G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16665
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
URLhttps://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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