I would like to inform the group of the work of Jane D’Arista who is particularly experienced at finanical institutional design
This first paper argues that the link between excess liquidity, the buildup in debt, the asset bubbles that debt created and the financial crisis that followed are outcomes of monetary as well as regulatory policy failures; that they reflect a substantial weakening in the Fed’s ability toimplement countercyclical initiatives. It argues that the effectiveness of monetary policy can – and must – be restored and proposes a new system of reserve management that assesses reserves against assets rather than deposits and applies reserve requirements to all segments of the financial sector.
The following speech by Andy Haldane, Executive Director of Financial Stability at the Bank of England, points out to what might be a prerequisite for a transformative governance of the financial system: a common financial language.
As hinted at by Haldane, such a language shall be nested in a ICT framework. It could for example be a domain-specific language for finance, extending the one described here .
In view of the upcoming IASS and GCF Sustainable Finance Workshop which starts tomorrow, Etienne Espagne would like to share this paper on the low-carbon-transition, written with Jean-Charles Hourcade (director of the CIRED) and Baptiste Perrissin-Fabert (CIRED and Commissariat Général au Développement Durable).
It is very much in line with the scope of the workshop and especially the first session on Friday morning. He would be delighted to discuss it with any interested participant.