Climate change and bank deposits

Dursun- de Neef, H. Özlem and Steven Ongena

No 18619, CEPR Discussion Papers from Centre for Economic Policy Research

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 experiencing warmer-than-usual temperatures. This effect is more pronounced in counties with more climate change deniers, measured by the percentage of Republican voters in each county. 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 non-financial preferences in their choice of bank for deposits.

Keywords: Climate change; Global warming; Bank deposits (search for similar items in EconPapers)
JEL-codes: G21 G28 Q54 (search for similar items in EconPapers)
Date: 2023-11
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Working Paper: Climate Change and Bank Deposits (2024)
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