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Climate change and bank deposits

Author

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  • Dursun-de Neef, H. Özlem
  • Ongena, Steven

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 experiencing warmer-than-usual temperatures. This effect is more pronounced in counties with more climate change deniers, measured by the percentage of Republican voters in each county. 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 non-financial preferences in their choice of bank for deposits.

Suggested Citation

  • Dursun-de Neef, H. Özlem & Ongena, Steven, 2023. "Climate change and bank deposits," CEPR Discussion Papers 18619, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18619
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    Keywords

    Climate change; Global warming; 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

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