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Welfare vs. Income Convergence and Environmental Externalities

Bannister, Geoffrey J. - 2018

improvements in life expectancy. This led to welfare convergence inmost regions towards advanced country levels. Introducing …

Persistent link: https://www.econbiz.de/10012929937

Feeling the Heat : Climate Shocks and Credit Ratings

Cevik, Serhan; Jalles, João Tovar - 2021

Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign...

Persistent link: https://www.econbiz.de/10013250076

The Effects of Weather Shocks on Economic Activity : What are the Channels of Impact?

Acevedo Mejia, Sebastian - 2018

Global temperatures have increased at an unprecedented pace in the past 40 years. This paper finds that increases in temperature have uneven macroeconomic effects, with adverse consequences concentrated in countries with hot climates, such as most low-income countries. In these countries, a rise...

Persistent link: https://www.econbiz.de/10012913921

Sustainable Finance in Emerging Markets : Evolution, Challenges, and Policy Priorities

Goel, Rohit; Natalucci, Fabio; Gautam, Deepali - 2022

Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature,...

Persistent link: https://www.econbiz.de/10014076814

Weather Shocks and Exchange Rate Flexibility

Elekdag, Selim Ali; Tuuli, Maxwell - 2022

This paper assesses the stabilization properties of fixed versus flexible exchange rate regimes and aims to answer this research question: Does greater exchange rate flexibility help an economy’s adjustment to weather shocks? To address this question, the impact of weather shocks on real per...

Persistent link: https://www.econbiz.de/10014030697

Creative Destruction During Crises - an Opportunity for a Cleaner Energy Mix

Deb, Pragyan; Furceri, Davide; Ostry, Jonathan D.; … - 2022

Lockdowns resulting from the COVID-19 pandemic have reduced overall energy demand but electricity generation from renewable sources has been resilient. While this partly reflects the trend increase in renewables, the empirical analysis presented in this paper highlights that recessions result in...

Persistent link: https://www.econbiz.de/10013298748

Revisiting Carbon Leakage

Misch, Florian; Wingender, Philippe - 2022

This paper estimates the carbon leakage rate across countries, arguably a key parameter in the international climate policy discussion including on border carbon adjustment, but which remains subject to significant uncertainty. We propose innovations along two lines. First, we exploit recently...

Persistent link: https://www.econbiz.de/10013306763

How Green are Green Debt Issuers?

Schmittmann, Jochen; Chua, Han Teng - 2022

Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes...

Persistent link: https://www.econbiz.de/10013306769

Green Bond Pricing and Greenwashing Under Asymmetric Information

Schmittmann, Jochen; Gao, Yun - 2023

We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon...

Persistent link: https://www.econbiz.de/10014258404

Structural Reforms and Regional Convergence

Spilimbergo, Antonio - 2012

Which structural reforms affect the speed the regional convergence within a country? We found that domestic financial … regional convergence. However, these reforms have mixed effects on the growth of regions closer to the country's development … speeding up regional convergence increases national income. We also present a theoretical model to discuss these results …

Persistent link: https://www.econbiz.de/10013101519