Irene Monasterolo

Utrecht University

Vredenburg 138

Utrecht, 3511 BG

Netherlands

SCHOLARLY PAPERS

33

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241

Scholarly Papers (33)

1.

Asset-level assessment of climate physical risk matters for adaptation finance

Number of pages: 46 Posted: 14 Apr 2022 Last Revised: 04 Nov 2023
WU Vienna University of Economics and Business, Utrecht University - School of Economics, Utrecht University and University of Zurich - Department Finance
Downloads 3,299 (7,404)
Citation 6

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Climate physical risks, spatial finance, plant-level impact, tail risk, investors’ losses, adaptation

2.

CLIMAFIN Handbook: Pricing Forward-Looking Climate Risks Under Uncertainty

Number of pages: 31 Posted: 08 Nov 2019
Stefano Battiston, Antoine Mandel and Irene Monasterolo
University of Zurich - Department Finance, Université Paris I Panthéon-SorbonneClimate Finance Alpha and Utrecht University
Downloads 2,667 (10,400)
Citation 15

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CLIMAFIN, forward-looking climate transition risk, climate deep uncertainty, financial contracts, financial pricing models, Climate Spread, Climate Value at Risk, Climate Stress-test

3.

The Climate Spread of Corporate and Sovereign Bonds

Number of pages: 33 Posted: 07 May 2019 Last Revised: 17 Sep 2020
Stefano Battiston and Irene Monasterolo
University of Zurich - Department Finance and Utrecht University
Downloads 2,467 (11,748)
Citation 6

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Climate transition risk, financial pricing models, deep uncertainty, sovereign bonds, climate spread, prudential regulation

4.

The NACE – CPRS – IAM mapping: A tool to support climate risk analysis of financial portfolio using NGFS scenarios.

Number of pages: 24 Posted: 19 Oct 2022
University of Zurich - Department Finance, Utrecht University, International Institute for Applied Systems Analysis (IIASA) and International Institute for Applied Systems Analysis (IIASA)
Downloads 2,383 (12,417)

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Climate transition risk, climate finance, CPRS Granular, classification of economic activities, process-based IAM, NGFS scenarios

5.
Downloads 1,708 (21,127)
Citation 38

Climate Change and the Financial System

Number of pages: 24 Posted: 12 Nov 2019 Last Revised: 13 Jan 2020
Irene Monasterolo
Utrecht University
Downloads 1,708 (20,754)
Citation 38

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Climate risks, financial risk, carbon stranded assets, financial stability, climate policies, Climate Value at Risk, Climate Spread, Climate Stress-test

Climate Change and the Financial System

Annual Review of Resource Economics, Vol. 12, Issue 1, pp. 299-320, 2020
Posted: 26 Oct 2020
Irene Monasterolo
Utrecht University

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The double materiality of climate physical and transition risks in the euro area

Number of pages: 62 Posted: 11 Oct 2021 Last Revised: 14 Apr 2022
WU Vienna University of Economics and Business, Utrecht University, World Bank, Ca Foscari University of Venice and European Central Bank (ECB)
Downloads 920 (50,990)
Citation 3

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climate physical risk; climate transition risk; Network for Greening the Financial System scenarios; double materiality; Stock-Flow Consistent model.

The Double Materiality of Climate Physical and Transition Risks in the Euro Area

ECB Working Paper No. 2022/2665
Number of pages: 64 Posted: 21 May 2022
WU Vienna University of Economics and Business, Utrecht University, World Bank, Ca Foscari University of Venice and European Central Bank (ECB)
Downloads 527 (105,672)
Citation 12

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climate physical risk, climate transition risk, double materiality, Network for Greening the Financial System scenarios, Stock-Flow Consistent model

7.

Climate Risks and Financial Stability

Number of pages: 13 Posted: 08 Feb 2021
Stefano Battiston, Yannis Dafermos and Irene Monasterolo
University of Zurich - Department Finance, SOAS University of London and Utrecht University
Downloads 1,229 (34,368)
Citation 32

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climate change, financial stability, climate policies, financial instruments, network models, stock-flow consistent models, agent based models, empirical finance.

8.

Climate Transition Risk, Climate Sentiments, and Financial Stability in a Stock-Flow Consistent Approach

Number of pages: 65 Posted: 06 Apr 2020
Nepomuk Dunz, Asjad Naqvi and Irene Monasterolo
World Bank, Austrian Institute of Economic Research (WIFO) and Utrecht University
Downloads 1,067 (42,053)
Citation 39

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Climate sentiments, climate transition risk, credit market, green supporting factor, carbon tax, financial stability, Stock-Flow Consistent modelling

9.

On the Dependence of Investor’s Probability of Default on Climate Transition Scenarios

Number of pages: 25 Posted: 09 Mar 2021
Stefano Battiston and Irene Monasterolo
University of Zurich - Department Finance and Utrecht University
Downloads 940 (50,350)
Citation 9

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Climate transition risk, climate policy scenarios, probability of default, corporate bonds, Expected Shortfall, climate financial risk assessment, risk management

10.

Blind to Carbon Risk? An Analysis of Stock Market’s Reaction to the Paris Agreement

Number of pages: 19 Posted: 27 Dec 2018 Last Revised: 29 Oct 2019
Irene Monasterolo and Luca De Angelis
Utrecht University and University of Bologna - Department of Economics
Downloads 821 (60,481)
Citation 15

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asset pricing, Paris Agreement announcement, low-carbon indices, carbon-intensive indices, systematic risk, Markowitz’s portfolio optimization, market model, Fama-French five-factor model, risk-adjusted return, stranded assets

11.

The Good, the Bad and the Hot House World: Conceptual Underpinnings of the NGFS Scenarios and Suggestions for Improvement

Banco Espana Working Paper No. 2302
Number of pages: 30 Posted: 26 Sep 2022 Last Revised: 12 Apr 2023
Irene Monasterolo, Maria Nieto and Edo Schets
Utrecht University, Banco de España and Bloomberg LP
Downloads 819 (60,684)

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NGFS scenarios, climate finance, climate transition risks, climate physical risks, Integrated Assessment Models, carbon pricing, climate-financial risk assessment

12.

Accounting for finance is key for climate mitigation pathways

Science, 28 May 2021.DOI: 10.1126/science.abf3877
Number of pages: 8 Posted: 08 Feb 2021 Last Revised: 25 May 2021
University of Zurich - Department Finance, Utrecht University, International Institute for Applied Systems Analysis (IIASA) and International Institute for Applied Systems Analysis (IIASA)
Downloads 603 (90,090)
Citation 20

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climate finance, financial risk, mitigation scenarios, energy technology, systemic risk, integrated climate financial risk assessment

13.

Climate Credit Risk and Corporate Valuation

Number of pages: 39 Posted: 03 Mar 2023 Last Revised: 11 Dec 2023
University of Zurich - Department Finance, Université Paris I Panthéon-SorbonneClimate Finance Alpha, Utrecht University and University of Zurich - Department of Banking and Finance
Downloads 485 (117,941)

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climate change; credit risk; bond; financial valuation; climate transition risk; climate scenarios

14.

Is There a Role for Central Banks in the Low-Carbon Transition? A Stock-Flow Consistent Modelling Approach

Number of pages: 32 Posted: 27 Nov 2017
Irene Monasterolo and Marco Raberto
Utrecht University and Università degli Studi di Genova - DIME - Department of Mechanics, Energetics, Management and Transportation
Downloads 458 (126,289)
Citation 9

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central banks, green Quantitative Easing, green sovereign bonds, Stock-Flows Consistency, financial stability, inequality

15.

Greenness Confusion and the Greenium

Number of pages: 34 Posted: 19 Feb 2024
Luca De Angelis and Irene Monasterolo
University of Bologna - Department of Economics and Utrecht University
Downloads 429 (136,462)

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Greenium, green-minus-brown factors, asset pricing, sustainable finance classifications, transition risk, climate policy.

16.

Macroeconomic and Financial Impacts of Compounding Pandemics and Climate Risks

Number of pages: 48 Posted: 19 Apr 2021 Last Revised: 07 Jun 2021
World Bank, Ca Foscari University of Venice, Utrecht University, Ca Foscari University of Venice and Università degli Studi di Genova - DIME - Department of Mechanics, Energetics, Management and Transportation
Downloads 429 (136,462)

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Climate physical risk, COVID-19, compound risk, credit market constraints, public spending effectiveness, debt sustainability

17.

Climate-Finance and Climate Transition Risk: An Assessment of China's Overseas Energy Investments Portfolio

Number of pages: 27 Posted: 18 Apr 2018
Irene Monasterolo, Jiani I. Zheng and Stefano Battiston
Utrecht University, University of Zurich - Department Finance and University of Zurich - Department Finance
Downloads 388 (153,146)
Citation 1

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Overseas Energy Fi nance, Climate Transition Risk, Climate Policy Scenarios, Climate Stress-Test, Climate VaR, Climate- Finance

18.

Technological Greenness and Long-run Performance

CEPR discussion paper no. 19337
Number of pages: 51 Posted: 01 Dec 2023 Last Revised: 25 Oct 2024
Stefano Battiston, Irene Monasterolo and Maurizio Montone
University of Zurich - Department Finance, Utrecht University and Utrecht University
Downloads 360 (166,283)
Citation 1

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Technological greenness, Climate finance, Long-run returns, Operating performance, Disclosure

19.

A Financial Macro-Network Approach to Climate Policy Evaluation

Number of pages: 57 Posted: 21 Nov 2017 Last Revised: 18 Apr 2018
Veronika Stolbova, Irene Monasterolo and Stefano Battiston
University of Zurich, Department of Banking and Finance, Utrecht University and University of Zurich - Department Finance
Downloads 340 (176,979)
Citation 9

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financial networks, feedback loops, climate policies, shock transmission channels, indirect effects, low-carbon transition

20.

Reducing Climate Transition Risk in Central Banks’ Asset Purchasing Programs

Number of pages: 18 Posted: 12 Mar 2021
Giacomo Bressan, Irene Monasterolo and Stefano Battiston
WU Vienna University of Economics and Business, Utrecht University and University of Zurich - Department Finance
Downloads 306 (198,044)
Citation 1

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central banks, market neutrality, asset purchase, climate transition risk, corporate bonds, portfolio's climate exposure

21.

A European Climate Bond

Number of pages: 40 Posted: 08 Feb 2024 Last Revised: 27 Mar 2024
Irene Monasterolo, Marco Pagano, Antonia Pacelli and Carmine Russo
Utrecht University, CSEF - University of Naples Federico II - Centre for Studies in Economics and Finance (CSEF), University of Toulouse Capitole - Toulouse School of Economics and University of Naples Federico II
Downloads 297 (204,433)

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climate finance, green investments, safe asset, GHG emission allowances, ETS

22.

Climate risk, sustainable finance and international business: a research agenda

Number of pages: 50 Posted: 08 Sep 2022
Elisa Giuliani, Irene Monasterolo and Anja Duranovic
University of Pisa, Utrecht University and Utrecht University - School of Economics
Downloads 286 (212,683)
Citation 1

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Climate finance, international business, institutional investors, climate pledges, ESG investing, fossil fuel divesting.

23.

The Climate Target Gap Is Widening. Can We Close It by Including Climate Finance in SSPs?

Number of pages: 5 Posted: 05 Nov 2018 Last Revised: 06 Jun 2019
Stefano Battiston and Irene Monasterolo
University of Zurich - Department Finance and Utrecht University
Downloads 275 (221,417)
Citation 3

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Climate Finance, Climate Change, Socio-Economic Shared Pathways, Integrated Assessment Model, Climate Finance Risk Metrics

24.

Climate Sentiments in the Financial Sector: How Financial Markets, Policies and Regulations Generate Barriers and Opportunities to Align Portfolios to Sustainability

Number of pages: 20 Posted: 03 Aug 2020
Irene Monasterolo, Natalie Glas and Sabine Kunesch
Utrecht University, Environment Agency Austria and Environment Agency Austria
Downloads 234 (259,747)
Citation 1

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climate-related financial risks, carbon risks, transition risks, climate sentiments, sustainable finance, knowledge co-production, barriers, engagement, divestment, EU Green Deal, EU Action Plan on Sustainable Finance

25.

Vulnerable Yet Relevant: The Two Dimensions of Climate-Related Financial Disclosure

Number of pages: 10 Posted: 23 May 2017
Irene Monasterolo, Stefano Battiston, Anthony Janetos and Zoey Zheng
Utrecht University, University of Zurich - Department Finance, Boston University and Boston University
Downloads 220 (275,436)
Citation 12

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GHG exposure index, GHG holding index, market-based solutions, climate change, climate-risk disclosure

26.

Enabling or Hampering? Climate Risk and the Role of Finance in the Low-Carbon Transition

Number of pages: 6 Posted: 22 Feb 2021
University of Zurich - Department Finance, Utrecht University, International Institute for Applied Systems Analysis (IIASA), International Institute for Applied Systems Analysis (IIASA) and International Institute for Applied Systems Analysis (IIASA)
Downloads 216 (280,209)
Citation 2

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climate transition risk, carbon price, climate finance, climate economic models, disorderly transition scenarios.

27.

Climate Transition Spillovers and Sovereign Risk: Evidence from Indonesia

Number of pages: 44 Posted: 17 Mar 2023
Régis Gourdel, Irene Monasterolo and Kevin P. Gallagher
WU Vienna University of Economics and Business, Utrecht University and Boston University
Downloads 203 (296,908)

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climate transition spillover risks, NGFS scenarios, balance of payment, public debt sustainability, sovereign risk, Stock-Flow Consistent model

The Importance of Compound Risk in the Nexus of Covid-19, Climate Change and Finance

Number of pages: 8 Posted: 07 Jan 2021
Utrecht University, University of Venice - Department of EconomicsCa Foscari University of Venice - Dipartimento di Economia and University of Zurich - Department Finance
Downloads 203 (295,881)
Citation 6

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COVID-19, climate change, financial interconnectedness, compound risk, loss amplification, resilience policies

The Importance of Compound Risk in the Nexus of COVID-19, Climate Change and Finance

Posted: 08 Jun 2020 Last Revised: 25 Jun 2020
Utrecht University, University of Venice - Department of EconomicsCa Foscari University of Venice - Dipartimento di Economia and University of Zurich - Department Finance

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pandemic, climate change, climate finance, financial risk, compound risk

29.

Look Up and Ahead: How Climate Scenarios Affect European Sovereign Risk

Number of pages: 48 Posted: 25 Sep 2024
Luca De Angelis, Irene Monasterolo and Luca Zanin
University of Bologna - Department of Economics, Utrecht University and Prometeia
Downloads 110 (491,842)

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Climate sovereign risk, NGFS climate scenarios, CDS spread, Panel threshold model, Sovereign financial stability

30.

A Question of Trust? Banks’ Climate Sentiments, Lending Behavior and the Low-Carbon Transition

Number of pages: 49 Posted: 05 Dec 2022
Irene Monasterolo, Andrea Mazzocchetti and Andrea Vismara
Utrecht University, Ca Foscari University of Venice and Vienna University of Economics and Business
Downloads 97 (537,109)

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Banks' climate sentiments, Carbon pricing, banking, Credit risk, climate finance, Investment, Low-carbon transition, Co-benefits.

31.

Investor Concerns and the Pricing of Physical Climate Risk 

Number of pages: 39
Amundi Asset Management, Utrecht University - School of Economics, Amundi Asset Management, Utrecht University and University of St. Gallen - School of Finance
Downloads 7

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physical climate risks, stock returns, eolocalized physical assets, global ownership data, probabilistic disaster risk, climate risk pricing

32.

Fossil Fuels versus Green Subsidies: A Stock-Flows Consistent Model of Public Policies for the Low-Carbon Transition

Posted: 08 Jun 2017
Irene Monasterolo and Marco Raberto
Utrecht University and Università degli Studi di Genova - DIME - Department of Mechanics, Energetics, Management and Transportation

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Flow-fund behavioural model, Stock-Flow Consistency, fossil fuels subsidies, green fiscal measures, green sovereign bonds, distributive effects

33.

A Climate Stress-Test of the Financial System

Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017). A Climate stress-test of the financial system. Nature Climate Change, 7(4), 283–288. https://doi.org/doi:10.1038/nclimate3255
Posted: 03 Feb 2016 Last Revised: 11 Sep 2020
University of Zurich - Department Finance, Université Paris I Panthéon-SorbonneClimate Finance Alpha, Utrecht University, DIW Berlin and University of Zurich - Institute of Mathematics

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climate stress-test, climate policy risk, decarbonization, stress-test, stranded assets, carbon risk, climate-sensitive sectors