Clara I. González
Banco de España
Clara I. González is a Senior Economist at Banco de España since 2012, currently in the Analysis and Market Intelligence Division (Operations Department). She holds a PhD in Economics (Universidad Complutense de Madrid, Spain) and her dissertation was awarded with “Cum Laude” and the Prize Funcas-“Enrique Fuentes Quintana” to the best thesis in 2011-2012. She holds a Degree in Business Administration and a Master’s Degree in Actuarial and Financial Sciences (both Universidad Pontificia Comillas de Madrid, Spain).
Since 2018, she has been involved in the work of Banco de España regarding the challenges posed by climate change for the financial system. She is a member of several international committees on this topic (ECB, NGFS). Currently she works on the analysis of the development of the sustainable finance markets and the integration of sustainable and responsible investment principles in the portfolio management.
She worked in the Financial Stability and Macroprudential Policy Department (2015-2020) and in the International Markets Division (2012-2015) at Banco de España, Prime Minister Economic Bureau (2008-2011), Fundación de Estudios de Economía Aplicada (2007-2008), and in the Economic Analysis and Forecasting Department at Banco de España (2005-2007). She is member of the Spanish Professional Society of Actuaries. and has several publications on sustainable finance, implications of climate change for the financial system, ageing and the sustainability of the Spanish public pension system.
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The authors propose a means to capture climate change risk exposure by combining a green factor with typical frameworks used for explaining stock returns.