The Role of Green Monetary Policy in Mitigating Inflationary Pressures During the Energy Transition in the EU
EUのエネルギー転換期におけるインフレ圧力緩和におけるグリーン金融政策の役割 (AI 翻訳)
Piotr Misztal
🤖 gxceed AI 要約
日本語
本研究は、EU27か国のパネルデータ（2015-2022年）を用いて、グリーン金融政策がエネルギー転換と物価安定に与える影響をVECMで分析。長期金利の上昇はグリーン投資を減少させ、CO2排出を増加させることを示した。また、インフレは環境転換の資金制約となる。中央銀行が環境目標を統合することで、持続可能な成長と気候関連インフレリスクの緩和が可能と結論。
English
This study analyzes the impact of green monetary policy on the energy transition and price stability using panel data from 27 EU countries (2015-2022) with a VECM. It finds that higher long-term interest rates reduce green investment and increase CO2 emissions, while inflation constrains environmental transformation. The authors conclude that integrating environmental objectives into central bank strategies can promote sustainable growth and mitigate climate-related inflationary risks.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本銀行の金融政策運営において、気候変動対応を考慮する際の参考となる。EUの実証結果は、日本のグリーン投資促進と物価安定の両立を考える上で示唆に富む。ただし、日本の金融政策は独自の文脈があるため、直接適用には注意が必要。
In the global GX context
This paper contributes to the global debate on green monetary policy, aligning with the growing interest in climate-related risks in central banking. It provides empirical evidence from the EU that can inform other regions, including the US and Japan, on the trade-offs between interest rates and environmental goals. The findings support the integration of climate considerations into monetary policy frameworks, as advocated by the NGFS.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the link between interest rates, green investment, and CO2 emissions, useful for further research on green monetary policy.
🏢実務担当者:Highlights the importance of financing conditions for green projects, relevant for corporate investment decisions in the EU.
🏛政策担当者:Offers insights for central banks and regulators on how monetary policy can support the energy transition without compromising price stability.
📄 Abstract（原文）
Objectives The study aims to examine how green monetary policy can support the energy transition in the European Union (EU) while maintaining price stability. Specifically, it investigates the relationship between monetary policy instruments, particularly interest rates and pro-ecological investment, inflation, and carbon dioxide emissions. Material and methods The research utilized both literature analysis and econometric modeling. Panel data for 27 EU member states covering the period 2015–2022 were obtained from Eurostat. The empirical analysis employed a Vector Error Correction Model (VECM) to assess the long-run and short-run relationships among variables including GDP, inflation (CPI), long-term interest rates, green investment, and CO₂ emissions. Results The results indicate that an increase in long-term interest rates leads to a decline in green investment and, consequently, to higher carbon dioxide emissions. Inflation also exerts a negative effect on ecological transformation by constraining financial capacity for green projects. The impulse response analysis showed that a one-unit increase in interest rates causes a gradual rise in CO₂ emissions over a seven-year horizon, while variance decomposition revealed that approximately 50% of CO₂ emission changes can be explained by interest rate fluctuations. Conclusions Monetary policy can play a critical role in the EU’s energy transition by facilitating cheaper financing for green investments through lower interest rates. Integrating environmental objectives into central bank strategies can promote sustainable growth and mitigate climate-related inflationary risks. Green monetary policy, when effectively designed, can thus reconcile price stability with environmental sustainability, strengthening the EU’s resilience to climate and energy shocks.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.13166/jms/224793first seen 2026-08-17 04:56:12
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