Natural disasters such as hurricanes, floods, heatwaves, and wildfires are projected to
become more prevalent in the foreseeable future. Climate risk is, therefore, increasingly …

We identify two data-related errors in the work of Ouazad and Kahn (OK, RFS 2021).
Correcting either of these errors or both entirely reverses the original result, in OK's code …

This study delves into the propagation effect of climate risks on global stock markets,
emphasizing the dynamics of contagion. We first trace the contagion pathway of climate risks …

This paper investigates how a climate shock affects the banking system. Our empirical
strategy exploits El Niño, a natural experiment producing quasi-random variation in climate …

Climate change poses new risks for real estate assets. Given that the majority of home
buyers use a loan to pay for their homes and the majority of these loans are purchased by …

This study shows that banks adapt to exacerbated climate risk pre-emptively by factoring
market-level information into lending decisions. Geographically dispersed, multi-state, and …

This paper reviews the literature on banks, climate change, and the global shift towards a
low-carbon economy. I first examine the contribution of banks to climate change mitigation …

We theoretically and empirically investigate how climate risks affect collateralized debt
markets. First, we develop a debt model where agents have different beliefs over a long-run …

Academic research on post-disaster recovery acknowledges that growth stems from
increased bank lending to accommodate reconstruction efforts. Local banks are more active …

We present a theory of the demand for flood insurance and empirically analyze the effects of
the adoption of Risk Rating 2.0, using individual insurance histories for all NFIP policies. The …