National parks are rare natural resources that provide refuges for wildlife, harmonious ecology, and leisure activities. These protected areas, which include a variety of ecosystems, habitats for wildlife, and geological wonders, have been set aside to preserve and highlight the beauty of the...

This paper studies the effects of international coordination failure on resource allocations. Employing the U.S. withdrawal from the 2015 Paris Agreement as an experiment, we find that U.S. polluting firms increase their emissions and receive bank financing at lower costs after the sudden...