The impact of climate policy uncertainty on the Italian financial market

Caterina Di Tommaso, Matteo Foglia and Vincenzo Pacelli

Finance Research Letters, 2024, vol. 69, issue PA

Abstract: In this paper, we develop the Climate Policy Uncertainty Index (CPU) for the Italian context based on news from major Italian newspapers. The CPU index exhibits distinct movements around major national and international climate events. We also investigate the effects of CPU on the Italian financial market. The results provide evidence that a shock CPU has a negative impact on financial market performance.

Keywords: Climate change; Uncertainty; Capital markets; Climate performance (search for similar items in EconPapers)
JEL-codes: G10 G32 G41 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011243

DOI: 10.1016/j.frl.2024.106094

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