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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. |
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