| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14863 |
| DP14863 Asset diversification versus climate action | |
| Christoph Hambel; Holger Kraft; Frederick van der Ploeg | |
| 发表日期 | 2020-06-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon-intensive sector. We allow for endogenous growth and three types of damages from global warming. It is shown that, initially, the desire to diversify assets complements the attempt to mitigate economic damages from climate change. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon price, the equilibrium risk-free rate, and risk premia. Climate disasters, which are more likely to occur sooner as temperature rises, significantly affect asset prices. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Climate finance Decarbonization Diversification Carbon price Asset prices Green assets Disaster risk |
| URL | https://cepr.org/publications/dp14863 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543803 |
| 推荐引用方式 GB/T 7714 | Christoph Hambel,Holger Kraft,Frederick van der Ploeg. DP14863 Asset diversification versus climate action. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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