Format:
1 Online-Ressource (circa 23 Seiten)
,
Illustrationen
ISBN:
9781513560403
Series Statement:
IMF working paper WP/20, 231
Content:
Climate change poses an existential threat to the global economy. While there is a growing body of literature on the economic consequences of climate change, research on the link between climate change and sovereign default risk is nonexistent. We aim to fill this gap in the literature by estimating the impact of climate change vulnerability and resilience on the probability of sovereign debt default. Using a sample of 116 countries over the period 1995-2017, we find that climate change vulnerability and resilience have significant effects on the probability of sovereign debt default, especially among low-income countries. That is, countries with greater vulnerability to climate change face a higher likelihood of debt default compared to more climate resilient countries. These findings remain robust to a battery of sensitivity checks, including alternative measures of sovereign debt default, model specifications, and estimation methodologies
Additional Edition:
Erscheint auch als Druck-Ausgabe Cevik, Serhan An Apocalypse Foretold: Climate Shocks and Sovereign Defaults Washington, D.C. : International Monetary Fund, 2020 ISBN 9781513560403
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781513560403.001
