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  1. Firms' environmental performance and the COVID-19 crisis
    Author: Guérin, Pierre; Suntheim, Felix
    Published: March 2021
    Publisher:  International Monetary Fund, [Washington, DC]

    The shutdown in economic activity due to the coronavirus disease (COVID-19) crisis has resulted in a short-term decline in global carbon emissions, but the long-term impact of the pandemic on the transition to a low-carbon economy is uncertain.... more

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    The shutdown in economic activity due to the coronavirus disease (COVID-19) crisis has resulted in a short-term decline in global carbon emissions, but the long-term impact of the pandemic on the transition to a low-carbon economy is uncertain. Looking at previous episodes of financial and economic stress to draw implications for the current crisis, we find that tighter financial constraints and adverse economic conditions are generally detrimental to firms' environmental performance, reducing green investments. The COVID-19 crisis could thus potentially slow down the transition to a low-carbon economy. In light of the urgent need to reduce global greenhouse gas emissions, these findings underline the importance of climate policies and green recovery packages to boost green investment and support the energy transition. Policies that support the sustainable finance sector, such as improved transparency and standardization, could further help mobilize green investments

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513574493
    Other identifier:
    Series: IMF working paper ; WP/21, 89
    Subjects: Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Goodwill; Value Of Firms
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  2. What shapes current account adjustment during recessions?
    Author: Kolerus, Christina Elisabeth
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account,... more

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    This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account, driven by an initial, sharp decline in investment and fueled by medium term deleveraging, more so in advanced economies than in emerging markets. The strengthening of the current account is more pronounced when internal and external imbalances are present, and less when recessions are synchronized across countries. During severe natural disasters or epidemics, however, current accounts tend to weaken in the short term. Consistent with these findings, the COVID-19 shock, with comparatively moderate pre-existing imbalances yet high synchronization, had a muted effect on current account balances. The compositional changes, however, were unique and driven by unprecedented policy intervention, with record public dissaving more than offsetting exceptional private saving

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513584706
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    Series: IMF working paper ; WP/21, 198
    Subjects: Current account; saving-investment balance; recessions; external crises; Capital and Ownership Structure; Empirical Studies of Trade; Financial Risk and Risk Management; Financing Policy; Open Economy Macroeconomics
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  3. How green are green debt issuers?
    Author: Schmittmann, Jochen Markus; Teng, Chua Han
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the... more

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    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes to the nascent literature on the environmental impact of green debt by documenting the CO2 emission intensity of corporate green debt issuers. We find lower emission intensities for green bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond, green loan, and sustainability-linked loan borrowers lower their emission intensity over time at a faster rate than other firms

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513592992
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    Series: IMF working paper ; WP/21, 194
    Subjects: ESG; Sustainable Finance; Green Finance; Green Bonds; Green Loans; Sustainability-linked Debt; Climate Finance; Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Goodwill; Value of Firms
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  4. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
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    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: COVID-19; Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Capital and Ownership Structure; Corporate Finance and Governance; Financial Economics; Financial Risk and Risk Management; Financing Policy; General Financial Markets
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  5. Climate-related stress testing
    transition risk in Colombia
    Author: Sever, Can; Perez-Archila, Manuel
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank-... more

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    This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank- and firm-level data. Focusing on the deterioration of firms' balance sheets and the exposure of banks to different sectors, we assess the extent to which such policy shock would transmit from nonfinancial firms to the banking system. We observe that sectors are affected unevenly by a higher carbon tax. Agriculture, manufacturing, electricity, wholesale and retail trade, and transportation sectors appear to be the most important in the transmission of the risk to the banking system. Results also suggest that a large increase in the carbon tax can generate significant but likely manageable financial stability risks, and that a gradual increase in the carbon tax to meet a higher target over several years could be preferable in terms of financial risks. A gradual increase would also have the benefit of allowing for a smoother adjustment to higher carbon tax for stakeholders

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513599205
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 261
    Subjects: Climate crisis; climate change; transition risk; carbon emission; carbon tax; green economy; environmental taxes; banking stress; stress testing; financial stability; Colombia; Banks; Depository Institutions; Financial Risk and Risk Management; Financing Policy; Micro Finance Institutions; Mortgages
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  6. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: COVID-19; Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Capital and Ownership Structure; Corporate Finance and Governance; Financial Economics; Financial Risk and Risk Management; Financing Policy; General Financial Markets
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  7. Climate-related stress testing
    transition risk in Colombia
    Author: Sever, Can; Perez-Archila, Manuel
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank-... more

    Access:
    Verlag (kostenfrei)
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank- and firm-level data. Focusing on the deterioration of firms' balance sheets and the exposure of banks to different sectors, we assess the extent to which such policy shock would transmit from nonfinancial firms to the banking system. We observe that sectors are affected unevenly by a higher carbon tax. Agriculture, manufacturing, electricity, wholesale and retail trade, and transportation sectors appear to be the most important in the transmission of the risk to the banking system. Results also suggest that a large increase in the carbon tax can generate significant but likely manageable financial stability risks, and that a gradual increase in the carbon tax to meet a higher target over several years could be preferable in terms of financial risks. A gradual increase would also have the benefit of allowing for a smoother adjustment to higher carbon tax for stakeholders

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513599205
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 261
    Subjects: Climate crisis; climate change; transition risk; carbon emission; carbon tax; green economy; environmental taxes; banking stress; stress testing; financial stability; Colombia; Banks; Depository Institutions; Financial Risk and Risk Management; Financing Policy; Micro Finance Institutions; Mortgages
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  8. Firms' environmental performance and the COVID-19 crisis
    Author: Guérin, Pierre; Suntheim, Felix
    Published: March 2021
    Publisher:  International Monetary Fund, [Washington, DC]

    The shutdown in economic activity due to the coronavirus disease (COVID-19) crisis has resulted in a short-term decline in global carbon emissions, but the long-term impact of the pandemic on the transition to a low-carbon economy is uncertain.... more

    Access:
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    e-Book International Monetary Fund eLibrary
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    The shutdown in economic activity due to the coronavirus disease (COVID-19) crisis has resulted in a short-term decline in global carbon emissions, but the long-term impact of the pandemic on the transition to a low-carbon economy is uncertain. Looking at previous episodes of financial and economic stress to draw implications for the current crisis, we find that tighter financial constraints and adverse economic conditions are generally detrimental to firms' environmental performance, reducing green investments. The COVID-19 crisis could thus potentially slow down the transition to a low-carbon economy. In light of the urgent need to reduce global greenhouse gas emissions, these findings underline the importance of climate policies and green recovery packages to boost green investment and support the energy transition. Policies that support the sustainable finance sector, such as improved transparency and standardization, could further help mobilize green investments

     
    Export to reference management software   RIS file
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513574493
    Other identifier:
    Series: IMF working paper ; WP/21, 89
    Subjects: Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Goodwill; Value Of Firms
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  9. What shapes current account adjustment during recessions?
    Author: Kolerus, Christina Elisabeth
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account,... more

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    This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account, driven by an initial, sharp decline in investment and fueled by medium term deleveraging, more so in advanced economies than in emerging markets. The strengthening of the current account is more pronounced when internal and external imbalances are present, and less when recessions are synchronized across countries. During severe natural disasters or epidemics, however, current accounts tend to weaken in the short term. Consistent with these findings, the COVID-19 shock, with comparatively moderate pre-existing imbalances yet high synchronization, had a muted effect on current account balances. The compositional changes, however, were unique and driven by unprecedented policy intervention, with record public dissaving more than offsetting exceptional private saving

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513584706
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    Series: IMF working paper ; WP/21, 198
    Subjects: Current account; saving-investment balance; recessions; external crises; Capital and Ownership Structure; Empirical Studies of Trade; Financial Risk and Risk Management; Financing Policy; Open Economy Macroeconomics
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  10. How green are green debt issuers?
    Author: Schmittmann, Jochen Markus; Teng, Chua Han
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the... more

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    Green debt markets are rapidly growing while product design and standards are evolving. Many policymakers and investors view green debt as an important component in the policy mix to achieve the transition to a low carbon economy and ensure the pricing of climate risks. Our analysis contributes to the nascent literature on the environmental impact of green debt by documenting the CO2 emission intensity of corporate green debt issuers. We find lower emission intensities for green bond issuers relative to other firms, but no difference for green loan and sustainability-linked loan borrowers. Green bond, green loan, and sustainability-linked loan borrowers lower their emission intensity over time at a faster rate than other firms

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513592992
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    Series: IMF working paper ; WP/21, 194
    Subjects: ESG; Sustainable Finance; Green Finance; Green Bonds; Green Loans; Sustainability-linked Debt; Climate Finance; Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Goodwill; Value of Firms
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen