Since the mid-1980s, the international community has controlled refrigerants that may damage the ozone layer and cause climate change based on several international agreements. In particular, the Montreal Protocol contributed to not only solving the ozone layer depletion problem but also...

There has been a recent economic literature arguing that international environmental agreements (IEAs) can have no real effect, on account of their voluntary and self-enforcing nature. This literature concludes that the terms of IEAs are the codification of the noncooperative equilibrium, and...

The paper reports an empirical study of the factors affecting burden sharing among OECD’s 22 DAC members in ‘bankrolling’ the multilateral aid agencies. These are the UN agencies, World Bank’s IDA and non-IDA programmes, regional development banks, European Community, and other...

The climate-trade nexus gains increasing attention as governments are taking great efforts to forge a post-2012 climate change regime to succeed the Kyoto Protocol. This raises the issues of the scope of trade-related measures and of when and how they could be used. This paper discusses how far...

The success of the Montreal Protocol in comparison to the stagnation seen in negotiations surrounding the Kyoto Protocol highlights the importance of a supportive industry group, pre-existing legislation and commitment by a lead nation, affordable and available substitutes, as well as acceptance...

Associated with climate change are the rising frequency, probability, and intensity of natural hazards, as stated by IPCC (2014). To contribute to the evaluation of climate change consequences, we study the impact of river floods caused by torrential rain periods, which are supposed to become...

Starting with a landmark 2015 speech by Mark Carney on the "Tragedy of the Horizon", climate change entered central banking discourse, causing some of its key convictions to come under new scrutiny. This article traces how initially climate change was firmly embedded in a conventional framework...

We examine the relationship between capital structure and carbon intensity in manufacturing firms using a novel dataset that combines information from the EU Emission Trading System with firm-level financial accounts. Our findings indicate that higher financial leverage is associated with lower...

In this paper, we study the implications of climate change on fiscal sustainability and inequality. First, using rich panel data, we show that rising climate-related disaster risks increase government debt and harm fiscal sustainability. We also find that the adverse effect of disaster risks is...

Although agriculture is often considered vulnerable to climate change, recent gridded crop growth modelling intercomparison exercises have found that staple crop yields will be modestly affected by global warming. However, those crop growth models also do not fully reflect impacts of increasing...