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The changing climate, loss of biodiversity, and environmental risks threaten the sustainability of economic systems worldwide. To address these challenges, macroeconomic policy frameworks must be reoriented to incorporate environmental considerations. This call for papers aims to solicit contributions exploring the links between macroeconomics, fiscal, financial, and monetary policies and how they can contribute to tackling climate, biodiversity, and environmental risks.

As the climate and environmental risks spread and become more significant, governments, banks, and the global financial system will unavoidably be exposed to them. Because climate change poses a threat to financial stability and the conduct of monetary policy, it is necessary for all policymakers, including central banks and financial regulators, to be involved in mitigating physical and transition risks. To address potential climate-related financial risks and finance the low-carbon transition, climate-related financial policies (CRFP) are essential. However, current international engagement levels and adoption of CRFPs need to be increased to encourage a sufficient low-carbon transition and protect the financial system from climate risks.

Knowledge gaps must be addressed despite the growing literature on climate-related macro-financial policymaking. A global commitment must promote these policies and green fiscal reforms as the next Conference of Parties (COP28) is expected to uphold the 1.5℃ target and follow the IPCC’s recommendation of keeping global warming below 2℃.

This Special Issue of the Eurasian Economic Review (EAER)  encourages contributions from economists, policymakers, and other social scientists. It welcomes conceptionally, empirically, or theoretically substantiated contributions, including  analytical models, econometric analysis, generalizable case studies, and literature surveys that meet the general criteria of Eurasian Economic Review and deal with the broad topic of how macro-financial policies can be effectively developed to mitigate and/or adapt to climate change and tackle risks related to climate change, environmental degradation, and biodiversity loss.

The following areas are of particular interest for this EAER-Special Issue:

  1. Nature and climate crises and the conduct of monetary policy: mandates and policy actions
  2. Macro-prudential banking regulation addressing nature- and climate-related  risks: policy actions and country experiences
  3. Climate-related fiscal rules: green public expenditures and subsidies to tackle climate change
  4. Analysis of policies aimed at reducing carbon emissions and/or biodiversity loss with potential consequences for income distribution
  5. Green budgeting and green bonds to meet climate change and/or other environmental objectives
  6. The interlinkages among fiscal, monetary, and climate policy concerns
  7. The effect of nature and climate crises on assessing governments finances’ long-term sustainability
  8. The inclusion of climate change-related actions, damages, and risks in financial forecasts
  9. Role of direct public investment in achieving climate goals
  10. Theory and policy of public derisking, including public procurement
  11. Analysis of budget-relevant industrial (sector) policy
  12. Development of indicators to measure climate-friendly fiscal policies
  13. Sustainable debt in the era of sustainable fiscal policy
  14. Green fiscal policy and debt rules (e.g. within of the EU Fiscal Framework)


The deadline for submission is September 1st, 2023. The Eurasian Economic Review welcomes policy advice. Therefore, the political implications of the analyses should be presented and discussed.

Authors are advised to seek guidance for Eurasian Economic Review from the following URL:

Each full paper submission will be blind-reviewed by at least one referee and one of the guest editors. Manuscripts should be submitted electronically through

The authors should mention in the Cover Letter to the Editors that the paper is submitted for the Special Issue ‘Macro-financial policy at the climate crossroad’. During submission, they are also requested to select the special issue title from the drop down menu at

Requests for further information should be addressed to:

Dr. Paola D’Orazio, Associate Editor of EAER

Professor Rym Ayadi, Associate Editor of EAER

Professor Dorothea Schäfer, Editor-in-Chief of EAER

Professor Andreas Stephan, Associate Editor of EAER 

Link to official page:

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