In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that … to climate risk may be a drop in the ocean of cash flows. This paper builds a data set of the entire securitization chain … of diversification identify those existing deals whose design makes them resilient to climate change. This paper builds …

public health for pandemics or environmental protection for climate disasters, depends on mitigation efficacy. Efficacy can …

The selection of climate policies should be an exercise in risk management reflecting the many relevant sources of … uncertainty. Studies of climate change and its impacts rarely yield consensus on the distribution of exposure, vulnerability, or … situations, such as evaluating climate policies, where generally agreed-upon probability distributions are not available and …

ESG-oriented investors. The scale of this response increases with the severity of climate disasters and is aided by credit … availability and competitive labor markets. Climate risk management by firms mitigates the impact of heat shocks on aggregate …

We explore the design of climate stress tests to assess and manage macro-prudential risks from climate change in the … financial sector. We review the climate stress scenarios currently employed by regulators, highlighting the need to (i) consider … many transition risks as dynamic policy choices; (ii) better understand and incorporate feedback loops between climate …

We propose a new methodology to build portfolios that hedge the economic and financial risks from climate change. Our … climate risk beliefs. We exploit two types of idiosyncratic belief shocks: (i) instances when fund advisers experience local … extreme heat events that are known to shift climate change beliefs, and (ii) instances when fund managers change the language …

of climate change on sectoral reallocation and aggregate productivity. First, I use firm-level data from a wide range of … heat reduces non-agricultural productivity, but less so than in agriculture, implying that hot countries could adapt to … climate change by importing food and shifting labor toward manufacturing. Second, I embed my estimates in an open …