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The participation of central banks in the fight against climate change has recently been advanced in several academic articles and policy papers. Since the emerging consensus is that climate change poses financial risks, the envisaged green central banking has a responsibility to address environmental sustainability as a means of promoting financial stability—an increasingly accepted goal of central banks in the post-financial crisis world. Thus far, the pro side of the argument is well represented in the literature, though often the benefits remain implicit: with the help of central banks via monetary and macroprudential policies, a smooth transition to a low-carbon economy would be somehow beneficial to all of us. With this article, we aim to add to this literature by looking at the costs and trade-offs of this course of action in light of the observation that the con side of the proposal has been only marginally addressed. We put forward a framework for the analysis of the costs and trade-offs of green central banking and exemplify the applicability of this framework by studying three cases of central banks for which the transition to green operation has been advanced. We find evidence that if costs and trade-offs are taken into account, the case in favor of greening central banks becomes less straightforward than is currently conveyed in the literature.
Radu Șimandan; Cristian Păun. The Costs and Trade-Offs of Green Central Banking: A Framework for Analysis. Energies 2021, 14, 5168 .
AMA StyleRadu Șimandan, Cristian Păun. The Costs and Trade-Offs of Green Central Banking: A Framework for Analysis. Energies. 2021; 14 (16):5168.
Chicago/Turabian StyleRadu Șimandan; Cristian Păun. 2021. "The Costs and Trade-Offs of Green Central Banking: A Framework for Analysis." Energies 14, no. 16: 5168.
Radu Șimandan; Beatrice Leuștean; Răzvan Dobrescu. ROMANIA AND THE EURO: THE STATE OF THE DEBATE. IJASOS- International E-journal of Advances in Social Sciences 2017, 450 -458.
AMA StyleRadu Șimandan, Beatrice Leuștean, Răzvan Dobrescu. ROMANIA AND THE EURO: THE STATE OF THE DEBATE. IJASOS- International E-journal of Advances in Social Sciences. 2017; ():450-458.
Chicago/Turabian StyleRadu Șimandan; Beatrice Leuștean; Răzvan Dobrescu. 2017. "ROMANIA AND THE EURO: THE STATE OF THE DEBATE." IJASOS- International E-journal of Advances in Social Sciences , no. : 450-458.
This article investigates the political resistance to fiscal stability institutions in Romanian context, as revealed in political discourse. To ascertain the a priori political predisposition against the fiscal stability framework, the theoretical findings of the public choice school of economics are utilized. Insights from the political discourse analysis body of literature are employed to the study of discourse against established fiscal stability institutions. Since the consensus arising from this literature is that politics is both acting and talking, the unit of analysis in our examination is the statement that can be classified as political discourse. After briefly analyzing the broader institutional context that provides the background for political discourse, the main storylines against fiscal stability recently emerged are reviewed. Seeking to determine the traits of the dominant political discourse against fiscal stability displayed by Romanian politicians in recent years, a quantitative assessment of the usage of these storylines is given. We find that publicly expressed disagreement with established fiscal stability institutions from the part of politicians and high-ranking bureaucrats has drastically increased over the analyzed period. The research has also revealed that the most employed storyline has been the one that belittles the significance of fiscal stability if the state uses the fiscal revenues for investing in transport infrastructure.
Radu Simandan. Fiscal Stability in Political Discourse: The Romanian Case. Timisoara Journal of Economics and Business 2017, 10, 104 -119.
AMA StyleRadu Simandan. Fiscal Stability in Political Discourse: The Romanian Case. Timisoara Journal of Economics and Business. 2017; 10 (1):104-119.
Chicago/Turabian StyleRadu Simandan. 2017. "Fiscal Stability in Political Discourse: The Romanian Case." Timisoara Journal of Economics and Business 10, no. 1: 104-119.
Radu Simandan. Political resistance to fiscal stability institutions: The case of Romania. New Trends and Issues Proceedings on Humanities and Social Sciences 2017, 3, 219 -228.
AMA StyleRadu Simandan. Political resistance to fiscal stability institutions: The case of Romania. New Trends and Issues Proceedings on Humanities and Social Sciences. 2017; 3 (4):219-228.
Chicago/Turabian StyleRadu Simandan. 2017. "Political resistance to fiscal stability institutions: The case of Romania." New Trends and Issues Proceedings on Humanities and Social Sciences 3, no. 4: 219-228.
The multifaceted interplay of economic and political factors in the process of euro adoption suggests the opportunity to take a political economy perspective on this complex issue. In this sense, a number of key political-economy related issues can be distilled in relation to the process of euro adoption, which will structure the following analysis. What are the key national winners and losers of this possible event? What role has interest groups pressure played in this process? Under what circumstances may bureaucracies such as the central bank body of experts act as a deterrent for the political end that is the single currency adoption? How are internationally exposed companies expected to behave and to promote their interests in relation to this event? What is the relative importance of the internal politics dynamic for euro adoption? We rely on process tracing to approach these questions for the Romanian case. Policy documents, newspaper articles, academic articles, economic indicators, and elite interviews are used to create an analytical narrative based both on a one-point-in-time description of the situation and on a timeline that lists the sequence of some relevant events. We argue that a specific combination of economic and political factors led to the failed euro adoption in Romania.
Radu Şimandan; University Politehnica of Bucharest; Beatrice Leuștean. Not Only Economics: The Political Economy of Euro Adoption in Romania. Management Dynamics in the Knowledge Economy 2013, 7, 269 -284.
AMA StyleRadu Şimandan, University Politehnica of Bucharest, Beatrice Leuștean. Not Only Economics: The Political Economy of Euro Adoption in Romania. Management Dynamics in the Knowledge Economy. 2013; 7 (2):269-284.
Chicago/Turabian StyleRadu Şimandan; University Politehnica of Bucharest; Beatrice Leuștean. 2013. "Not Only Economics: The Political Economy of Euro Adoption in Romania." Management Dynamics in the Knowledge Economy 7, no. 2: 269-284.