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Displaying results 1 to 8 of 8.

  1. Climate change and fiscal sustainability
    risks and opportunities
    Author: Agarwala, Matthew; Burke, Matt; Klusak, Patrycja; Mohaddes, Kamiar; Volz, Ulrich; Zenghelis, Dimitri
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VSP 1362
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2163
    Janeway Institute working paper series ; 2021, 07
    Subjects: Sovereign debt; climate change; net zero; transition risk; productivity
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  2. Rising temperatures, falling ratings
    the effect of climate change on sovereign creditworthiness
    Author: Klusak, Patrycja; Agarwala, Matthew; Burke, Matt; Kraemer, Moritz; Mohaddes, Kamiar
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2127
    Cambridge-INET working paper series ; 2021, 13
    Subjects: Sovereign credit rating; climate change; counterfactual analysis; climate-economy models; corporate debt; sovereign debt
    Scope: 1 Online-Ressource (circa 52 Seiten)
  3. Rising temperatures, falling ratings: the effect of climate change on sovereign creditworthiness
    Author: Agarwala, Matthew; Burke, Matt; Klusak, Patrycja; Kraemer, Moritz; Mohaddes, Kamiar
    Published: [2021]
    Publisher:  Institute for Monetary and Financial Stability, Goethe University Frankfurt, Frankfurt am Main

    Enthusiasm for 'greening the financial system' is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible... more

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    DS 464
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    Enthusiasm for 'greening the financial system' is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into material risks. To bridge the gap between climate science and real-world financial indicators, we simulate the effect of climate change on sovereign credit ratings for 108 countries, creating the world's first climate-adjusted sovereign credit rating. Under various warming scenarios, we find evidence of climate-induced sovereign downgrades as early as 2030, increasing in intensity and across more countries over the century. We find strong evidence that stringent climate policy consistent with limiting warming to below 2°C, honouring the Paris Climate Agreement, and following RCP 2.6 could nearly eliminate the effect of climate change on ratings. In contrast, under higher emissions scenarios (i.e., RCP 8.5), 63 sovereigns experience climate-induced downgrades by 2030, with an average reduction of 1.02 notches, rising to 80 sovereigns facing an average downgrade of 2.48 notches by 2100. We calculate the effect of climate-induced sovereign downgrades on the cost of corporate and sovereign debt. Across the sample, climate change could increase the annual interest payments on sovereign debt by US$ 22-33 billion under RCP 2.6, rising to US$ 137- 205 billion under RCP 8.5. The additional cost to corporates is US$ 7.2-12.6 billion under RCP 2.6, and US$ 35.8-62.6 billion under RCP 8.5.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/233829
    Series: Working paper series / Institute for Monetary and Financial Stability ; no. 158 (2021)
    Subjects: Sovereign credit rating; climate change; counterfactual analysis; climate-economy models; corporate debt; sovereign debt
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  4. Rising temperatures, falling ratings: The effect of climate change on sovereign creditworthiness
    Author: Klusak, Patrycja; Agarwala, Matthew; Burke, Matt; Kraemer, Moritz; Mohaddes, Kamiar
    Published: March 18th, 2021
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper ; 2021, 34 (March 2021)
    Subjects: Sovereign credit rating; climate change; counterfactual analysis; climate-economymodels; corporate debt; sovereign debt
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  5. Climate change and fiscal sustainability
    risks and opportunities
    Author: Agarwala, Matthew; Burke, Matt; Klusak, Patrycja; Mohaddes, Kamiar; Volz, Ulrich; Zenghelis, Dimitri
    Published: [2021]
    Publisher:  Economic Research Forum (ERF), Dokki, Giza, Egypt

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 592
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ERF working papers series ; no. 1502 (November 2021)
    Subjects: Sovereign debt; climate change; net zero; transition risk; productivity
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  6. Climate change and fiscal sustainability
    risks and opportunities
    Author: Agarwala, Matthew; Burke, Matt; Klusak, Patrycja; Mohaddes, Kamiar; Volz, Ulrich; Zenghelis, Dimitri
    Published: September 3, 2021
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VSP 1716
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper ; 2021, 80 (September 2021)
    Subjects: Sovereign debt; climate change; net zero; transition risk; productivity
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  7. Climate change and sovereign risk
    a regional analysis for the Caribbean
    Author: Agarwala, Matthew; Burke, Matt; Doherty-Bigara, Jennifer; Klusak, Patrycja; Mohaddes, Kamiar
    Published: March 17, 2024
    Publisher:  Australian National University, Crawford School of Public Policy, Canberra

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VSP 1716
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper series ; 2024, 26 (March 2024)
    Subjects: Sovereign credit rating; climate change; counterfactual analysis; climate-economy models; sovereign debt; physical risks; fiscal policy; transition risks; LatinAmerica; Caribbean
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  8. Climate change and sovereign risk
    a regional analysis for the Caribbean
    Author: Agarwala, Matthew; Burke, Matt; Doherty-Bigara, Jennifer; Klusak, Patrycja; Mohaddes, Kamiar
    Published: April 2024
    Publisher:  Inter-American Development Bank, Climate Change Division, [Washington, DC]

    Climate change is an existential threat to the world economy, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 144
    Inter-library loan:
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    Climate change is an existential threat to the world economy, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign risks is limited. This paper provides forward-looking regional analysis of the effects of climate change on sovereign creditworthiness, probability of default and the cost of borrowing for the Caribbean economies. Our results indicate that there is substantial variation in the sensitivity of ratings to climate change across the region which is due to the non-linear nature of ratings. Our findings improve the identification and management of sovereign climate risk and provides a forward-looking assessment of how climate change could affect the cost of accessing international finance. As such, it leads to a suite of policy options for countries in the region.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/299409
    Series: Working paper / [Inter-American Development Bank] ; no IDB-WP-01574
    Subjects: Sovereign credit rating; climate change; counterfactual analysis; climateeconomy models; sovereign debt; physical risks; fiscal policy; transition risks; Latin America; Caribbean
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen