International Climate News

María José Arteaga Garavito, Riccardo Colacito, Mariano Croce and Biao Yang

No 34084, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We develop novel high-frequency indices that measure climate attention across a wide range of developed and emerging economies. By analyzing the text of over 23 million Tweets published by leading national newspapers, we find that a country experiencing more severe climate news shocks tends to see both an inflow of capital and an appreciation of its currency. In addition, brown stocks experience large and persistent negative returns after a global climate news shock if located in highly exposed countries. A risk-sharing model in which investors price climate news shocks and trade consumption and investment goods in global markets rationalizes these findings.

JEL-codes: F3 F4 G1 (search for similar items in EconPapers)
Date: 2025-08
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