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We construct novel proxies of physical and transition climate risks by conducting textual analysis of climate-change news over the period 2000-2018. This analysis uncovers four textual variables related to the topics of U.S. climate policy, international summits, natural disasters, and global...
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This paper studies how a climate shock is transmitted through the financial system. Our empirical strategy combines data on climate and banking with El Niño, a natural experiment producing quasi-random variation in US climate. El Niño generates heterogeneous changes in lending across counties,...
Persistent link: https://www.econbiz.de/10014236172
We examine the impact of the U.S. withdrawal from the Paris Agreement on the relationship between climate risk and systemic risk of U.S. global banks. We find that after 2017, investors stopped pricing climate risk into U.S. systemic risk directly, consistent with domestic investors expecting...
Persistent link: https://www.econbiz.de/10014354192
The recent Great Recession has renewed interest in the role of financial markets and credit in the economy, as well as in the boundaries of monetary, macroprudential and fiscal policies that impact macroeconomic developments and may influence business cycles. In the first two chapters of this...
Persistent link: https://www.econbiz.de/10011429453
the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served … economic policies followed by emerging markets such as China and the oil-exporting countries contributed to the US ability to … continue to focus only on price stability. -- Asset prices ; China ; current account adjustment ; global liquidity ; oil prices …
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