Warning words in a warming world: Central bank communication and climate change

IF 2.4 2区 经济学 Q1 ECONOMICS
Emanuele Campiglio , Jérôme Deyris , Davide Romelli , Ginevra Scalisi
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引用次数: 0

Abstract

We study climate-related central bank communication using a novel dataset containing 35,487 speeches delivered by 131 central banks from 1986 to 2023. We employ natural language processing techniques to identify and trace the evolution of key climate-related narratives centred around (i) green finance, and (ii) climate-related financial risks. We find that central bank public communication strategies are primarily driven by underlying institutional factors, rather than exposure to climate-related risks. We then study the impact of climate-related communication on financial market dynamics through both a portfolio and a firm-level analysis. We find that equity returns of ‘green’ firms outperform those of ‘dirty’ firms when central banks engage more frequently and intensely with climate-related topics.
全球变暖中的警告:央行沟通与气候变化
我们使用一个新的数据集来研究与气候相关的央行沟通,该数据集包含131家央行从1986年到2023年发表的35,487次演讲。我们采用自然语言处理技术来识别和追踪围绕(i)绿色金融和(ii)气候相关金融风险的关键气候相关叙事的演变。我们发现,央行的公共沟通策略主要是由潜在的制度因素驱动的,而不是受气候相关风险的影响。然后,我们通过投资组合和公司层面的分析来研究气候相关的沟通对金融市场动态的影响。我们发现,当央行更频繁、更激烈地参与与气候相关的话题时,“绿色”公司的股票回报率优于“肮脏”公司。
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来源期刊
CiteScore
4.70
自引率
3.60%
发文量
170
期刊介绍: The European Economic Review (EER) started publishing in 1969 as the first research journal specifically aiming to contribute to the development and application of economics as a science in Europe. As a broad-based professional and international journal, the EER welcomes submissions of applied and theoretical research papers in all fields of economics. The aim of the EER is to contribute to the development of the science of economics and its applications, as well as to improve communication between academic researchers, teachers and policy makers across the European continent and beyond.
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