全球智库信息集成服务系统(G2TT): DP16665 "There is No Planet B", but for Banks There are "Countries B to Z": Domestic Climate Policy and Cross-Border Bank Lending

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16665
	DP16665 "There is No Planet B", but for Banks There are "Countries B to Z": Domestic Climate Policy and Cross-Border Bank Lending
	Emanuela Benincasa; Gazi Kabaș; Steven Ongena
发表日期	2021-10-24
出版年	2021
语种	英语
摘要	We document that lenders react to domestic climate policy stringency by increasing cross-border lending. We use loan fixed effects to control for loan demand and an instrumental variable strategy to establish causality. Consistent with regulatory arbitrage, the positive effect decreases in borrowers’ climate policy stringency and is absent if the borrower country has a higher stringency. Furthermore, climate policy stringency decreases loan supply to domestic borrowers with high carbon risk while increasing loan supply if such borrowers are abroad. Our results suggest that cross-border lending enables lenders to exploit the lack of global coordination in climate policies.
主题	Financial Economics
关键词	Cross-border lending Climate policy Regulatory arbitrage Syndicated loans
URL	https://cepr.org/publications/dp16665-0
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/545604
推荐引用方式 GB/T 7714	Emanuela Benincasa,Gazi Kabaș,Steven Ongena. DP16665 "There is No Planet B", but for Banks There are "Countries B to Z": Domestic Climate Policy and Cross-Border Bank Lending. 2021.