气候变化领域集成服务门户(CCPortal): Responses of financial stress and monetary policy to global warming: Evidence from China

CCPortal

DOI	10.1016/j.irfa.2024.103092
	Responses of financial stress and monetary policy to global warming: Evidence from China
	Wu, Nan; Zhang (Justin), Zuopeng; Lin, Boqiang
发表日期	2024
ISSN	1057-5219
EISSN	1873-8079
起始页码	92
卷号	92
英文摘要	We explore the marginal dynamic effect of abnormal temperature rise on China's financial stress and monetary policy using monthly data from January 2002 to December 2019. Our empirical results demonstrate that: (a) China's financial stress has a positive response to an increase in abnormal temperature change shock significantly, especially in the 4-7 months after the shock; (b) the introduction of monetary policy regulation into the economic system can effectively alleviate the financial instability caused by the rise in temperature; (c) from the perspective of the effectiveness of monetary policy transmission, price-based monetary policy is generally better than quantity-based monetary policy; (d) the adjustment of monetary policy can effectively expand the financing scale of the whole society with credit scale mattering most; (e) when financial stress is higher, the impact of a temperature shock on the financial market is stronger, as the stabilizing effect of expansionary monetary policy is more obvious. Our results are robust to wider checks and have important policy implications.
英文关键词	Climate change; Global warming; China's financial stress; Monetary policy
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001177986200001
来源期刊	INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/292463
作者单位	Xiamen University; State University System of Florida; University of North Florida
推荐引用方式 GB/T 7714	Wu, Nan,Zhang ,Lin, Boqiang. Responses of financial stress and monetary policy to global warming: Evidence from China[J],2024,92.
APA	Wu, Nan,Zhang ,&Lin, Boqiang.(2024).Responses of financial stress and monetary policy to global warming: Evidence from China.INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS,92.
MLA	Wu, Nan,et al."Responses of financial stress and monetary policy to global warming: Evidence from China".INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 92(2024).