Climate Change and Bank Deposits

Özlem Dursun- de Neef and Steven Ongena
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Özlem Dursun- de Neef: Monash Business School - Department of Banking and Finance

No 24-46, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

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.

Keywords: Climate change; Global warming; Fossil fuel financing; Bank deposits (search for similar items in EconPapers)
JEL-codes: G21 G28 Q54 (search for similar items in EconPapers)
Pages: 61 pages
Date: 2024-09
New Economics Papers: this item is included in nep-mon and nep-res
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Related works:
Working Paper: Climate change and bank deposits (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2446

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