饱受抨击的绿色金融：通过气候适应战略应对金融和地缘政治风险

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-08 DOI:10.1016/j.frl.2025.108132

José Alves , Lucas Menescal

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引用次数: 0

摘要

本研究探讨了中低收入国家（LMICs）气候适应能力、地缘政治风险和金融稳定之间错综复杂的相互依存关系。采用三阶段最小二乘估计的联立方程模型，分析了1980年至2024年128个低收入国家的面板数据。我们的研究结果表明，以ND-GAIN指数及其准备程度子成分为代表的增强的气候适应能力显著降低了地缘政治风险，强调了制度准备在减少政治不稳定方面的作用。此外，气候适应能力通过减少流动性和增加不良贷款而对金融稳定构成挑战，而气候脆弱性的影响则是混合的。值得注意的是，地缘政治风险对流动性有负向影响，但对信贷风险的影响不太一致，表明存在间接传导机制。这些结果强调了加强气候适应和金融稳稳性的综合政策框架对于缓冲中低收入国家应对不断升级的地缘政治和环境冲击的重要性。该研究为实施气候相关政策作为促进宏观金融稳定和可持续发展的工具提供了实证支持。

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Green finance under fire: Navigating financial and geopolitical risk through climate adaptation strategies

This study investigates the intricate interdependence between climate resilience, geopolitical risk, and financial stability in low- and middle-income countries (LMICs). Using a simultaneous equations model with three-stage least squares estimation, we analyze panel data from 128 LMICs spanning 1980 to 2024. Our findings reveal that enhanced climate resilience – proxied by the ND-GAIN index and its readiness subcomponent significantly mitigates geopolitical risk, underscoring the role of institutional preparedness in reducing political instability. Furthermore, climate resilience is shown to challenge financial stability by reducing liquidity and by increasing non-performing loans, while climate vulnerability exerts mixed effects. Notably, geopolitical risk negatively affects liquidity but has a less consistent impact on credit risk, indicating indirect transmission mechanisms. These results highlight the importance of integrated policy frameworks that enhance climate adaptation and financial robustness to buffer LMICs against escalating geopolitical and environmental shocks. The study offers empirical support for the implementation of climate-related policies as tools to foster macro-financial stability and sustainable development.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance