This working paper was written by Gabriel Wu (Hong Kong Monetary Authority) and Wilson Wan (Hong Kong Monetary Authority).Despite the increasing efforts to better understand the financial consequences of climate change, how climate-related financial risks could spill over across borders largely...

This paper provides a brief analysis of three major questions raised in the context of the recent global financial crisis. First, how similar is the crisis to previous episodes? We argue that the crisis featured some close similarities to earlier ones, including the presence of credit and asset...