Green Central Banking Under High Inflation: More Need Than an Option-Case for Turkey",
Description
As the climate crisis looms, calls for a globally more comprehensive strategy of mitigation and adaptation are intensified. A need for more robust greening of the monetary policy instruments along with greening of central banks’ objectives is one such initiation that gained support in recent policy debates. To study this phenomenon, we adapt a Green Central Banking Score to quantify the green practices of central banks in different countries and evaluate it against their macro, financial and climate related fundamentals. We then instrumentalize this score for the Central Bank of the Republic of Turkey; discuss the need for greening its monetary policy stance; and evaluate alternative green monetary tools in light of the ongoing global debate.
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