Terrorist and other types of armed groups often exploit natural and human-made disasters and emergencies to advance their causes. This paper studies how some armed groups have responded to two recent global emergencies-climate change and the COVID-19 pandemic. It examines the messaging and...

There is growing acknowledgement among policymakers that climate change may give rise to potentially catastrophic financial risk and impact financial stability. This paper explores the specific features of climate-related financial risks (CRFR), drawing on a growing body of macrofinancial...

This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate change. The announcement had a significant effect...

We shed new light on the macroeconomic effects of rising temperatures. In the data, a shock to global temperature dampens expenditures in research and development (R&D). We rationalize this empirical evidence within a stochastic endogenous growth model, featuring temperature risk and growth...

Since the onset of the COVID-19 pandemic, many studies have appeared on how it will affect climate change and policy, and vice versa. In this study, we systematically review the literature about this relationship. We obtained a sample of 204 articles published in the period from February 2020 to...

Climate risks often do not happen in isolation but can compound with other sources of stress such as pandemics and pre-existing financial vulnerabilities, particularly in emerging countries. Compounding events increase the complexity of risk, leading to cascading impacts in the economy and...

The measures taken to limit the spread of the COVID-19 virus, which at the same time severely restrict economic activity in many countries, have consequences not only on unemployment, trade, production, income and value added, but also on the environment. This analysis examines the effects on...