We study the United Nations Organization's Kyoto Protocol nations to address two questions. First of all, what are the environmental production efficiency rankings of these nations? Secondly, is there a relationship between a nation's ratification status and its environmental production...

This paper sheds light on the apparent paradox, wherein populations adversely affected by climatic conditions fail to migrate as much as would otherwise be expected. Drawing on Hirschman's treatise on Exit, Voice and Loyalty, we develop a simple model, which highlights the theoretical case for a...

This paper sheds light on the apparent paradox, wherein populations adversely affected by climatic conditions fail to migrate as much as would otherwise be expected. Drawing on Hirschman's treatise on Exit, Voice and Loyalty, we develop a simple model, which highlights the theoretical case for a...

This Note describes how risks arising from climate change may affect financial stability. We describe how climate-change related risks may emerge either as shocks to the financial system or as financial system vulnerabilities that could amplify the effects of these or other shocks

Hindsight tells us that COVID-19, thought by Trump and others to have come out of nowhere, is more aptly labelled a “gray rhino” event, one that was highly probable and one that we had the power to prevent. Indeed, despite considerable evidence of the impending threats of pandemics, for the...

This Note describes how risks arising from climate change may affect financial stability. We describe how climate-change related risks may emerge either as shocks to the financial system or as financial system vulnerabilities that could amplify the effects of these or other shocks

This paper examines the impact of climate shocks on 13 European economies analysing jointly business and financial cycles, in different phases and disentangling the effects for different sector channels. A Bayesian Panel Markov-switching framework is proposed to jointly estimate the impact of...