{"title":"Climate policy and cross-border lending: evidence from the syndicated loan market","authors":"Emanuela Benincasa","doi":"10.1080/20954816.2021.1976904","DOIUrl":null,"url":null,"abstract":"Abstract Do cross-country differences in climate policy influence bank lending? This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of home-country climate policies increases cross-border bank lending. Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics. I find evidence that a strict home-country climate policy is associated with an increase in banks’ cross-border loan shares. This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.","PeriodicalId":44280,"journal":{"name":"Economic and Political Studies-EPS","volume":"9 1","pages":"463 - 476"},"PeriodicalIF":1.5000,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic and Political Studies-EPS","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1080/20954816.2021.1976904","RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"SOCIAL SCIENCES, INTERDISCIPLINARY","Score":null,"Total":0}
引用次数: 3
Abstract
Abstract Do cross-country differences in climate policy influence bank lending? This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of home-country climate policies increases cross-border bank lending. Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics. I find evidence that a strict home-country climate policy is associated with an increase in banks’ cross-border loan shares. This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.
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