气候变化领域集成服务门户(CCPortal): Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery

CCPortal

DOI	10.1016/j.jbankfin.2021.106306
	Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery
	Dunz, Nepomuk; Essenfelder, Arthur Hrast; Mazzocchetti, Andrea; Monasterolo, Irene; Raberto, Marco
发表日期	2023
ISSN	0378-4266
EISSN	1872-6372
卷号	152
英文摘要	We assess the individual and compounding impacts of COVID-19 and climate physical risks in the economy and finance, using the EIRIN Stock-Flow Consistent model. We study the interplay between banks' lending decisions and government's policy effectiveness in the economic recovery process. We calibrate EIRIN on Mexico, being a country highly exposed to COVID-19 and hurricanes risks. By embedding financial actors and the credit market, and by endogenising investors' expectations, EIRIN analyses the financeeconomy feedbacks, providing an accurate assessment of risks and policy co-benefits. We quantify the impacts of compounding COVID-19 and hurricanes on GDP through time using a compound risk indicator. We find that procyclical lending and credit market constraints amplify the initial shocks by limiting firms' recovery investments, thus mining the effectiveness of higher government spending. When COVID19 and hurricanes compound, non-linear dynamics that amplify losses emerge, negatively affecting the economic recovery, banks' financial stability and public debt sustainability. (c) 2021 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ )
英文关键词	COVID-19; Climate change; Compound risk; Government policies; Stock-flow consistent model; Credit market constraints; Procyclical bank lending; Macrofinancial impacts
语种	英语
WOS研究方向	Business, Finance ; Economics
WOS类目	Social Science Citation Index (SSCI)
WOS记录号	WOS:001009144200001
来源期刊	JOURNAL OF BANKING & FINANCE
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281258
作者单位	The World Bank; Universita Ca Foscari Venezia; Vienna University of Economics & Business; Boston University; Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC); University of Genoa; Vienna University of Economics & Business; Boston University
推荐引用方式 GB/T 7714	Dunz, Nepomuk,Essenfelder, Arthur Hrast,Mazzocchetti, Andrea,et al. Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery[J],2023,152.
APA	Dunz, Nepomuk,Essenfelder, Arthur Hrast,Mazzocchetti, Andrea,Monasterolo, Irene,&Raberto, Marco.(2023).Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery.JOURNAL OF BANKING & FINANCE,152.
MLA	Dunz, Nepomuk,et al."Compounding COVID-19 and climate risks: The interplay of banks' lending and government's policy in the shock recovery".JOURNAL OF BANKING & FINANCE 152(2023).