In this Article, the authors challenge the conventional wisdom in the legal, economics, and policy literature that unilateral (as opposed to collective) action by individual countries to restrain despoliation of the global commons is presumptively irrational. The conventional view flows from...

This paper empirically examines the link between the cost of sovereign borrowing and climate risk for 40 advanced and emerging economies. Controlling for a large set of domestic and global factors, the paper shows that both vulnerability and resilience to climate risk are important factors...

This paper analyzes the implications of a gradual increase in the frequency of climatic disasters for public debt sustainability and sovereign default risk. I develop a simple stochastic model of sovereign default that allows for time-varying probability of climatic disasters. I show that the...