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Physical climate risk and the pricing of bank loans 自然气候风险与银行贷款定价
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2025-12-31 DOI: 10.1016/j.jeem.2025.103280
Karol Kempa
{"title":"Physical climate risk and the pricing of bank loans","authors":"Karol Kempa","doi":"10.1016/j.jeem.2025.103280","DOIUrl":"10.1016/j.jeem.2025.103280","url":null,"abstract":"<div><div>This paper analyses how physical climate risk affects the pricing of loans. Using a global dataset of almost 86,000 syndicated bank loans, we find that a higher climate vulnerability of a firm’s host country leads to higher costs of borrowing. The effects of physical climate risk on loan pricing are particularly large if loans have long maturities and if borrowing firms are in financial distress. In addition to loan pricing, banks also adjust other loan terms, such as loan size, collateral requirements, or fees, to manage their exposure to their borrowers’ physical climate risk. As climate risk may also directly affect loan pricing, e.g., via general updates of credit risk models due to observed changes in climate risk, we extend the analysis to firm-level credit risk ratings. The results show that physical climate risk negatively affects long-term credit risk ratings, while it does not play a role in short-term credit risk, and hence support the proposed channel that physical climate risk affects loan pricing via its effect on firms’ default probabilities.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103280"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145940301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Might India’s use of groundwater be weakly sustainable? 印度对地下水的利用是否具有较弱的可持续性？
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2025-12-19 DOI: 10.1016/j.jeem.2025.103274
David Blakeslee , Mathilde Degois , Ram Fishman , Esha Zaveri
{"title":"Might India’s use of groundwater be weakly sustainable?","authors":"David Blakeslee ,&nbsp;Mathilde Degois ,&nbsp;Ram Fishman ,&nbsp;Esha Zaveri","doi":"10.1016/j.jeem.2025.103274","DOIUrl":"10.1016/j.jeem.2025.103274","url":null,"abstract":"<div><div>In many parts of the world, groundwater is being extracted at rates that exceed natural renewal rates, leading many experts to conclude that groundwater mining is an unsustainable strategy for rural development. However, groundwater extraction could still be considered to be ‘weakly sustainable’ if it generates investments in man-made capital that offset the loss of natural ‘groundwater capital’ and enable income to be sustained even as the resource is depleted. In this paper, we examine whether the withdrawals of groundwater for irrigation in India have resulted in household-level investments in physical and human capital. Our empirical strategy compares villages in the same administrative units that overlie aquifers with different water storage capacities and, therefore, endowed with different levels of access to the resource. We find that greater access to the resource results in more irrigation, as expected, as well as higher asset wealth and educational attainment. The results suggest that deeming India’s irrigation-based rural development as unsustainable purely because of the decline in water tables may require reconsideration, provided that human capital is used to productively shift income from farm to off-farm sources.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103274"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145940303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Willingness to pay for climate mitigation: Evidence from Latin America 为减缓气候变化付费的意愿：来自拉丁美洲的证据
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-22 DOI: 10.1016/j.jeem.2026.103297
Allen Blackman , Marc Jeuland , Emilio Leguizamo
{"title":"Willingness to pay for climate mitigation: Evidence from Latin America","authors":"Allen Blackman ,&nbsp;Marc Jeuland ,&nbsp;Emilio Leguizamo","doi":"10.1016/j.jeem.2026.103297","DOIUrl":"10.1016/j.jeem.2026.103297","url":null,"abstract":"<div><div>The ability of countries in Latin America to achieve net zero greenhouse gas (GHG) emissions by mid-century, the target set by the Paris Agreement, will depend critically on citizen support. To gauge this support, we administered a contingent valuation survey to representative samples in six of the region's leading GHG emitting countries and in the United States, which is used as a comparator. The survey elicits respondents' willingness to pay (WTP) for achieving global net zero by 2050 and uses a split sample design to test whether WTP is affected by the distribution of decarbonization costs across households. The mean WTP estimate for the pooled sample of six Latin American study countries is on par both with our estimate for the United States, and with estimates from a recent CV study for China, Sweden, and the United States. Moreover, this mean exceeds these estimates when all are normalized by income. However, among the Latin American study countries, mean WTPs for Argentina and Brazil are relatively low. We also find that the distribution of the costs of decarbonization across households does not have a clear effect on WTP and that the drivers of WTP for our Latin American study countries are similar to those the literature has identified in other regions.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103297"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green patents in an oligopolistic market with green consumers 绿色消费者的寡头垄断市场中的绿色专利
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-08 DOI: 10.1016/j.jeem.2026.103281
Corinne Langinier , Amrita RayChaudhuri
{"title":"Green patents in an oligopolistic market with green consumers","authors":"Corinne Langinier ,&nbsp;Amrita RayChaudhuri","doi":"10.1016/j.jeem.2026.103281","DOIUrl":"10.1016/j.jeem.2026.103281","url":null,"abstract":"<div><div>We analyze the impact of patent policies and emission taxes on green innovation. We allow for strategic interactions of firms in a duopolistic market in the presence of green-conscious consumers. We identify a paradoxical effect of increasing emission taxes beyond a certain threshold, which results in an increase in emissions. Decreasing patenting costs mitigates this paradox while the impact of tightening patentability requirements is more complex. Moreover, we show that the greater the proportion of green-conscious consumers, the less likely firms are totcilate license a green patent, which results in higher emissions levels at low tax levels. For an intermediate range of taxes, licensing does occur in equilibrium which lowers emissions. Finally, we find that while tax increases lead to a switch from overinvestment to underinvestment in the absence of green-conscious consumers, when the proportion of green-conscious consumers is sufficiently large, there is underinvestment at all tax levels.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103281"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145979359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The limits of cross-border environmental policies: Trade diversion as leakage 跨境环境政策的局限性：贸易转移作为泄漏
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-27 DOI: 10.1016/j.jeem.2026.103298
Ryan Abman , Hattie Jenkins , Clark Lundberg
{"title":"The limits of cross-border environmental policies: Trade diversion as leakage","authors":"Ryan Abman ,&nbsp;Hattie Jenkins ,&nbsp;Clark Lundberg","doi":"10.1016/j.jeem.2026.103298","DOIUrl":"10.1016/j.jeem.2026.103298","url":null,"abstract":"<div><div>Global environmental externalities are one of the most pressing policy challenges of the modern era. Unilateral policy options to address global externalities are limited, however, by sovereignty and a general difficulty in achieving environmental objectives across national borders. We study an emerging trade policy tool used in cross-border environmental policies—environmental standards for imports—using a European Union program aimed at mitigating illegal timber harvesting in tropical timber exporting countries. Through bilateral agreements with partner countries, the program established de facto import restrictions through supply chain transparency and certification requirements on forest products. We find that the policy led to a diversion of partner country exports away from the EU towards other markets, particularly in Asia, and had no discernible impact on reducing forest loss. Our findings highlight the role that trade diversion can play as a leakage mechanism in such cross-border environmental policies.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103298"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How air pollution makes firms less innovative: Human capital and adaptive strategies 空气污染如何降低企业创新能力：人力资本和适应性策略
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2025-12-30 DOI: 10.1016/j.jeem.2025.103279
Tiago Cavalcanti , Kamiar Mohaddes , Hongyu Nian , Haitao Yin
{"title":"How air pollution makes firms less innovative: Human capital and adaptive strategies","authors":"Tiago Cavalcanti ,&nbsp;Kamiar Mohaddes ,&nbsp;Hongyu Nian ,&nbsp;Haitao Yin","doi":"10.1016/j.jeem.2025.103279","DOIUrl":"10.1016/j.jeem.2025.103279","url":null,"abstract":"<div><div>This paper studies the long-term effects of air pollution on firms’ human capital accumulation and the adaptive strategies they adopt in response. Leveraging a spatial regression discontinuity (RD) design based on China’s Huai River heating policy and utilizing a novel dataset with detailed firm-level human capital information, we show that air pollution significantly reduces the share of R&amp;D staff with advanced degrees, particularly PhD and master’s degrees. To offset these challenges, firms in more polluted regions increasingly turn to external strategies, such as acquiring technology and collaborating with universities, as well as internal measures, including expanding welfare subsidies for R&amp;D staff and investing in experimental instruments. However, despite these adaptive efforts, firms in polluted areas still generate fewer innovations than their counterparts in cleaner regions. Overall, our findings highlight the role of internal human capital in sustaining innovative capacity.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103279"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145883848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heat, power outages, and mortality in the United States 美国的高温，停电和死亡率
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2025-12-20 DOI: 10.1016/j.jeem.2025.103275
Dan Ai , Christine L. Crago , Jamie T. Mullins
{"title":"Heat, power outages, and mortality in the United States","authors":"Dan Ai ,&nbsp;Christine L. Crago ,&nbsp;Jamie T. Mullins","doi":"10.1016/j.jeem.2025.103275","DOIUrl":"10.1016/j.jeem.2025.103275","url":null,"abstract":"<div><div>We examine the mortality impacts of exposures to high temperatures and power outages using a county-month data set in the United States from 2015 to 2019. We find that each additional hour of power outage leads to a 0.04% increase in the monthly mortality rate. Furthermore, we show that the mortality effects of hot days are exacerbated by the co-occurrence of power outages, with each hour of power outage on a hot day increasing the harm from the hot day by 61%. Widespread and long-lasting power outages during hot days have disproportionately large effects on mortality. We also show heterogeneity across climate regions in the estimated relationships, which is consistent with heavier reliance on technological adaptations to heat such as air conditioning in hotter climate regions. Taken together, our results suggest that the reliability of electricity grids serves as an important means of adaptation to high temperatures and climate change.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103275"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145940300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate change and population growth: A reassessment 气候变化与人口增长：重新评估
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-08 DOI: 10.1016/j.jeem.2026.103282
Holger Strulik , Timo Trimborn
{"title":"Climate change and population growth: A reassessment","authors":"Holger Strulik ,&nbsp;Timo Trimborn","doi":"10.1016/j.jeem.2026.103282","DOIUrl":"10.1016/j.jeem.2026.103282","url":null,"abstract":"<div><div>It is widely believed that population growth has a negative impact on global warming. Here, we set up an integrated assessment model (a simplified DICE model) and derive analytically a condition under which a higher world population causally leads to a lower long-run temperature increase under optimal carbon taxation. The condition is easily fulfilled for standard IAM parameters and is independent of the discount rate, the degree of utilitarianism in the objective function, the calibration of the emission and abatement technologies, and other economic parameters. We also show that at the steady state, a larger population implies higher social and individual welfare. We also investigate a refinement of the DICE approach that could mitigate or reverse the predicted negative effect of population growth on climate change.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103282"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145979358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Hot and cold choices: The role of extreme temperatures in shaping industrial geographical distribution 冷热选择：极端温度对工业地理分布的影响
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-20 DOI: 10.1016/j.jeem.2026.103285
Ding Ma , Min Wang , Shuo Li , Xiumei Yu
{"title":"Hot and cold choices: The role of extreme temperatures in shaping industrial geographical distribution","authors":"Ding Ma ,&nbsp;Min Wang ,&nbsp;Shuo Li ,&nbsp;Xiumei Yu","doi":"10.1016/j.jeem.2026.103285","DOIUrl":"10.1016/j.jeem.2026.103285","url":null,"abstract":"<div><div>This paper examines how extreme temperatures shape firm entry decisions and industrial geography. Leveraging comprehensive firm registration data from China, we identify an inverted U-shaped relationship between temperature and firm entry, while firm exit remains largely unresponsive. Mechanism analyses reveal that temperature shocks disproportionately reduce entry in labor-intensive industries within tradable sectors. This effect operates through temperature-induced labor productivity losses, whereas entry in non-tradable sectors, such as services, declines indirectly through reduced local demand from downstream industrial clients. Firms also adapt by shifting equity investments toward new firm establishments in regions with milder climates. Climate projections indicate that continued warming will substantially reshape industrial geography. These findings highlight firm location choice as a critical channel of climate adaptation and underscore the role of temperature risk in driving long-term spatial economic change.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103285"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146073604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of land use on water quality: Evidence from California wells 土地利用对水质的影响：来自加州水井的证据
IF 5.9 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2026-05-01 Epub Date: 2026-01-19 DOI: 10.1016/j.jeem.2026.103284
Jeffrey Hadachek , Pierre Mérel , Scott Somerville
{"title":"The impact of land use on water quality: Evidence from California wells","authors":"Jeffrey Hadachek ,&nbsp;Pierre Mérel ,&nbsp;Scott Somerville","doi":"10.1016/j.jeem.2026.103284","DOIUrl":"10.1016/j.jeem.2026.103284","url":null,"abstract":"<div><div>Nitrate pollution threatens human health and ecosystems in many regions of the world. Although scientists agree that nitrogen compounds from human activity, notably agriculture, enter groundwater systems, empirical estimates of the impacts of land use on nitrate concentrations in well water are still lacking. We provide evidence on such impacts by combining nitrate measurements from 6016 groundwater wells with remotely sensed California land use data from 2007–2023. We categorize agricultural land uses according to crops’ propensities to leach nitrogen and further consider urban development, in addition to undeveloped land—the default land use. Results show that a 10 percentage point increase in the share of land used to grow high-nitrogen crops within 500 m of a well is associated with an 11.6% increase in nitrate concentrations a decade later, while the same increase in urban developments contributes about a 10% increase. When conditioning on initial nitrate measurements, the impact of nearby land use attenuates while initial concentrations explain a large share of future variation in concentrations, demonstrating the persistent nature of nitrates in groundwater. A calculation based on our regression estimates implies that replacing high-nitrogen with low-nitrogen crops around sample wells would achieve a 4.6% reduction in nitrate concentrations, saving municipal water systems $25 million annually. We evaluate the opportunity cost of such crop substitution to be large; however, targeting only the crops with the highest propensity to leach nitrates easily passes a cost-benefit test.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"137 ","pages":"Article 103284"},"PeriodicalIF":5.9,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146034871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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