IDEAS home Printed from https://ideas.repec.org/p/chf/rpseri/rp2446.html
   My bibliography  Save this paper

Climate Change and Bank Deposits

Author

Listed:
  • Özlem Dursun-de Neef

    (Monash Business School - Department of Banking and Finance)

  • Steven Ongena

    (University of Zurich - Department Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR))

Abstract

Abnormally warm temperatures are associated with an increase in people’s beliefs about climate change. Using branch-level deposit data from the United States, we find that depositors move their money away from fossil-fuel-financing banks when they experience warmer-than-usual temperatures. The reallocation of deposits is mainly due to prosocial motives rather than financial preferences. Our results shed light on people’s responses to the impacts of global warming by studying the relationship between households’ beliefs about climate change and their social preferences in their choice of bank for deposits.

Suggested Citation

  • Özlem Dursun-de Neef & Steven Ongena, 2024. "Climate Change and Bank Deposits," Swiss Finance Institute Research Paper Series 24-46, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2446
    as

    Download full text from publisher

    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4657847
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Climate change; Global warming; Fossil fuel financing; Bank deposits;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:chf:rpseri:rp2446. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ridima Mittal (email available below). General contact details of provider: https://edirc.repec.org/data/fameech.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.