Global S&T Development Trend Analysis Platform of Resources and Environment
Do Banks Price Environmental Risk? Evidence from a Quasi Natural Experiment in the People’s Republic of China | |
[unavailable] | |
2019-07-05 | |
出版年 | 2019 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
Policy makers and stakeholders much assess the risks that environmental degradation and climate change pose for the stability of the financial system. This paper maps the risk arising from the transition to a low-emission economy and studies its transmission channels within the financial system. The environmental dynamic stochastic general equilibrium (E-DSGE) model shows that tightening environmental regulations deteriorates firms' balance sheets as it internalizes the pollution costs, which consequentially accelerates the risks that the financial system faces. This empirical study, which employs the Clean Air Action that the Chinese government launched in 2013 as a quasi-experiment, supports the theoretical implications. The analysis of a unique dataset containing 1.3 million loans shows that the default rates of high-polluting firms rose by around 50% along their environmental policy exposure. At the same time, the loan spread charged to such firms increased by 5.5% thereafter. WORKING PAPER NO: 974 |
URL | 查看原文 |
来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/238016 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Do Banks Price Environmental Risk? Evidence from a Quasi Natural Experiment in the People’s Republic of China,2019. |
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文件名称/大小 | 文献类型 | 版本类型 | 开放类型 | 使用许可 | ||
adbi-wp974.pdf(1311KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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