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Влияние ESG-факторов на финансовую стабильность
An increasing attention has been riveted recently on so called ESG-factors impacting financial stability. This paper provides a systematic review of the empirical studies which assess the impact of environmental (climatic), social factors as well as various aspects related to corporate governance on financial stability. Overall, higher ESG-rankings, both aggregate and in terms of the three pillars (E, S, G), tend to enhance the financial system stability from the micro- and macroprudential perspective by mitigating aggregate individual risk of financial institutions and the contribution to systemic risk, respectively. Nonetheless, the research intensity within the ESG pillars differs substantially. There are significantly more studies investigating the impact of envitonmental and corporate governance factors in comparison with those tackling the effects of social ones. This literature review closes with the discussion of possible avenues for future investigation in this research program.