Monthly seminars "chaire ACPR"
The ACPR Research Initiative seminar highlights high-quality research addressing issues of regulation and systemic risk for both banks and insurance firms.
The seminar takes place on the first Wednesday of the month from 10.00 to 11.30 in the premises of the ACPR: 4, place de Budapest, Salle Liège (rez-de-jardin) - See access plan.
The seminar is open to everybody. Registration by email at chaireACPR@acpr.banque-france.fr is free but compulsory in order to attend. If you wish to be informed of upcoming events, please send an email to the same address.
The ACPR Studies Department organizes independent seminars as well: the page dedicated to the ACPR research seminars is available here.
Wednesday, 1st March 2023, 10.30 am – 12.00 pm
Anna Creti (Université Paris-Dauphine) will present
“ Don’t Lead Me This Way: Central bank guidance at the age of climate change ”
Since the adoption of the Paris Agreement in 2015, climate change has been extensively acknowledged worldwide as a cause of perturbations for our economic structure, and a cause of disruption of our financial system. The increasing number of memberships of the Network for Greening the Financial System, from 8 in December 2017 to 121 in October 2022, brings evidence on the fact that central banks take climate change as an increasing threat that should be kept under surveillance.
Climate change is not traditionally a part of central banks’ mandate of price and financial stability. Even if an increasing number of studies show find convincing evidence about the link between climate change, the financial system and the real economy, understanding the interconnections between all these angles can still be improved, notably with new and more precise data needed to put in place monetary and prudential tools (Campiglio et al. (2018); Chenet et al. (2021); Weitzman (2009)). But far from ignoring it, central banks have started to communicate about climate change.
Please note that this seminar will take place in a hybrid mode :
Registration is free and compulsory for both in person or online participation by mail at chaireACPR@acpr.banque-france.fr
If you opt for online participation, the connection details will be sent to you in the following days
Wednesday, 1st February 2023, 10.00 am – 11.30 pm
Peter Tankov (ENSAE) will present
“ Green investment and asset stranding under transition scenario uncertainty ”
Abstract: We develop a real-options approach to evaluate energy assets and potential investment projects under transition scenario uncertainty. Dynamic scenario uncertainty is modelled by assuming that the economic agent acquires the information about the scenario progressively by observing a signal. The problem of valuing an investment is formulated as an American option pricing problem, where the optimal exercise time corresponds to the time of entering into a potential investment project or the time of selling a potentially stranded asset. To illustrate our approach, we apply representative scenarios from integrated assessment models to the examples of a coal-fired power plant without Carbon Capture and Storage (CCS) and potential investment into a biomass power plant with CCS.