Le blog du CEPII


Climate Finance in the Context of Sustainable Development

 PostOctober 22, 2015
By Ottmar Edenhofer, Jan Christoph Steckel, Michael Jakob
Novel ideas how to spend climate finance in a way that reduces emissions and at the same time promotes recipients’ immediate development objectives are required. In this short commentary, we propose to regard climate finance in the broader context of sustainable development.


Why Finance Can Save the Planet

 PostOctober 15, 2015
By Jean Pisani-Ferry
Most people hate finance, viewing it as the epitome of irresponsibility and greed. But, even after causing a once-in-a-century recession and unemployment for millions, finance looks indispensable for preventing an even worse catastrophe: climate change.

The “$100 000 000 000 per year” question

 PostOctober 8, 2015
By Christian De Perthuis, Pierre-André Jouvet
A mechanism of carbon “bonus-malus” is proposed, where the average emission rate of world countries serves as the anchor: above the threshold, countries should pay a malus, under this level, they would receive a bonus.





An Investment Climate for Climate Investment

 PostSeptember 22, 2015
By Sam Fankhauser
Three factors hold back low-carbon investment in Europe: the risk/return profile of low-carbon investment projects, regulatory and behavioural features in the financial sector and a more global political economy context. These are key issues to create an investment climate for climate investment.






Guideposts for low-carbon finance

 PostSeptember 18, 2015
By Billy Pizer
Four guide-posts for efficient low-carbon finance are proposed: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation, and maintain transparent public policy tools that support cost-benefit accounting.


How to Finance the Low Carbon Transition: The Role of the Financial System

 PostSeptember 17, 2015
By Etienne Espagne, Baptiste Perrissin Fabert
The aim of this webpage, co-hosted by France Stratégie and CEPII, is to provide a medium for experts and non-experts to discuss the merits and the limits of the various proposals and initiatives in the field of international finance. It is intended to become a forum where the debate on the financial system’s contribution to the energy transition can flourish.




What could be Japan contribution to COP 21?

 PostMay 28, 2015
By Evelyne Dourille-Feer
Europe was disappointed in the GHG emissions reduction proposal by Japan in the context of the COP 21: -25.4% between 2005 and 2030. Japan could nonetheless help move forward the climate issue by its technologies and original experiences.


Volatility and uncertainty are not the same!

 PostMay 4, 2015
By Valérie Mignon, Marc Joëts, Tovonony Razafindrabe
Crude oil price volatility is often viewed as reflecting uncertainty not only related to the oil market, but also to the global macroeconomic environment. However, the question arises as to whether uncertainty is not likely to be at play without generating high volatility on the oil market.

Back to the Great Moderation?

 PostApril 30, 2015
By Stéphane Lhuissier
Following the largest financial shock since the Great Depression, modern industrial countries appear to be coming back to a moderate growth trajectory, as was the case for the last three decades.


Europe is trapped by its competitiveness obsession

 PostApril 22, 2015
By Sébastien Jean
While European external surpluses are accumulating and domestic demand is slacking, insisting on improving the Union’s external competitiveness, as some in the Commission are presently doing, is paradoxical. For Europe, the paramount risk is not losing its competitiveness. It is not recovering cohesion and growth.

QE - "European style": be bolder, but parsimonious!

 PostMarch 24, 2015
By Urszula Szczerbowicz, Natacha Valla
The ECB will purchase a monthly €60bn of private and public debt instruments between March 2015 and September 2016 – a total worth over €1 trillion. While the timing and size of purchases are known, there is more leeway than it seems in the way purchases are allocated to each category of assets.

Quantitative Easing: were markets surprised?

 PostJanuary 24, 2015
By Stéphane Lhuissier
The ECB has announced that it will launch in March its first round of quantitative easing. The announcement contains some good and bad surprises: the size of the ECB's plan is gigantic, while the Central Bank was unclear about the Greek issue. How was this announcement perceived by markets?

ECB equity purchases: too risky, really?

 PostJanuary 9, 2015
By Urszula Szczerbowicz, Natacha Valla
Instead of buying sovereign debt, the ECB could broaden further its purchases to include equity of all sorts. Fuelling an equity bubble is no worse than fuelling a bond one. It can be mitigated by intervening secretly and including non listed securities. Inhibitions to take risk should be lifted.


Long live the Juncker Plan!

 PostDecember 21, 2014
By Natacha Valla
The long awaited Juncker Plan for investment in Europe has arrived a few weeks ago. Beyond the creation of a Strategic Fund, the Plan as a whole has disappointed: not adamant enough to eliminate the deep obstacles to cross-border investment, and opaque in generating the “List” of projects to be financed. Yet, even imperfectly, Europe has now done its homework.




The delusion of State guarantees

 PostOctober 3, 2014
By Natacha Valla
European policymakers are currently busy addressing two issues: moribund investment and banks on extended sick leave. Some observers might be tempted to segregate these issues. While investment would be in the remit of States, the financial health of our economies would be under the responsibility of the ECB alone.




Euro area: deflation is the wrong debate

 PostMarch 6, 2014
By Natacha Valla
For a fact, measures of headline consumer price inflation have decelerated sharply over the recent past. At 0.8-1%; inflation hovers around levels that are clearly below the ECB’s flagship 2% medium-term objective.

The French should care about Karlsruhe

 PostFebruary 12, 2014
By Natacha Valla
Strikingly, the debate about the Feb 7 ruling of the German Constitutional Court against the ECB’s flagship OMT programme has gone almost unnoticed in France. This is wrong. The French should care about it.





Emerging turbulences

 PostSeptember 10, 2013
By Christophe Destais
The current turmoil in emerging capital markets is the result of a classical reversal of market sentiment after an excess of optimism. There are good reasons for being cautiously optimistic but uncertainties remain.




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