气候变化领域集成服务门户(CCPortal): Underwaterwriting: from theory to empiricism in regional mortgage markets in the U.S.

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DOI	10.1007/s10584-020-02734-1
	Underwaterwriting: from theory to empiricism in regional mortgage markets in the U.S.
	Keenan J.M.; Bradt J.T.
发表日期	2020
ISSN	0165-0009
起始页码	2043
结束页码	2067
卷号	162 期号:4
英文摘要	This article provides the theoretical foundation for the concept of “Underwaterwriting,” which can be understood as various informational and institutional limitations related to environmental exposure and climate change impacts—specifically flooding and sea level rise inundation—shaping firm participation in mortgage markets. Underwaterwriting suggests that the unevenness of scientific knowledge and local soft information, as well as the institutional barriers for the utilization of that information, could result in determinations of risk that may not accurately reflect long-term asset performance or credit loss. These informational asymmetries may result in assignments of risk that reflect a degree of arbitrariness or inaccuracy that may operate to strand assets and shed or increase market share in ways that are inefficient and may otherwise lead to negative public externalities. Consistent with this theory, this article provides evidence that concentrated local lenders are transferring risk in high-risk coastal geographies in the Southeast Atlantic and Gulf Coasts (U.S.) through increased securitization of mortgages. These findings provide an impetus for supporting more robust analysis of climate-risk in light of forthcoming accounting rules that require an upfront accounting of forward-looking credit losses. © 2020, Springer Nature B.V.
英文关键词	Banking; Climate adaptation; Climate-risk; Housing; Mortgage market; Sea level rise
语种	英语
scopus关键词	Climate change; Commerce; Competition; Floods; Sea level; Climate change impact; Environmental exposure; Forward looking; Informational asymmetry; Institutional barriers; Scientific knowledge; Soft information; Theoretical foundations; Risk assessment; asymmetry; climate change; climate effect; credit provision; empirical analysis; institutional framework; knowledge; market system; sea level change; Atlantic Ocean; Atlantic Ocean (Southeast); Gulf Coast [United States]; United States
来源期刊	Climatic Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/147044
作者单位	School of Architecture, Tulane University, Richardson Memorial Hall, 6823 St. Charles Avenue, New Orleans, LA 70118, United States; Kennedy School of Government, Harvard University, 407 Gund Hall, 48 Quincy Street, Cambridge, MA 02138, United States
推荐引用方式 GB/T 7714	Keenan J.M.,Bradt J.T.. Underwaterwriting: from theory to empiricism in regional mortgage markets in the U.S.[J],2020,162(4).
APA	Keenan J.M.,&Bradt J.T..(2020).Underwaterwriting: from theory to empiricism in regional mortgage markets in the U.S..Climatic Change,162(4).
MLA	Keenan J.M.,et al."Underwaterwriting: from theory to empiricism in regional mortgage markets in the U.S.".Climatic Change 162.4(2020).