Ritzberger-Grünwald, D. (2019). Climate change as a risk to financial stability. Financial Stability Report 38, Oesterreichische Nationalbank, 30-45.
  29. Ravn, M. & Uhlig, H. (2001). On adjusting the HP-filter for the frequency of observations. Center for Economic Studies & Ifo Institute for Economic Research, CESifo Working Paper No. 479, 1-21.
  30. Sun, L., Fang, S., Iqbal, S. & Raza Bilal, A. (2022). Financial stability role on climate risks, and climate change mitigation: Implications for green economic recovery. Environmental Science and Pollution Research, https://doi.org/10.1007/s11356-021-17439-w
  31. United Nations. Goal 13: Take urgent action to combat climate change and its impacts. downloaded from: https://www.un.org/sustainabledevelopment/climate-change/, accessed: September 15, 2023
DOI: https://doi.org/10.2478/ethemes-2024-0022 | Journal eISSN: 2217-3668 | Journal ISSN: 0353-8648
Language: English
Page range: 413 - 428
Submitted on: Oct 5, 2023
Accepted on: Aug 30, 2024
Published on: Jul 5, 2025
Published by: University of Niš, Faculty of Economics
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2025 Vesna Martin, published by University of Niš, Faculty of Economics
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.