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DOI10.1038/s41558-019-0607-5
The public costs of climate-induced financial instability
Lamperti F.; Bosetti V.; Roventini A.; Tavoni M.
发表日期2019
ISSN1758678X
卷号9期号:11
英文摘要Recent evidence suggests that climate change will significantly affect economic growth and several productive elements of modern economies, such as workers and land1–4. Although historical records indicate that economic shocks might lead to financial instability, few studies have focused on the impact of climate change on the financial actors5,6. This paper examines how climate-related damages impact the stability of the global banking system. We use an agent-based climate–macroeconomic model calibrated on stylized facts, future scenarios and climate impact functions7 affecting labour and capital. Our results indicate that climate change will increase the frequency of banking crises (26–248%). Rescuing insolvent banks will cause an additional fiscal burden of approximately 5–15% of gross domestic product per year and increase the ratio of public debt to gross domestic product by a factor of 2. We estimate that around 20% of such effects are caused by the deterioration of banks’ balance sheets induced by climate change. Macroprudential regulation attenuates bailout costs, but only moderately. Our results show that leaving the financial system out of climate–economy integrated assessment may lead to an underestimation of climate impacts and that financial regulation can play a role in mitigating them. © 2019, The Author(s), under exclusive licence to Springer Nature Limited.
语种英语
来源期刊Nature Climate Change
文献类型期刊论文
条目标识符http://gcip.llas.ac.cn/handle/2XKMVOVA/124314
作者单位Institute of Economics and EMbeDS, Scuola Superiore Sant’Anna, Pisa, Italy; RFF-CMCC European Institute on Economics and the Environment, Centro Euro-Mediterraneo sui Cambiamenti Climatici, Milan, Italy; Department of Economics, Bocconi University, Milan, Italy; Département Innovation et concurrence, Observatoire Francais des Conjonctures Economiques, Nice, France; Department of Management, Economics and Industrial Engineering, Politecnico di Milano, Milan, Italy
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GB/T 7714
Lamperti F.,Bosetti V.,Roventini A.,et al. The public costs of climate-induced financial instability[J],2019,9(11).
APA Lamperti F.,Bosetti V.,Roventini A.,&Tavoni M..(2019).The public costs of climate-induced financial instability.Nature Climate Change,9(11).
MLA Lamperti F.,et al."The public costs of climate-induced financial instability".Nature Climate Change 9.11(2019).
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