The effects of climate change‐related risks on banks: A literature review
这篇文献综述梳理了经济学和金融学中关于气候变化风险如何影响银行的实证研究，发现多数研究估计的损失有限，但股票市场和房地产市场的反应更显著，同时指出风险可能被低估。
Abstract This literature review describes the recent empirical literature in economics and finance focusing on how climate change‐related risks affect banks, with a particular emphasis on microeconomic evidence. The comparison of empirical estimates shows that many studies project limited estimates of damages for banks. For both loan and bond spreads, most estimates of the effect of climate change are below 50 bp. In comparison, studies on stock markets document responses that are more substantial. In real estate markets, there is evidence of price effects notably for flood risks associated with sea level rise. However, some studies indicate that climate risks could be underestimated. We note challenges related to the measurement of adaptation potential, non‐linear changes in hazards and responses, and the aggregation of effects across studies, markets, and bank portfolios.