Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
研究了碳定价政策对银行向温室气体排放企业发放贷款的影响，发现受影响的高排放企业面临更短的贷款期限、更高的利率和更多影子银行参与，且这些效应集中在私营企业。
Abstract We estimate the effect of carbon pricing policy on bank credit to greenhouse-gas-emitting firms. Our analyses exploit the geographic restrictions inherent in California’s cap-and-trade bill and a discontinuity in the embedded free permit threshold of the federal Waxman-Markey cap-and-trade bill. Affected high emission firms face shorter loan maturities, lower access to permanent forms of bank financing, higher interest rates, and higher participation of shadow banks in their lending syndicates. These effects are concentrated among private firms, while credit terms of public firms are largely unaffected. Overall, we show that banks respond quickly to realizations of transition risk.