Climate Finance

Stefano Giglio, Bryan T. Kelly and Johannes Stroebel

No 28226, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in macro-finance models. We then review the empirical literature that explores the pricing of climate risks across a large number of asset classes including real estate, equities, and fixed income securities. In this context, we also discuss how investors can use these assets to construct portfolios that hedge against climate risk. We conclude by proposing several promising directions for future research in climate finance.

JEL-codes: G0 (search for similar items in EconPapers)
Date: 2020-12
New Economics Papers: this item is included in nep-fdg and nep-rmg
Note: AP CF EEE EFG PE
References: Add references at CitEc
Citations:

Published as Stefano Giglio & Bryan Kelly & Johannes Stroebel, 2021. "Climate Finance," Annual Review of Financial Economics, vol 13(1), pages 15-36.

Downloads: (external link)
http://www.nber.org/papers/w28226.pdf (application/pdf)

Related works:
Journal Article: Climate Finance (2021)
Working Paper: Climate Finance (2020)
Working Paper: Climate Finance (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:28226

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w28226

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().