Climate change-related regulatory risks and bank lending

• 成果类型: Article
• 署名作者: Mueller, Isabella; Sfrappini, Eleonora
• 署名单位: University of St Andrews; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2025.104156
• 发表日期: 2025
• 关键词: climate change; Climate risk; Bank lending; Paris agreement

摘要

We analyze how firms' climate change-related regulatory risks affect banks' lending. Exploiting the Paris Agreement in a difference-in-differences setting, we find that effects depend on how borrowers will be affected by regulation as well as the stringency of the existing regulatory environment where firms are located. Firms that benefit from regulation receive more credit only if located in more stringent regulatory environments. Conversely, firms hurt by regulation receive more credit if located in less stringent environments or if linked to banks with a portfolio tilted towards lending to negatively impacted firms.