MONASTEROLO Irene, Ph.D.
Assistant Professor of Climate Economics and Finance
Research Interest
Climate change impact on the growth-finance-inequality nexus
Indicators of financial portfolios’ exposure to carbon stranded assets
Climate stress test of the financial system and macro-financial networks
Alignment of development banks’ flows to the 1.5 degrees target and the Sustainable Development Goals
Stock-Flow Consistent Agent Based and System Dynamics models
Distributive effects of green monetary policies and green sovereign bonds
Climate change adaptation through the food-water-energy nexus
Role of quality of governance on EU funds absorption and citizens’ perception
Current Projects
“Greening energy market and finance” (GrEnFin). Sponsor:Erasmus + Knowledge Alliance Action,EPPKA2 - Cooperation for innovation and the exchange of good practices. Role: Project lead partner. Duration: December 2019 – November 2023.
International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) grant. Role: Project partner. Duration: September 2019 – March 2020.
“Scaling up green finance to achieve the climate and energy targets: an assessment of macro-financial opportunities and challenges for Austria” (GREENFIN)
Sponsor: Austrian Climate Research Program (ACRP). Role: Principal investigator. Duration: December 2019 until June 2021.
FET Innovation Launchpad “CLIMEX - Climate Exposure Tool for Financial Risk Analysis”
Sponsor: European Commission, FETOPEN-03-2018-2019-2020 (CSA). Role: Project partner. Duration: May 2019 – April 2020.
“BIOCLIMAPATHS-Assessing climate-led social-ecological impacts and opportunities for resilience pathways in the EU bioeconomy”
Sponsor: European Commission, ERANET-AXIS grant. Role: Principal investigator. Duration: November 2019 – October 2021.
"CASCADES - CAScading Climate risks: towards ADaptive and resilient European Societies"
Sponsor: European Commission, H2020. Role: Project partner. Duration: September 2019 - August 2023Austrian National Bank’s Maria Schaumeyer Habilitationsstipendium “Closing the gap between finance and sustainability: A novel methodological framework for monetary policies’ evaluation” Duration: March 2019 – September 2020.
“Analysis of Carbon Risks in Financial Markets and Austrian Portfolios” (RiskFinPorto)
Sponsor: Austrian Climate Research Program (ACRP). Role: Project partner. Duration: May 2017 - March 2019.
Recent Publications
Monasterolo, I. (2020). Climate Change and the Financial System. Annual Review of Environment and Resources, Volume 12, forthcoming.
Monasterolo, I., de Angelis, L. (2020). Blind to carbon risk? An Analysis of Stock Market’s Reaction to the Paris Agreement. Ecological Economics, 170, 1-10, doi.org/10.1016/j.ecolecon.2019.106571
Monasterolo, I., Roventini, A., and Foxon, T. (2019). Uncertainty of climate policies and implications for economics and finance: an evolutionary economics approach. Ecological Economics, 163,1-10.
Monasterolo, I., Raberto, M. (2019). The impact of phasing out fossil fuel subsidies on the low-carbon transition. Energy Policy, 124,355-370.
Dunz, N., Naqvi, A., Monasterolo, I. (2019). Climate Transition Risk, Climate Sentiments, and Financial Stability in a Stock-Flow Consistent approach. Ecological Economic Papers, 23 (R&R at Journal of Financial Stability).
Monasterolo, I., Jiani I. Zheng and Battiston, S. (2018). Climate transition risk and development finance: a climate stress-test of China’s overseas energy portfolios. China & World Economy 26(6), 116–142. Input to the G20 Task Force “An International Financial Architecture for Stability and Development”.
Monasterolo, I., Raberto, M (2018). The EIRIN flow-of-funds behavioural model of green fiscal policies and green sovereign bonds. Ecological Economics, 144, 228-243.
Stolbova, V., Monasterolo, I. Battiston, S. (2018). A financial macro-network approach to climate policies evaluation, Ecological Economics, 149, 239-253.
Monasterolo, I., Battiston, S., Janetos, A. C., & Zheng, Z. (2017). Vulnerable yet relevant: the two dimensions of climate-related financial disclosure. Climatic Change, 145(3-4), 495-507.
Battiston S., Mandel A, Monasterolo I., Schuetze F. & G. Visentin (2017). A Climate stress-test of the EU financial system. Nature Climate Change, 7, 283–288.
Howarth C., Monasterolo I. (2016). Understanding barriers to decision making in the energy-food-water nexus: The added value of interdisciplinary approaches. Environmental Science & Policy Journal, Volume 61, July 2016, Pages 53–60.
Monasterolo, I., Pasqualino, R., Janetos, A.C. and Jones, A. (2016). Sustainable and Inclusive Food Systems through the Lenses of a Complex System Thinking Approach - A Bibliometric Review. Agriculture, 6(3), p.44.
Monasterolo, I., Raberto, M. (2016). No Contest: Green versus Brown Subsidies under TTIP trade agreement. In Issues in Brief, The Pardee Center Series, Sept. 2016.
Pasqualino R., Jones AW., Monasterolo I., Phillips A. (2015). Understanding Global Systems Today—A Calibration of the World3-03 Model between 1995 and 2012. Sustainability. 2015; 7(8):9864-9889.
Personal Grants
Stanford Sustainable Finance Initiative: visiting scholar fellowship (March – Sept 2019)
WU visiting research mobility, “Greening monetary policies: the missing link between finance and sustainability?”, Sant’Anna School of Advanced Studies, Pisa (IT), March – August 2018
Research Prizes
Young Investigator Training Program – 2019 ECMCC-IV ECONOMETRIC MODELS OF CLIMATE CHANGE, 2019.