Carbon taxes and the geography of fossil lending

• 成果类型: Article
• 署名作者: Laeven, Luc; Popov, Alexander
• 署名单位: European Central Bank
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2023.103797
• 发表日期: 2023
• 关键词: Carbon taxes; Cross -border lending; climate change

摘要

Using data on syndicated loans, we find that the introduction of a carbon tax is associated with a decline (increase) in bank lending to coal, oil, and gas companies in domestic (foreign) markets. This manifestation of tax arbitrage is particularly pronounced for banks with large fossillending exposures, suggesting a role for bank specialization. Lending to private companies in foreign markets increases relatively more, implying bank incentives to avoid public scrutiny. We also find that banks reallocate a relatively larger share of their fossil loan portfolio to countries with less strict environmental regulation and bank supervision. & COPY; 2023 Elsevier B.V. All rights reserved.