气候政策的不确定性与银行系统性风险:创造性破坏视角

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Yulin Liu , Junbo Wang , Fenghua Wen , Chunchi Wu
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引用次数: 0

摘要

我们就气候政策不确定性对 G20 国家银行系统性风险的影响开展了一项国际研究。我们发现,气候政策的不确定性与较低的银行系统性风险有关。这种关系在创新能力强、气候准备就绪、系统重要性银行较多、银行系统竞争较激烈的国家更为明显。气候相关信息披露和可持续投资是气候政策不确定性效应发挥作用的关键经济渠道。我们的研究结果减轻了人们对气候转型风险可能导致金融不稳定的担忧,并为监管机构设计气候转型政策提供了实际意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Climate policy uncertainty and bank systemic risk: A creative destruction perspective

We conduct an international study on the effect of climate policy uncertainty on the systemic risk of banks from G20 countries. We find that climate policy uncertainty is associated with lower bank systemic risk. This relation is more pronounced in countries with high innovation capacity, climate readiness, more systemically important banks, and a more competitive banking system. Climate-related information disclosure and sustainable investments are critical economic channels through which the effect of climate policy uncertainty works. Our findings alleviate the concern that climate transition risk may contribute to financial instability and provide practical implications for regulators to design climate transition policies.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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