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
“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: 2019 - 2021.Assessing macroeconomic and financial impact of compound risks in developing countries
Sponsor: The World Bank. Role: Research leader. Duration: 2020 - 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: 2019 –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: 2019 –2021."CASCADES - CAScading Climate risks: towards ADaptive and resilient European Societies"
Sponsor: European Commission, H2020. Role: Project partner. Duration: 2019 – 2023“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: 2019 –2023
Past Research Projects
Austrian National Bank’s Maria Schaumeyer Habilitationsstipendium “Closing the gap between finance and sustainability: A novel methodological framework for monetary policies’ evaluation” Duration: 2019 – 2020.
International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE)grant. Role: Project partner. Duration: September 2019 – March 2020.
“Analysis of Carbon Risks in Financial Markets and Austrian Portfolios” (RiskFinPorto)
Sponsor: Austrian Climate Research Program (ACRP). Role: Project partner. Duration: 2017 - 2019.
Recent Publications
Monasterolo, I. (2020). Climate change and the financial system. Annual Review of Resource Economics, Volume 12, 1-22.
Monasterolo, I. (2020). Embedding finance in the macroeconomics of climate change:
research challenges and opportunities ahead. CESifo Forum, Nov. 2020
Monasterolo, I., Volz, U. (2020). Addressing climate-related financial risks and overcoming barriers to scaling up sustainable investments. G20 Saudi Arabia: T20’s Task Force 2 “Climate Change and Environment” 2020
Dunz, N., Naqvi, A., Monasterolo, I. (2020). Climate Transition Risk, Climate Sentiments, and Financial Stability in a Stock-Flow Consistent approach. Forth.Journal of Financial Stability.
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.
Hafner, S., Anger-Kraavi, A., Monasterolo, I., Jones, A. (2020). Emergence of New Economics Energy Transition Models: A Review. Ecological Economics, 177, 106779
Battiston, S., Billio, M., and Monasterolo, I. (2020). Pandemics, climate and public finance: how to strengthen socio-economic resilience across policy domains. In: A New World Post COVID-19 Lessons for Business, the Finance Industry and Policy Makers, edited by Monica Billio and Simone Varotto. ISBN [ebook] 978-88-6969-442-4 | ISBN [print] 978-88-6969-443-1
Monasterolo I., Battiston S. (2020). Assessing forward-looking climate risks in financial portfolios: a science-based approach for investors and supervisors. NGFS Handbook on assessing and managing environment-related risks. 10 September 2020
Monasterolo, I., Battiston, S. (2020). Pricing forward-looking climate risks in financial contracts. In: Report of the Joint JRC - EBA workshop on Banking Regulation and Sustainability, edt. by Alessi, L.
Battiston, S., Monasterolo, I. (2020). A science-based climate-stress testing framework to integrate forward-looking climate transition risk into existing supervisory. In: Report of the Joint JRC - EBA workshop on Banking Regulation and Sustainability, edt. by Alessi, L.
Battiston, S., Guth, M., Monasterolo, I., Nuerdorfer, B., Pointner, W. (2020). The exposure of Austrian banks to climate-related transition risk. In: Austrian National Bank’s Financial Stability Report 2020.
Battiston, S., Monasterolo, I. (2020). The Climate Spread of Corporate and Sovereign Bonds. Available at SSRN: ssrn.com/abstract=3376218 or http://dx.doi.org/10.2139/ssrn.3376218
Blogposts and Online Articles
Monasterolo, I. “Assessing climate risks in investors’ portfolios: a journey through climate stress-testing”. UN PRI blogpost (2/03/2020): https://bit.ly/3cx4Dfy
Monasterolo, I., Volz, U. “How to finance virus response in a sustainable way? Scale up synergies with the Green Deal”. Euractiv (7/04/2020): https://www.euractiv.com/section/energy-environment/opinion/how-to-finance-virus-response-in-a-sustainable-way-scale-up-synergies-with-the-green-deal/
Monasterolo, I., Volz, U. "EU virus response to shape climate action". OMFIF (8/04/2020): https://www.omfif.org/2020/04/eu-virus-response-to-shape-climate-action/
Monasterolo, I., Volz, U. "Enabling EU solidarity while preserving public finances: how the EU could finance the COVID response". Financial Times (The Banker) (2/05/2020)
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.