気候目標達成のための金融・財政政策のモデリング
Modelling monetary and fiscal policy to achieve climate goals (原題)
John Thornton, Yener Altunbaş, Maria Mazzuca, Xiaoxi Qu
🤖 gxceed AI 要約
日本語
金融加速器摩擦を組み込んだ2部門DSGEモデルで、準備率規制・グリーン向け中央銀行リファイナンス・政府保証という3つの金融政策手段を炭素税と比較評価した。グリーン向けターゲティング型リファイナンスが最も安定的かつ効果的で、グリーン企業の外部資金プレミアムを圧縮し信用を再配分する。炭素税は排出コストを高める一方、グリーン金融政策は投資の資金調達コストを下げるという異なる経路で作用する。
English
A two-sector DSGE model with financial accelerator frictions compares three finance-based climate tools—broad reserve requirements, targeted green refinancing, and government loan guarantees—against a Pigouvian carbon tax. Targeted green refinancing is the most stable and effective, compressing green firms' external finance premium and reallocating credit toward cleaner production. Carbon pricing and green financial policy operate through distinct margins: emission cost versus financing cost.
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
日本では日銀の気候変動対応オペやグリーン成長戦略における政策金融の役割が議論されており、ターゲティング型リファイナンスの有効性を示す本稿は、日本の金融政策とトランジション・ファイナンス設計に直接示唆を与える。
In the global GX context
As central banks worldwide debate green credit allocation tools (ECB, BoJ climate operations), this paper provides a rigorous comparative framework showing targeted refinancing outperforms broad reserve requirements, informing transition finance policy design under ISSB/CSRD-aligned capital allocation.
👥 読者別の含意
🔬研究者:DSGEモデルにおけるグリーン金融政策と炭素税の効果比較の理論的枠組みを提供する。
🏢実務担当者:グリーン向け政策金融の活用可能性と炭素税導入時の資金調達コストへの影響を理解する材料になる。
🏛政策担当者:ターゲティング型グリーンリファイナンスが炭素税と補完的に機能することを示し、政策ミックスの設計に資する。
📄 Abstract（原文）
This study develops a two-sector dynamic stochastic general equilibrium model with financial accelerator frictions, following Bernanke et al. (1999), to examine how monetary, financial, and fiscal instruments can steer bank lending toward climate-related objectives. The model distinguishes between green and brown production sectors and evaluates three finance-based policy tools: broad reserve requirements, targeted central bank refinancing for green lending, and government guarantees for loans to low-carbon firms. To benchmark these instruments against a standard environmental policy, the model also introduces a Pigouvian carbon tax that prices sectoral emissions according to their emission intensities. The results show that broad reserve requirement policy mainly operates through aggregate liquidity and generates relatively high transitional volatility, with limited long-run reallocation toward green activity. Targeted green refinancing is the most stable and effective finance-based instrument: it compresses the external finance premium for green firms, reallocates credit toward cleaner production, and delivers more persistent emission reductions. Government loan guarantees also support green lending and technological accumulation, but their transition dynamics are more oscillatory and may generate short-run scale effects. The Pigouvian carbon-tax benchmark clarifies that direct carbon pricing and green financial policies operate through different margins: the former raises the production cost of emissions-intensive activity, while the latter lowers the financing cost of green investment. These findings highlight the importance of targeted financial interventions and carbon-pricing benchmarks in designing policy frameworks for the low-carbon transition and financial stability.
🔗 Provenance — このレコードを発見したソース
- openalex https://ueaeprints.uea.ac.uk/id/eprint/104762/1/Modelling_Paper_manuscript_July2026.docxfirst seen 2026-10-31 04:45:37 · last seen 2026-11-06 04:35:34
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