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Business and Economics > Banks and Banking

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth x
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Cover Policy Papers
Resilience And Sustainability Trust―2022 Contribution Agreements with Australia, Canada, China, Germany, Japan, And Spain
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Legal Dept.
This paper presents the first set of contribution agreements that had been finalized with contributors by the time of the operationalization of the Resilience and Sustainability Trust (RST) on October 12, 2022. The six finalized agreements provide for contributions in a total amount of about SDR 15.3 billion across the three RST accounts – the loan account, deposit account, and reserve account. These six finalized agreements deliver critical resources for the operationalization of the RST and represent an important step towards its adequate funding.
Keywords:
transparency policy; deposit account claim; contribution agreement; totaling SDR; SDR equivalent; Loans; SDR interest rate; Environmental sustainability
Cover IMF Working Papers
Feeling the Heat: Climate Shocks and Credit Ratings
Mr. Serhan Cevik
and
João Tovar Jalles
Climate change is an existential threat to the world economy like no other, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign risks is limited. Building on our previous research focusing on the impact of climate change on sovereign risks, this paper empirically investigates how climate change may affect sovereign credit ratings. By means of binary-choice models, we find that climate change vulnerability has adverse effects on sovereign credit ratings, after controlling for conventional macroeconomic determinants of credit worthiness. On the other hand, with regards to climate change resilience, we find that countries with greater climate change resilience benefit from higher (better) credit ratings. These findings, robust to a battery of sensitivity checks, also show that impact of climate change is disproportionately greater in developing countries due largely to weaker capacity to adapt to and mitigate the consequences of climate change.
Keywords:
vulnerability; resilience; credit ratings; WP; climate change vulnerability; climate change resilience; sovereign credit ratings; climate change pay; climate change variable