Publications

2025

• Delgado Téllez, Mar, Javier Quintana y Daniel Santabárbara. (2025). Carbon pricing, border adjustment and renewable energy investment: a network approach. Working Paper, No 2506, Banco de España.
• Veiga Duarte, Rubén, Samuel Hurtado, Pablo Aguilar, Javier Quintana y Carolina Menéndez Álvarez. (2025). CATALIST: A new, bigger, better model for evaluating climate change transition risks at Banco de España. Working Paper, No 2504, Banco de España.

2024

• Alonso-Robisco, Andrés, Javier Bas, José Manuel Carbó, Aranzazu de Juan and José Manuel Marqués. (2024). Where and how machine learning plays a role in climate finance research. Journal of Sustainable Finance & Investment, pp. 1-42.
• Alonso-Robisco, Andrés, José Manuel Carbó, Emily Kormanyos and Elena Triebskorn. (2024). Houston, we have a problem: can satellite information bridge the climate-related data gap? Documentos Ocasionales, nº 2428, Banco de España.
• Álvarez Román, Laura, Sergio Mayordomo, Carles Vergara-Alert and Xavier Vives Torrents. (2024). Climate risk, soft information and credit supply. Woking Paper, No 2406, Banco de España. 
• Banco de España. (2024). Climate-related aspects of the Banco de España’s non-monetary policy portfolios 2024.
• Barbero, Javier, Ernesto Rodríguez-Crespo, Marta Suárez-Varela and Pilar Velasco. (2024). Climate clubs and firm environmental performance: A regional institutional perspective. Economic Analysis and Policy, 84, pp. 663-678.
• Basso, Henrique S., Richard Jaimes and Omar Rachedi. (2024). Demographics and Emissions: The Life Cycle of Consumption Carbon Intensity. Oxford Bulletin of Economics and Statistics.
• Basso, Henrique S., Ourania Dimakou y Myroslav Pidkuyko. (2024). "How consumption carbon emission intensity varies across Spanish households". SERIEs, 15(1), pp. 95-125.
• Bencivelli, Lorenzo, Markus Jorra, Andrés Lajer Baron, Marta Suárez-Varela y Mario Vuletic. (2024). ). The rise of the electric vehicle in China and its impact in the EU. Economic Bulletin - Banco de España, 2024/Q4, 03.
• BIS Innovation Hub Eurosystem Centre, Bank of Spain, Deutsche Bundesbank and European Central Bank. (2024). Project Gaia:  enabling climate risk analysis using generative AI (BIS Innovation Hub). Bank for International Settlement. 
• Cuevas, Herminia, Esther Palomeque and Beatriz Santa-Cruz. (2023). Pillar 3 disclosures on ESG risks: first disclosures of Spanish and other European banks. Financial Stability Review, Banco de España, pp. 73-94.  
• Domínguez-Díaz, Rubén, y Samuel Hurtado. (2024). "Green energy transition and vulnerability to external shocks". Documentos de Trabajo, nº 2425, Banco de España.
• Fabra, Natalia, Eduardo Gutiérrez, Aitor Lacuesta and Roberto Ramos. (2024). Do renewable energy investments create local jobs?Journal of Public Economics, 239, 105212.
• García-Villegas, Salomón and Enric Martorell. (2024). Climate transition risk and the role of bank capital requirements. Working Paper, No 2410, Banco de España.  
• García-Villegas, Salomón y Enric Martorell. (2024). Climate transition risk and the role of bank capital requirements. Economic Modelling, 135, 106724.
• González Mínguez, José. (2024). The Letta report: a set of proposals for revitalising the European economy. Occasional Papers, 2430, Banco de España.
• Hinterlang, Natascha. (2024). "Different effects of carbon pricing and border adjustment in Germany and Spain". Economic Modelling, 141, 106840.
• L’Hotellerie-Fallois, Pilar, Marta Manrique Simón y Danilo Bianco. (2024). "EU Policies for the green transition, 2019-2024". Documentos Ocasionales, 2424, Banco de España.
• López Vicente, Fernando, y María de los Llanos Matea. (2024b). The 2024 European Semester and the Recovery and Resilience Facility. Economic Bulletin - Banco de España, 2024/Q4, 01.
• Lozano Setién, Cecilia, Silvia Merino Rueda y Esther Palomeque. (2024). El riesgo de cambio climático y la normativa prudencial bancaria: iniciativas y desafíos. Información Comercial Española, ICE: Revista de Economía,(936), pp. 37-50. 
• Moreno, Ángel-Iván and Teresa Caminero. (2024). Assessing climate-related disclosures of European banks through text mining. Review of World Economics.
• Quintana, Javier. (2024). The impact of renewable energies on wholesale electricity prices. Economic Bulletin, 2024/Q3, 09, Banco de España.  
• Serra, Xavi and Sonsoles Gallego. (2024). An initial stocktake of the IMF’s Resilience and Sustainability Trust as a channel for using special draweing rights. Ocassional Paper, No 2402, Banco de España. 

2023

• Aguilar, P., B. González y S. Hurtado. (2023). Green policies and transition risk propagation in production networks. Economic Modelling, 126, 106412.
• Alonso-Robisco, A., J. M. Carbó y J. M. Marqués (2023). Machine Learning methods in climate finance: a systematic review  (1 MB). working Paper, No 2310, Banco de España
• AMCESFI (2023). Biennial report on climate change risk to the financial system.
• Bajo, Mario y Emilio Rodríguez. (2023). Green Parity and the Decarbonization of Corporate Bond Portfolios. Financial Analysts Journal, volume 79, issue 4.
• Banco de España (2023). Aspectos climáticos de las carteras de inversión del Banco de España , march.
• Barreira, R. and J. Gálvez (2023). Climate risk and credit supply in Spain  (789 KB) Article 5, Economic Bulletin 1/2023, Banco de España.
• Basso, Henrique S., Ourania Dimakou and Myroslav Pidkuyko. (2023). How consumption carbon emission intensity varies across Spanish households. Occasional Paper, No 2309, Banco de España.
• Bover, O., N. Fabra, S. García-Uribe, A. Lacuesta and Roberto Ramos (2023). Firms and households during the pandemic: what do we learn from their electricity consumption? . Energy Journal, v. 44, n. 3, p. 267-288.
• Cuevas, H., E. Palomeque and B. Santa-Cruz. (2023) Pillar 3 disclosures on ESG risks. First disclosures of Spanish and other European banks  (1 MB). Financial Stability Review - Banco de España, 45.
• Fabra, N., E. Gutiérrez, A. Lacuesta and R. Ramos (2023). Do Renewables Create Local Jobs?  (2 MB) Working Paper, No 2307, Banco de España.
• González Martínez, C.I. and E. Triebskorn. (2023). The road to net zero: the role of transition plans and forward-looking indicators in portfolio management. Economic Bulletin - Banco de España, 2023/T3, 14. 
• Hinterland, N. (2023). Effects of Carbon Pricing in Germany and Spain: An Assessment with EMuSe. Working Paper, No 2328, Banco de España.
• Hospido, L., C. Sanz and E. Villanueva (2023). Air pollution: a review of its economic effects and policies to mitigate them  (759 KB). Occasional Paper, No 2301, Banco de España.
• Lamas Rodríguez, M., M.L. García Lorenzo, M. Medina Magro and G. Pérez Quirós. (2023). Impact of climate risk materialization and ecological deterioration on house prices in Mar Menor, Spain. Scientific Reports, 13(1), 11772.
• Martínez, C. and P. Pérez Rodríguez. (2023). Climate change, financial risks and reporting: distant horizons?  (540 KB). Financial Stability Review - Banco de España, 44.
• Moreno Bernal, Á.I. and M.T. Caminero García. (2023). Assessing the data challenges of climate-related disclosures in European banks: a text mining study. Working Paper, No 2326, Banco de España.
• Monasterolo, Irene, María Jesús Nieto and Edo Schets (2023). Assessing the “Tragedy of the Horizons”: Conceptual underpinnings of the NGFS scenarios and suggestions for improvement. SUERF Policy Brief No 602.
• Monasterolo, I., M. J. Nieto and E. Schets (2023). The good, the bad and the hot house world: conceptual underpinnings of the NGFS scenarios and suggestions for improvement  (1 MB). Occasional Paper, No 2302, Banco de España.
• Nakov, A. and C. Thomas. (2023). DP18308 Climate-Conscious Monetary Policy. CEPR Discussion Paper No. 18308. CEPR Press.
• Nieto, María Jesús and Chryssa Papathanassiou (2023).Financing the orderly transition to a low carbon economy in the EU: the regulatory framework for the banking channel. Journal of Banking Regulation.

2022

• Aguilar, P., B. González and S. Hurtado (2022). Carbon tax sectoral (CATS) model: a sectoral model for energy transition stress test scenarios  (4 MB). Occasional Paper, No 2218, Banco de España.
• Bajo, M. and E. Rodríguez (2022). Integrating the carbon footprint into the construction of corporate bond portfolios  (2 MB). Working Paper, No 2226, Banco de España.
• Campos, R., M. Suárez-Varela and J. Timini (2022). The EU-MERCOSUR trade agreement and its impact on CO2 emissions , Analitycal Articles, Economic Bulletin 1/2022, Banco de España.
• Dormido, L., I. Garrido, P. L´Hotellerie-Fallois and J. Santillán (2022). Climate change and sustainable growth: international initiatives and European policies  (1 MB). Occasional Paper, No 2213, Banco de España.
• Fabra, N., A. Lacuesta and M. Souza (2022). The implicit cost of carbon abatement during the COVID-19 pandemic , European Economic Review, v. 147, August, 104165.
• Fernández-Rosillo, B., E. Koblents and A. Morales (2022). Micro-database for sustainability (ESG) indicators developed at the Banco de España  (4 MB). Statistical note No 17, Banco de España.
• Galán, J.E and Y. Tan (2022). Green light for green credit? Evidence from its impact on bank efficiency , Journal of Finance & Economics, September, on line.
• Ghirelli, C., A. González, J.L. Herrera and S. Hurtado (2022). Weather, mobility and the evolution of the Covid-19 pandemic . Journal of Economic Studies, April, on line.
• Gimeno, R. and C. I. González (2022). The role of a green factor in stock prices. When Fama & French go green  (1 MB). Working Paper, No 2207, Banco de España.
• Maza, L. Á. (2022). Una estimación de la huella de carbono en la cartera de préstamos a empresas de las entidades de crédito en España  (690 KB) . Occasional Paper, No 2220, Banco de España.
• Moreno Bernal, A. I. and T. Caminero García (2022).Analysis of ESG disclosures in Pillar 3 reports. A text mining approach  (863 KB). Occasional Paper, No 2204, Banco de España.
• Moreno, A.I. and T. Caminero (2022). Application of text mining to the anaylysis of climate-related disclosures , International Review of Financial Analysis, v. 83, October, art. 102307.
• Nieto, M.J., (2022). Whatever it takes to reach net zero emissions around 2050 and limit global warming to 1.5 C: the cases of United States, China, European Union and Japan , Milan: Centre for Applied Research on International Markets, Money Banking y Regulation, January, (BAFFI CAREFIN Centre Research Papers; 170).
• Peiró-Palomino, J., E. Rodríguez-Crespo and M. Suárez-Varela (2022). Do countries with higher institutional transition to cleaner trade? , Ecological Economics, v. 201, November, art. 107554.
• Santabárbara, D. and M. Suárez-Varela (2022). Carbon pricing and inflation volatility  (1 MB). Working Paper, No 2231, Banco de España.
• Suárez-Varela, M. and E. Rodríguez-Crespo (2022). Is dirty trade concentrating in more polluting countries? Evidence from Africa , Economic Analysis and Policy, December, v. 76, p. 728‑744.

2021

• Aguilar, P., B. González and S. Hurtado (2021). "The design of macroeconomic scenarios for climate change stress tests" Financial Stability Review, No 40, spring. Banco de España.
• Alonso. A. and C. I. González (2021). Los productos financieros sostenibles desde el punto de vista de los supervisores y los reguladores: sector bancario, chapter 16, “La sostenibilidad y el nuevo marco institucional y regulatorio de las finanzas sostenibles”. Editorial Aranzadi.
• Alonso, A. and J.M. Marqués (2021). Principales transformaciones en las áreas funcionales de las entidades financieras (2021). El rol de las finanzas en una economía sostenible, Papeles de la Fundación, No 60 (pp. 297-302), IEAF-FEF.
• Banco de España (2021). Impact of climate change risks on the banking sector  (1 MB), Box 3.1, Financial Stability Report, autumn.
• Banco de España (2021). The value of housing and ecological degradation: the case of the Mar Menor  (208 KB), Box 3.2 Financial Stability Report, autumn..
• Estrada, Á. and D. Santabárbara. (2021). Recycling carbon tax revenues in Spain. Environmental and economic assessment of selected green reforms  (1 MB). Working Paper, No 2119, Banco de España.
• Gimeno, R. (2021). “El mercado de bonos verdes”. Chapter 4.3., El rol de las finanzas en una economía sostenible, Estudio de la Fundación de Estudios Financieros.
• González, C. I. and S. Núñez. (2021). Markets, financial institutions and central banks in the face of climate change: challenges and opportunities  (2 MB). Occasional Paper, No 2126, Banco de España.
• González, C.I. (2021). Overview of global and European institutional sustainable finance initiatives  (4 MB). Analytical Articles, Economic Bulletin 3/2021, Banco de España.
• González, C.I (2021). The role of central banks in combating climate change and developing sustainable finance  (408 KB). Analytical Articles, Economic Bulletin 3/2021,Banco de España.
• González, C.I. (2021). “El trabajo de los Bancos Centrales y Supervisores Bancarios”, Chapter 2.3.1., El rol de las finanzas en una economía sostenible, Estudio de la Fundación de Estudios Financieros.
• Marqués, J.M. (2021). “La tecnología y la digitalización como fuente de poder multiplicativo de las finanzas sostenibles”. El rol de las finanzas en una economía sostenible, Papeles de la Fundación, No 60 (pp. 273-279), IEAF-FEF.
• Matea, M. Ll., F. Martínez Casares and S. Vázquez Martínez (2021). The cost of electricity for Spanish firms  (461 KB), Analytical Article, Economic Bulletin 1/2021, Banco de España.
• Matea, M. Ll., A. Lacuesta and D. Serrano-Puente (2021). Recent changes in CO2 emissions in Spain  (407 KB), Box 6, Economic Bulletin 2/2021, Banco de España.
• Pacce, M., I. Sánchez and M. Suárez-Varela (2021). Recent developments in Spanish retail electricity prices: the role played by the cost of CO2 emission allowances and higher gas prices  (663 KB),  Occasional Paper No 2120, Banco de España.
• Romo González, L.A.  (2021). Una taxonomía de actividades sostenibles para Europa  (556 KB). Occasional Paper No 2101, Banco de España.
• Serrano-Puente, D. (2021). Are we moving towards an energy-efficient low-carbon economy? An input-output LMDI decomposition of CO2 emissions for Spain and the EU28  (1 MB), Working Paper No 2104, Banco de España.

2020

• Alonso, A. (2020). Los emisores soberanos ante la revolución sostenible. Working Paper, No 32, Observatorio de Divulgación Financiera.
• Banco de España. (2020). Información medioambiental en las sociedades no financieras españolas: Regulación  (313 KB). Box 1, Annual results of non-financial corporations 2019. Central Balance Sheet Data Office.
• Gimeno, R. and F. Sols (2020).Incorporating sustainability factors into asset management  (1 MB). Financial Stability Review, No 39, Banco de España.
• González, C.I. (2020). “Iniciativas del sector financiero e institucional para combatir el cambio climático”. Colegio de Economistas de Madrid. No 167/168 extra, pp. 205-211.
• González, C.I. and S. Núñez (2020). Cambio climático y sistema financiero: una necesaria mirada al futuro. Papeles de Economía Española, No 163, pp. 130-145.
• González, C.I. and S. Núñez (2020). El sistema financiero en transición hacia una economía de bajo carbono. Informe económico y financiero ESADE #26. pp. 57-69.
• Holub, F., L. Hospido and U.J. Wagner (2020). Urban air pollution and sick leaves: evidence from social security data  (693 KB). Working Paper No 2041,  Banco de España.
• Moreno, Á.I. and T. Caminero (2020). Application of text mining to the analysis of climate-related disclosures  (1 MB). Working Paper No 2035, Banco de España.
• Nieto, M.J. (2020). "Understanding Environmental Social Governance (ESG) and its Implications for Banks", in Alessi Lucia (Ed.), Joint JRC- EBA workshop on Banking Regulation and Sustainability, Publications Office of the European Union, pp. 48-51.
• Nieto, M.J. (2020).Riesgo Climático y Estabilidad Macrofinanciera. Libro Homenaje al Profesor Ubaldo Nieto de Alba, Ed. Tirant Lo Blanch, Vol.2, pp. 225-250.

2019

• Alonso, A. and J.M. Marqués (2019). Financial Innovation for a sustainable economy  (1 MB), Occasional Paper No 1916, Banco de España.
• Banco de España (2019). The financial system and climate change  (181 KB). Box 3.1, Financial Stability Report, autumn..
• Delgado, M. (2019). Energy transition and financial stability. Implications for the Spanish deposit-taking institutions  (470 KB). Financial Stability Review, autumn, Banco de España.
• González, C.I. and S. Núñez (2019). “Mercados, entidades financieras y bancos centrales ante el cambio climático: retos y oportunidades”. Presupuesto y Gasto Público, No 97/2019 (an expanded version can be consulted at Documentos de trabajo 2019-06, FEDEA).
• Nieto, M.J. (2019). Climate change: a new challenge for financial stability?. Journal of Central Banking, Vol. 29, No 3, February.
• Nieto, M.J. (2019). Banks, Climate Risks and Financial Stability. Journal of Financial Regulation and Compliance, Vol. 27, Issue 2, pp 243-262.

2018 y anteriores

• Macías, A. y M. Matilla-García (2012). Net Energy Analysis in a Ramsey-Hotelling Growth Model  (800 KB). Working Paper, No 1217, Banco de España.
• Marqués, J.M. and L. Romo (2018).The risk of climate change in financial markets and institutions: international challenges, measures and initiatives  (796 KB). Financial Stability Review, No 34, (pp. 113 - 134), Banco de España.
• Nieto, M.J: (2017). Banks and Environmental Sustainability: Some Financial Stability Reflections. International Research Centre on Cooperative Finance, HEC Montreal, October.
• Nieto, M.J. (2017). Banks and Environmental Sustainability: Some reflections from the perspective of financial stability  CEPS Policy Brief , No 2017/01,  May 2017.