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Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Social and Economic Geography.
2017 (English)In: Annals of the American Association of Geographers, ISSN 2469-4452, Vol. 107, no 5, 1108-1127 p.Article in journal (Refereed) Published
Abstract [en]

In recent years, climate change has increasingly come to be seen as one of the principal threats to future global financial stability. This article identifies and critiques the emerging consensus among international financial regulators as to how this threatthe key perceived components of which are also delineatedcan best be managed. It shows that the preferred approach mirrors hegemonic postfinancial crisis regulatory practice vis-a-vis financial stability risk more generically: prioritization of market discipline underpinned by risk disclosure. The article characterizes this approach as a quintessentially neoliberal modality of governance. It also argues that insofar as this approach relies on financial market workings and financial institutional behaviors explicitly belied by the financial crisis, it risks precisely the type of climate Minsky moment regulators aim to avoid.

Place, publisher, year, edition, pages
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD , 2017. Vol. 107, no 5, 1108-1127 p.
Keyword [en]
climate change, financial risk, financial stability, governance, neoliberalism, cambio climatico, riesgo financiero, estabilidad financiera, gobernanza, neoliberalismo
National Category
Social Sciences
Identifiers
URN: urn:nbn:se:uu:diva-331207DOI: 10.1080/24694452.2017.1293502ISI: 000405403500007OAI: oai:DiVA.org:uu-331207DiVA: diva2:1150444
Funder
Swedish Research Council, 2015-01694
Available from: 2017-10-19 Created: 2017-10-19 Last updated: 2017-10-19Bibliographically approved

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