The financial system—the ecosystem of investors (eg, banks, investment funds, insurance),
markets, and instruments—is often considered to play an enabling role in climate mitigation …

How do climate risk beliefs affect coastal housing markets? This paper provides theoretical
and empirical evidence. First, we build a dynamic housing market model and show that …

The ongoing trend of climate change—including higher temperatures and more extreme
weather—will result in economic and financial losses to many businesses, households, and …

Climate change is increasing the frequency of natural disasters, which could make
municipal bonds a riskier asset class. We study the effects of natural disasters on municipal …

This paper exploits strict flood insurance coverage limits and staggered flood map updates
to show that mortgage lenders offload flood risk to the government through flood insurance …

Efforts to assess risks to the financial system associated with climate change are growing.
These commonly combine the use of integrated assessment models to obtain possible …

Financial regulators, international organizations, market participants and others have
directed significant attention in recent years towards developing an understanding of the …

We develop an additive Cox proportional hazard model with time-varying covariates,
including spatio-temporal characteristics of weather events, to study the impact of weather …

This paper examines the impact of two nationwide reforms to the National Flood Insurance
Program on both flood insurance and property markets. The 2012 and 2014 reforms aimed …

While the empirical evidence on the pricing of flood risk exposure in residential real estate
held by uninformed households is mixed, this study shows that sophisticated investors in …