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Estimating Macro-Fiscal Effects of Climate Shocks from Billions of Geospatial Weather Observations

Akyapi, Berkay; Bellon, Matthieu; Massetti, Emanuele - 2022

A growing literature estimates the macroeconomic effect of weather using variations in annual country-level averages of … frequency or higher spatial resolution. To address this issue, we rely on global daily weather measurements with a 30-km spatial … resolution from 1979 to 2019 and construct 164 weather variables and their lags. We select a parsimonious subset of relevant …

Persistent link: https://www.econbiz.de/10014079013

Waiting for Godot? The Case for Climate Change Adaptation and Mitigation in Small Island States

Cevik, Serhan - 2022

Global warming is the most significant threat to ecosystems and people’s health and living standards, especially in small island states in the Caribbean and elsewhere. This paper contributes to the debate by analyzing different options to scale up climate change mitigation and adaptation. In...

Persistent link: https://www.econbiz.de/10014076817

Monitoring the Climate Impact of Fiscal Policy - Lessons from Tracking the Covid-19 Response

Eltokhy, Khaled; Funke, Katja; Huang, Guohua; Kim, Yujin; … - 2022

In the wake of the COVID-19 crisis, governments around the world announced unprecedented fiscal packages to address the economic impact of the crisis. The unusually large scale of the packages was accompanied by widespread calls for “greening” them to meet the dual goals of economic recovery...

Persistent link: https://www.econbiz.de/10013299319

Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy : A Survey of the Issues

Demekas, Dimitri; Grippa, Pierpaolo - 2022

There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated....

Persistent link: https://www.econbiz.de/10013306708

Stress Testing the Global Economy to Climate Change-Related Shocks in Large and Interconnected Economies

Jung, Yeu Jin; Tovar, Camilo E.; Wu, Yiqun; Zheng, Tianxiao - 2022

We stress test the global economy to extreme climate change-related shocks on large and interconnected economies. Our analysis (i) identifies large and interconnected economies vulnerable to climate change-related shocks; (ii) estimates these economies’ external financing needs-at-risk due to...

Persistent link: https://www.econbiz.de/10014244523

The Effects of Weather Shocks on Economic Activity : What are the Channels of Impact?

Acevedo Mejia, Sebastian - 2018

Global temperatures have increased at an unprecedented pace in the past 40 years. This paper finds that increases in temperature have uneven macroeconomic effects, with adverse consequences concentrated in countries with hot climates, such as most low-income countries. In these countries, a rise...

Persistent link: https://www.econbiz.de/10012913921

Government Insurance Against Natural Disasters : An Application to the ECCU

Guerson, Alejandro - 2021

This paper estimates insurance requirements against natural disasters (NDs) in the Eastern Caribbean Currency Union … (ECCU) using an insurance layering framework. The layers include a government saving fund, as well as market instruments …

Persistent link: https://www.econbiz.de/10013250095

The Economic Impact of Natural Disasters in Pacific Island Countries : Adaptation and Preparedness

Lee, Dongyeol - 2018

Pacific island countries are highly vulnerable to various natural disasters which are destructive, unpredictable and occur frequently. The frequency and scale of these shocks heightens the importance of medium-term economic and fiscal planning to minimize the adverse impact of disasters on...

Persistent link: https://www.econbiz.de/10012913925

Long-Term Macroeconomic Effects of Climate Change : A Cross-Country Analysis

Kahn, Matt - 2019

We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables-defined as deviations of temperature and precipitation from their historical norms. Using a panel data...

Persistent link: https://www.econbiz.de/10012859854

Gone with the Wind : Estimating Hurricane and Climate Change Costs in the Caribbean

Acevedo Mejia, Sebastian - 2016

This paper studies the economic costs of hurricanes in the Caribbean by constructing a novel dataset that combines a detailed record of tropical cyclones' characteristics with reported damages. I estimate the relation between hurricane wind speeds and damages in the Caribbean; finding that the...

Persistent link: https://www.econbiz.de/10012977766