Land and Ocean Discussion Paper Series

This CETEx discussion paper series is designed to provide a broader and deeper understanding of environmental risks by introducing economic and financial policymakers to ecosystem degradation issues such as deforestation, pollution and biodiversity loss on land and in the oceans. The series aims to support financial and economic policymakers as they contend with and make considerations for these environmental degradation issues, in addition to climate change. The papers have been written and peer-reviewed by leading experts from academia, think tanks and central banks and are based on cutting-edge research.

Nature loss and external vulnerability in Latin America: insights from Brazil’s balance of payments and exchange-rate risks
Guilherme Klein Martins, Annina Kaltenbrunner, Anne Löscher, Isabella Rodrigues, Karina Axl Araujo and Maria Waaifoort
(Paper 10, April 2026)

Macroeconomic impacts of changes in land use in an agricultural-commodity exporting country: the case of Argentina, 2003–23
Pablo Bortz and Nicole Toftum
(Paper 9, March 2026)

Pricing nature across borders: global banks’ response to nature-linked financial policies
Paola D’Orazio, Peter Karlström, Matias Ossandon Busch and Miguel Sarmiento
(Paper 8, February 2026)

Force of nature: diverging environmental law enforcement and financial stability in Brazil and Chile
Cristina Ortega and Matias Ossandon Busch
(Paper 7, February 2026)

Macroeconomic and financial risks transmitted by the European Union Deforestation Regulation: a focus on the coffee value chain in Honduras
Jodie Keane, Bernardo Arce, Yohannes Ayele and Sherillyn Raga
(Paper 6, November 2025)

Nature-linked finance in Southeast Asia: implications and policy options for regulators, lenders and borrowers
Jose Luis Resendiz, Nicola Ranger, Johan Sulaeman and David Broadstock
(Paper 5, September 2025)

Navigating climate change and financial challenges: a study of agricultural finance in Albania
Margerita Topalli, Meri Papavangjeli and Agim Pepkolaj
(Paper 4, June 2025)

Exploring the interactions between nature loss drivers, vulnerabilities and economic impacts
Elena Almeida, Chiara Colesanti Senni and Jelica Rastoka
(Paper 3, January 2025)

Building blocks for central banks to develop nature scenarios
Elena Almeida, Chiara Colesanti Senni and Nepomuk Dunz
(Paper 2, May 2024)

Beyond climate: addressing financial risks from nature and biodiversity loss
Elena Almeida, Simon Dikau, Nick Robins, Jeanne Stampe, Romain Svartzman, Thomas Viegas and Ulrich Volz
(Paper 1, May 2024)