Climate change-related regulatory risks and bank lending

IF 4 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-09-01 DOI:10.1016/j.jinteco.2025.104156

Isabella Mueller , Eleonora Sfrappini

引用次数: 0

Abstract

We analyze how firms’ climate change-related regulatory risks affect banks’ lending. Exploiting the Paris Agreement in a difference-in-differences setting, we find that effects depend on how borrowers will be affected by regulation as well as the stringency of the existing regulatory environment where firms are located. Firms that benefit from regulation receive more credit only if located in more stringent regulatory environments. Conversely, firms hurt by regulation receive more credit if located in less stringent environments or if linked to banks with a portfolio tilted towards lending to negatively impacted firms.

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与气候变化相关的监管风险和银行贷款

我们分析了企业与气候变化相关的监管风险如何影响银行的贷款。利用《巴黎协定》在“差异中的差异”背景下的研究，我们发现其效果取决于监管对借款人的影响程度，以及企业所在的现有监管环境的严格程度。从监管中受益的公司只有在更严格的监管环境中才能获得更多的信贷。相反，受到监管伤害的公司如果位于不那么严格的环境中，或者与投资组合倾向于向受到负面影响的公司提供贷款的银行有联系，则可以获得更多的信贷。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.