Warning words in a warming world: Central bank communication and climate change
温暖化する世界における警告の言葉：中央銀行のコミュニケーションと気候変動 (AI 翻訳)
Campiglio, Emanuele, Deyris, Jérôme, Romelli, Davide, Scalisi, Ginevra
🤖 gxceed AI 要約
日本語
1986年から2023年までの131の中央銀行による35,487件のスピーチを分析し、気候関連の中央銀行コミュニケーションを調査。自然言語処理を用いて、グリーンファイナンスと気候関連金融リスクに関するナラティブの進化を特定。機関的要因がコミュニケーション戦略を主に決定し、グリーン企業の株式リターンがダーティ企業を上回ることを発見。
English
This study analyzes climate-related central bank communication using a novel dataset of 35,487 speeches from 131 central banks (1986-2023). Using NLP, it traces narratives on green finance and climate-related financial risks. Findings show institutional factors drive communication strategies, and green firms' equity returns outperform dirty firms when central banks engage more on climate topics.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本銀行の気候変動対応やグリーンファイナンス促進策（資金供給オペ等）の文脈で、中央銀行のコミュニケーションが市場に与える影響を示すエビデンスとして重要。日本のGX政策や金融システム安定化に示唆を与える。
In the global GX context
This paper provides empirical evidence on how central bank communication on climate affects financial markets, relevant to global discussions on central bank mandates, green finance, and climate risk. It informs policy debates at institutions like the ECB, Fed, and NGFS.
👥 読者別の含意
🔬研究者:Provides a large-scale empirical analysis of central bank climate communication and its market impact, useful for scholars in climate finance and central banking.
🏢実務担当者:Highlights how central bank rhetoric can influence green vs. dirty equity performance, relevant for portfolio managers and corporate strategy.
🏛政策担当者:Offers insights on the effectiveness of central bank communication as a climate policy tool, informing NGFS and central bank strategy.
📄 Abstract（原文）
We study climate-related central bank communication using a novel dataset containing 35,487 speeches delivered by 131 central banks from 1986 to 2023. We employ natural language processing techniques to identify and trace the evolution of key climate-related narratives centred around (i) green finance, and (ii) climate-related financial risks. We find that central bank public communication strategies are primarily driven by underlying institutional factors, rather than exposure to climate-related risks. We then study the impact of climate-related communication on financial market dynamics through both a portfolio and a firm-level analysis. We find that equity returns of ‘green’ firms outperform those of ‘dirty’ firms when central banks engage more frequently and intensely with climate-related topics.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1016/j.euroecorev.2025.105101first seen 2026-05-05 19:07:26
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。