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The world's core infrastr ... …
Persistent link: https://www.econbiz.de/10012915783
How climate aspects affect sovereign bonds is still a new field of research. I differentiate between transition, physical, and innovation aspects of climate risks and climate performance and estimate the pricing-in of these climate aspects in sovereign bond yields for a sample of 29 countries,...
Persistent link: https://www.econbiz.de/10013175552
We challenge the narrative that climate change transition risk is not being priced into sovereign bond markets. Climate change transition risk, as measured by carbon dioxide emissions, natural resources rents and renewable energy consumption, are factored into sovereign bond yields (and spreads)...
Persistent link: https://www.econbiz.de/10013224528
There are still many countries around the world that have not effectively engaged their subnational governments in … relatively small role. This paper examines how the principles of fiscal decentralization design (in expenditure and revenue … further involvement of subnational governments across the world in combating climate change …
Persistent link: https://www.econbiz.de/10012603491
Persistent link: https://www.econbiz.de/10013500566
Cap-and-trade programs for greenhouse gases (GHGs) present central political questions with significant economic and environmental ramifications. This paper addresses a critical structural issue: To what extent should states retain the capacity to develop stricter parameters within a federal...
Persistent link: https://www.econbiz.de/10013094704
Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change...
Persistent link: https://www.econbiz.de/10012828232
Following the successful climate agreement in Paris, global attention shifted quickly to how countries will achieve their nationally determined contributions. To achieve the goals, governments need to make full use of the private sector capacity to unlock much larger flows of private investment...
Persistent link: https://www.econbiz.de/10011902695
Ensuring that climate finance is used effectively will help to maximise its impact. The effectiveness of climate finance can be defined as the extent to which an activity attains its stated aims. These aims can vary, depending on the source of climate finance and how it is channelled. There are...
Persistent link: https://www.econbiz.de/10012452667
We stress test the global economy to extreme climate change-related shocks on large and interconnected economies. Our analysis (i) identifies large and interconnected economies vulnerable to climate change-related shocks; (ii) estimates these economies’ external financing needs-at-risk due to...
Persistent link: https://www.econbiz.de/10014244523