This thought piece identifies three crises facing international law on climate change-normative, economic, and legitimacy crises. It briefly explains each crisis and argues that states should be guided by their moral compass in addressing climate change

Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability to climate change and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable to...

This paper aims to examine the impact of natural disasters on banking stability across different levels of economic development. Utilizing bank-level data from 1242 banks in 72 countries, combined with natural disaster data from the Center for Research on the Epidemiology of Disasters, we...

We examine how climate change affects bank fragility. We find both physical and transitional climate changes lead to substantial increase in systemic risk. The effect is more pronounced for banks with higher climate change exposure, higher loan portfolio synchronicity, and higher bank default...

This paper uses a stylized simulation model to assess the potential impact of transition risk on banks' balance sheets and establishes a basis for calibrating relevant macro-prudential instruments. We show that even in the short run, a fire-sale mechanism could amplify an initially contained...