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This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank- and firm-level data. Focusing on the deterioration of firms’ balance sheets and the exposure of banks to different sectors, we assess the extent to which such policy shock would transmit from nonfinancial firms to the banking system. We observe that sectors are affected unevenly by a higher carbon tax. Agriculture, manufacturing, electricity, wholesale and retail trade, and transportation sectors appear to be the most important in the transmission of the risk to the banking system. Results also suggest that a large increase in the carbon tax can generate significant but likely manageable financial stability risks, and that a gradual increase in the carbon tax to meet a higher target over several years could be preferable in terms of financial risks. A gradual increase would also have the benefit of allowing for a smoother adjustment to higher carbon tax for stakeholders.

338 <47 + 57> --- 338 <574> --- 338.24 <574> --- situation economique --- developpement economique --- kazakhstan --- KZ / Kazakhstan --- 307.0 --- 331.31 --- 331.30 --- 330.580 --- 330.548 --- 338.047 --- 330.540 --- NBB ZZ --- 338.24 <574> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Kazakstan --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Kazakstan --- 338 <574> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Kazakstan --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Kazakstan --- 338 <47 + 57> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--?<47+57> --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--?<47+57> --- economische toestand --- economische ontwikkeling --- kazakstan --- Algemene statistische documentatie. Statistische jaarboeken. Grafieken. Statistische gegevensbanken. --- Economisch beleid. --- Economische toestand. --- Gecontroleerde economie. Geleide economie. Welvaarststaat. Algemeenheden. --- Nationalisatie. Privatiseringen. --- Privé en openbare bedrijven. Openbare diensten. Gemengde economie. --- Socialistische stelsels: algemeenheden. --- Kazakstan --- -Kazakstan --- -Cazaquistão --- Ha-sa-ssu-tʻan kung ho kuo --- Hasake si tan gong he guo --- Kasachstan --- Kazafusutan --- Ḳazaḥsṭan --- Kazak Respublikasy --- Kazakistan --- Qazāqistān --- Qazaqstan --- Qazaqstan Respublikasy --- Qazaqstan Respýblıkasy --- Republic of Kazakhstan --- Republic of Kazakstan --- Respublika Kazakhstan --- Республика Казахстан --- Казахстан --- קזחסטן --- カザフスタン --- Kazakh S.S.R. --- Economic conditions --- Economic policy --- International finance --- Kazakhstan --- Algemene statistische documentatie. Statistische jaarboeken. Grafieken. Statistische gegevensbanken --- Economisch beleid --- Economische toestand --- Gecontroleerde economie. Geleide economie. Welvaarststaat. Algemeenheden --- Nationalisatie. Privatiseringen --- Privé en openbare bedrijven. Openbare diensten. Gemengde economie --- Socialistische stelsels: algemeenheden --- -Kazakh S.S.R. --- Cazaquistão --- Kazachstan --- -Economic conditions --- Colombia --- Macroeconomics --- Economics: General --- Taxation --- Environmental Conservation and Protection --- Banks and Banking --- Environmental Economics --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Nonrenewable Resources and Conservation: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Climate change --- Banking --- Environmental economics --- Finance --- Carbon tax --- Taxes --- Greenhouse gas emissions --- Environment --- Commercial banks --- Financial institutions --- Loans --- Currency crises --- Informal sector --- Economics --- Environmental impact charges --- Greenhouse gases --- Banks and banking --- Emissions trading