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Climate policy and cross-border lending: evidence from the syndicated loan market

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  • Emanuela Benincasa

Abstract

Do cross-country differences in climate policy influence bank lending? This paper focusses on the period 2007–2017 and uses syndicated loan-level data to examine if the stringency of home-country climate policies increases cross-border bank lending. Loan fixed effects allow us to disentangle loan demand from supply and to control for unobserved and observed loan and firm characteristics. I find evidence that a strict home-country climate policy is associated with an increase in banks’ cross-border loan shares. This suggests that the transition to a low-carbon economy might be threatened if global coordination between governments is not enforced.

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  • Emanuela Benincasa, 2021. "Climate policy and cross-border lending: evidence from the syndicated loan market," Economic and Political Studies, Taylor & Francis Journals, vol. 9(4), pages 463-476, October.
    • Handle: RePEc:taf:repsxx:v:9:y:2021:i:4:p:463-476
    DOI: 10.1080/20954816.2021.1976904
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    Cited by:

    1. Wen, Chufu & Zhu, Haoyang & Dai, Zhifeng, 2023. "Forecasting commodity prices returns: The role of partial least squares approach," Energy Economics, Elsevier, vol. 125(C).
    2. Chen, Lin & Wen, Fenghua & Zhang, Yun & Miao, Xiao, 2023. "Oil supply expectations and corporate social responsibility," International Review of Financial Analysis, Elsevier, vol. 87(C).
    3. Qian, Zongxin & Tu, Yonghong & Zhou, Zinan, 2022. "The impact of financial development on the income and consumption levels of China’s rural residents," Journal of Asian Economics, Elsevier, vol. 83(C).
    4. J. Rickman & M. Falkenberg & S. Kothari & F. Larosa & M. Grubb & N. Ameli, 2024. "The challenge of phasing-out fossil fuel finance in the banking sector," Nature Communications, Nature, vol. 15(1), pages 1-12, December.

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