 Monitoring or marketing climate tail risks?. Chapter 6 in (Mis)managing Macroprudential Expectations, 2023, pp 113-127 from Edward Elgar Publishing Abstract: This chapter argues that the identification of future climate tail risks to financial stability, simultaneously reveals risks that are potentially marketable assets within the global financial system. Underpinned by the book’s relational approach to the constant reworking of financial networks, it addresses two emergent commercial connections that stem from the treatment of climate change as a question of future losses. Firstly, this chapter argues that the emergent connections between credit rating agencies, catastrophe modellers and borrowers in global credit markets threatens to increase borrowing costs for countries that are already vulnerable to climate change risk. Secondly, this chapter attends to the emergence of reinsurance circuits and catastrophe bonds that link institutional investors to sites and communities vulnerable to uninsurable catastrophe risks. This reconfiguration of catastrophes as an asset class threatens .to intensify the extraction of risk-based rent income. Keywords: Economics and Finance; Environment; Geography; Politics and Public Policy Sociology and Social Policy; Sustainable Development Goals (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:20770_6 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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