Romain Svartzman

Romain Svartzman is a Honorary Senior Research Fellow at the UCL Institute for Innovation & Public Purpose (IIPP).

Romain Svartzman is a Research Fellow at Bocconi University’s Institute for European Policymaking (IEP@BU), a Senior Executive Fellow at SDA Bocconi School of Management, and an Honorary Senior Research Fellow at the Institute for Innovation and Public Purpose (IIPP, University College London).

His recent and ongoing research includes: developing scenarios of ecological transition (including geopolitical factors, particularly with regard to critical metals) and assessing their macrofinancial implications; and exploring reforms of the international monetary and financial system/architecture through institutionalist and IPE (international political economy) approaches.

He completed his PhD in ecological macroeconomics at McGill University (Canada). He also holds a master’s degree in Finance from the Institut d’Etudes Politiques de Paris (Sciences Po) and a degree in Economics and Law of Climate Change from FLACSO Argentina.

Romain previously worked as: a senior economist for the Banque de France (until 2024); an environmental risk management officer for the International Finance Corporation (World Bank Group); and an investor in 'green’ technologies for a French venture capital firm.

Research Summary

Romain’s work focuses on assessing how the financial system is both exposed to and contributing to nature-related financial risks (NRFR), including climate- and biodiversity-related ones. His work starts from the premises that traditional monetary and supervisory policy tools need to be adapted to account for the peculiar nature of these risks, including: the question of double-materiality; the deep/radical uncertainty and multiple time horizons at stake; and the fact that addressing ecological risks demands a structural change that central banks and financial regulators/supervisors will not be able to address on their own. As a result, his research emphasizes interdisciplinary work (including with ecological experts) and institutionalist perspectives, in order provide scientifically-, historically- and geographically-informed insights into the possible forms of policy coordination needed to address current ecological crises.

This leads him to work on varied yet related topics such as: the assessment of economic and financial models currently used to assess climate-related financial risks; the integration of ecological (non-financial) tools and metrics into financial supervision and monetary policy; the relationships between global ecological degradations and financialization; the role of money and ‘natural capital’ in macroeconomic models; the reforms of the international monetary and financial system potentially needed to enable a global ecological transition.

Selected publications

Book: • Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “The Green Swan: Central Banking in the Age of Climate Change” (2020). Bank for International Settlements Books.
Peer-reviewed journals: •   Oman, W., Salin, M., Svartzman, R. (corresponding author) (2024). “Three Tales of Central Banking and Financial Supervision for the Ecological Transition”. WIREs Climate Change WIREs Climate Change, e876.https://doi.org/10.1002/wcc.876.
•   Salin, M., Hadji-Lazaro, P., Svartzman R., et al. (2024). “A “Silent Spring” for the Financial System? Exploring Biodiversity-Related Financial Risks in France”. Ecological Economics (forthcoming. Fully accepted and under editing).
•   Oustry, A., Erkan, B., Svartzman, R., Weber, P.-F. (2022). “Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment”. Revue Economique 73 (2), 173-218.
•   Althouse, J., Svartzman, R. (2022). “Bringing Subordinated Financialization Down to Earth”. Cambridge Journal of Economics, beac018, https://doi.org/10.1093/cje/beac018.
•   Svartzman, R., Bolton, P., Després, M., Pereira da Silva, L., Samama, F. (2021). “Central banks, financial stability and policy coordination in the age of climate uncertainty: A three-layered analytical and operational framework”. Climate Policy 21 (4), 563-580.
•   Svartzman, R., Althouse, J. (2020). “Greening the International Monetary System? Not without addressing the political ecology of global imbalances”. Review of International Political Economy 29 (3), 844-869.
•   Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Penser la stabilité financière à l’ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes”. Revue d’Economie Financière 138, 43-54.
•   Svartzman, R., Dron, D., Espagne, E. (2019). “From Ecological Macroeconomics to a Theory of Endogenous Money for a Finite Planet”. Ecological Economics 162 (C), 108-120.
Working papers: •   Espagne, E., Mercure, J-F., Oman, W., Svartzman, R., Volz, U., Pollitt, H., Semieniuk, G., Campiglio, E. (2023). “Cross-Border Risks of a Global Economy in Mid-Transition”. IMF Working Paper No. 2023/184.
•   Miller, H., Dikau, S., Svartzman, R., Dees, S. (2023). “The stumbling block in ‘the race of our lives’: transition-critical materials, financial risks and the NGFS climate scenarios”. Centre for Climate Change Economics and Policy Working Paper 417/Grantham Research Institute on Climate Change and the Environment Working Paper 393. London School of Economics and Political Science.
•   Almeida, E., Dikau, S., Robins, N., Stampe, J., Svartzman, R., Viegas, T., Volz, U. (2022). “Beyond climate: addressing financial risks from nature and biodiversity loss”. LSE Grantham Research Institute on Climate Change and the Environment, INSPIRE Sustainable Central Banking Toolbox, Paper no. 9.
•   Boissinot, J., Goulard, S., Le Calvar, E., Salin, M., Svartzman, R., Weber, P.-F. (2022). “Aligning financial and monetary policies with the concept of double materiality: rationales, proposals and challenges”. LSE Grantham Research Institute on Climate Change and the Environment, INSPIRE Sustainable Central Banking Toolbox, Paper no. 5.
•   Svartzman, R. et al. (2021). “A “Silent Spring” for the Financial System? Exploring Biodiversity-Related Financial Risks in France”. Banque de France Working Paper no. 826.
•   Oustry, A., Erkan, B., Svartzman, R., Weber, P.-F. (2020). “Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment”. Banque de France Working Paper no. 790.
•   Allen, T., […], Svartzman, R., Vernet, L. (2020). “Climate-Related Scenarios for Financial Stability Assessment: An Application to France”. Banque de France Working Paper no. 774.
Book chapters: •   Althouse, J., Svartzman, R. (2024). “Prospects and roadblocks to a “sustainable” international monetary and financial system”. In: Jager, J., Dziwok, E. (Eds), Understanding Green Finance – A Critical Assessment and Alternative Perspectives, Edward Elgar, pp. 182-199.
•   Espagne, E., Godin, A., Svartzman, R. (2023). “Ecological macroeconomics”. In: Rochon, L. P., Rossi, S. (Eds), Elgar Encyclopedia of Post-Keynesian Economics, Edward Elgar, pp. 123-124.
•   Oman, W., Salin, M., Svartzman, R. (2022). “Contending Views on the Role of Central Banks in the Age of Climate Change: A Review of the Litterature”. In: Kappes, S., Rochon, L. P., Vallet, G. (Eds), The Future of Central Banking, Edward Elgar, pp. 151-174.
•   Svartzman, R. (2022). “Monetary and Financial Policies for an Ecological Transition: An overview of central banks’ actions and some reflections on post-Keynesian insights”. In: Kappes, S., Rochon, L. P., Vallet, G. (Eds), Central Banking, Monetary Policy and the Environment, Edward Elgar, pp. 90-109.
•   Svartzman, R., Ament, J., Barmes, D., Erickson, J. D., Farley, J., Guay-Boutet, C., Kosoy, N. (2020). “Money, interest rates and accumulation on a finite planet – Revisiting the ‘monetary growth imperative’ through institutionalist approaches”. In: Costanza, R., Erickson, J., Farley, J., Kubiszewski, I. (Eds.), Sustainable Wellbeing Futures: A Research and Action Agenda for Ecological Economics, Edward Elgar, pp. 266-283.
Other academic publications: •   Paul, Q., Svartzman, R., Weber, P.-F. (2023). “Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries ?” Banque de France Bulletin 244/2 (January-February).
•   Salin, M., Svartzman, R. et al. (2021). “Biodiversity loss and financial stability: a new frontier for central banks and financial supervisors ?”. Banque de France Bulletin 237 (7).
•   Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Quel rôle pour les banques centrales face aux risques climatiques et autres « Cygnes Verts » ?”. Regards Croisés sur l’Economie 26, pp. 110-122.
•   Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Green Swans: central banks in the age of climate-related risks”. Banque de France Bulletin 229 (8).
•   Meyer, A., Fleurot, G., Svartzman, R. (2012). “Cause(s) for Action”: The Kiobel Reader on Corporate Liability for (Aiding and Abetting) Human Rights Violations”. Peace and Human Rights 3. Universita di Padova, Italy.
•   Ryan, D., Svartzman, R. (Research Assistant) (2016). “The design of climate institutions: Contributions for the Analysis”. Ambiente e Sociedade 19 (4).
Other non-academic publications: •   Paul, Q., Svartzman, R., Weber, P.-F. (2023). “Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries ?” SUERF Policy Brief, No 592.
•   Salin, M., […], Svartzman, R. (2022). “Comment évaluer l’impact du recul de la biodiversité sur le système financier français ?”. The Conversation, February 21.
•   Salin, M., Svarzman, R. et al. (2022). “Biodiversity loss and financial stability”. Banque de France Eco Notepad, Post no. 248.
•   Oman, W., Svartzman, R. (2021). “What Justifies Sustainable Finance Measures ? Financial-Economic Interactions and Possible Implications for Policymakers”. CESifo Forum 22 (3), 3-11.
•   Oustry, A., Erkan, B., Svartzman, R., Weber, P.-F. (2021). “Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment”. Banque de France Eco Notepad, Post no. 210.
•   Oustry, A., Erkan, B., Svartzman, R., Weber, P.-F. (2021). “Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment”. SUERF Policy Brief No. 94 (May)
•   Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Financial Stability in the Age of Global and Systemic Ecological Risks (“Green Swans”)”. In: Carius, A., Gordon, N., Risi, L. (Eds.), 21st Century Diplomary: Foreign Policy is Climate Policy. Wilson Center, pp. 96-105.
•   Després, M., Svartzman, R. (2020). “Le Covid-19 d’abord et le climat après ? Pas si simple – Liens entre risques sanitaires et environnementaux”. Covid-19 et économie, les clés pour comprendre, Banque de France (April 15).
•   Dron, D., Espagne, E., Svartzman, R. (2020). “Une monnaie au service des communs ?” Esprit 462, 82-88.
•   Svartzman, R. (2015). “¿Qué estudia la economía ambiental y cuál es difierencia con la economía ecológica?” Ambiente y Comercio, FLACSO (September 2).
•   Svartzman, R. (2011). “La filière bois et forêts : un marché porteur mais peu recherché”. Action Future 39 (April).
•   Svartzman , R. (2010). “La filière bois, un vaste potentiel”. Patrimoine et Marchés 15 (December), 42-43.
Contribution to institutional reports: •   Co-Coordinator – NGFS (2023). « Recommendations toward the development of scenarios for assessing nature-related economic and financial risks ».
•   Contributor – Banque de France (2022). « Evaluation des Risques Financiers du système financier français ».
•   Co-coordinator – NGFS (2021). “Biodiversity and Financial Stability: Building the Case for Action”. NGFS Occasional Paper. October.
•   Co-coordinator – NGFS (2021). “Biodiversity and Financial Stability: Exploring the Case for Action”. NGFS Occasional Paper. June.
•   Contributor – OECD (2021). “Discussion Note: Financial markets and climate transition”. OECD Committee on Financial Markets Delegate Case Studies (Section on Banque de France case study).
•   Contributor – Financial Stability Board (2020). “The implications of climate change for financial stability”.
•   Contributor – NGFS Technical document (2020). “Overview of Environmental Risk Analysis by Financial Institutions”. Network for Greening the Financial System. September.
•   Contributor – NGFS Technical document (2020). “A Status Report on Financial Institutions’ Experiences from working with green, non green and brown financial assets and a potential risk differential”. Network for Greening the Financial System. May.
•   Contributor – The World Bank (2012). “Doing Business in Hargeisa”. Subnational Doing Business.