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| DOI | 10.1016/j.jdeveco.2023.103246 |
| Thermal stress and financial distress: Extreme temperatures and firms' loan defaults in Mexico | |
| 发表日期 | 2024 |
| ISSN | 0304-3878 |
| EISSN | 1872-6089 |
| 起始页码 | 168 |
| 卷号 | 168 |
| 英文摘要 | The frequency and intensity of extreme temperature events are likely to increase with climate change. Using a detailed dataset containing information on the universe of loans extended by commercial banks to private firms in Mexico, we examine the relationship between extreme temperatures and credit performance. We find that unusually hot days increase delinquency rates, primarily affecting the agricultural sector, but also nonagricultural industries that rely heavily on local demand. Our results are consistent with general equilibrium effects originated in agriculture that expand to other sectors in agricultural regions. Additionally, following a temperature shock, affected firms face increased challenges in accessing credit, pay higher interest rates, and provide more collateral, indicating a tightening of credit during financial distress. |
| 英文关键词 | Extreme temperatures; Default; Firm credit; Agriculture |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Economics |
| WOS记录号 | WOS:001163859500001 |
| 来源期刊 | JOURNAL OF DEVELOPMENT ECONOMICS
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/290688 |
| 作者单位 | Universidad de los Andes (Colombia); Instituto Tecnologico Autonomo de Mexico; Universidad Iberoamericana Ciudad de Mexico; Bank of Mexico |
| 推荐引用方式 GB/T 7714 | . Thermal stress and financial distress: Extreme temperatures and firms' loan defaults in Mexico[J],2024,168. |
| APA | (2024).Thermal stress and financial distress: Extreme temperatures and firms' loan defaults in Mexico.JOURNAL OF DEVELOPMENT ECONOMICS,168. |
| MLA | "Thermal stress and financial distress: Extreme temperatures and firms' loan defaults in Mexico".JOURNAL OF DEVELOPMENT ECONOMICS 168(2024). |
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