offsets losses and actually boosts profits at larger banks. Local banks tend to avoid mortgage lending where floods are more …

We evaluate whether floods and landslides are more likely when rain falls inside versus outside protected areas (PAs … floods and landslides is affected by whether rain falls inside or outside PAs. We use a two-way fixed effect panel data model … find that shifts in precipitation towards PAs reduce floods significantly. These results were highly robust. We also find …