As the world's economies become more integrated and the global economy subsequently grows, there is increasing concern regarding how such trends will affect the environment. In fact, the relationship between globalization and the environment has become quite contentious in policy circles. In...

Meeting the ambitious goals of the Paris Agreement will require the United States and other major greenhouse gas (GHG) emitters to integrate climate change considerations into all relevant areas of economic policy. The United States, however, has conspicuously failed to do so with regard to...

We study the macro-financial relevance of climate transition risks for sovereigns that can materialize as a result of the introduction of low-carbon policies in a trading partner country. We define this notion as climate transition spillover risk, and we apply it to the analysis of the...