{
  "title": "Feeling the Heat: Climate Shocks and Credit Ratings",
  "publication": "IMF Working Papers, December 18, 2020",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Authors and publication",
      "content": "- By Serhan Cevik, João Tovar Jalles\n- December 18, 2020\n- IMF Working Papers, Working Paper No. 2020/286\n- Issue: 286; Volume: 2020; Pages: 23\n- DOI: https://doi.org/10.5089/9781513564548.001\n- ISBN: 9781513564548\n- ISSN: 1018-5941\n- Stock No: WPIEA2020286"
    },
    {
      "heading": "Research question and methodology",
      "content": "- Research objective:\n  - Empirically investigate how climate change may affect sovereign credit ratings.\n- Method:\n  - Analysis conducted by means of binary-choice models.\n  - Models control for conventional macroeconomic determinants of credit worthiness."
    },
    {
      "heading": "Key findings",
      "content": "- Climate change vulnerability:\n  - Climate change vulnerability has adverse effects on sovereign credit ratings.\n- Climate change resilience:\n  - Countries with greater climate change resilience benefit from higher (better) credit ratings.\n- Distributional effect:\n  - The 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.\n- Robustness:\n  - Findings are robust to a battery of sensitivity checks."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Climate change, Credit, Credit ratings, Emerging and frontier financial markets, International reserves\n- Keywords: climate change pay, climate change resilience, climate change variable, climate change vulnerability, credit ratings, resilience, sovereign credit ratings, vulnerability, WP\n\nSource: IMF Working Paper \"Feeling the Heat: Climate Shocks and Credit Ratings\" by Serhan Cevik and João Tovar Jalles (December 18, 2020), Working Paper No. 2020/286, DOI: https://doi.org/10.5089/9781513564548.001\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/12/18/feeling-the-heat-climate-shocks-and-credit-ratings-49945"
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    "Authors: Serhan Cevik, João Tovar Jalles",
    "Published: December 18, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513564548.001",
    "By Serhan Cevik, João Tovar Jalles",
    "December 18, 2020",
    "IMF Working Papers, Working Paper No. 2020/286",
    "Issue: 286; Volume: 2020; Pages: 23",
    "DOI: https://doi.org/10.5089/9781513564548.001",
    "ISBN: 9781513564548",
    "ISSN: 1018-5941",
    "Stock No: WPIEA2020286",
    "Research objective:",
    "Method:",
    "Climate change vulnerability:",
    "Climate change resilience:",
    "Distributional effect:",
    "Robustness:",
    "Subject: Climate change, Credit, Credit ratings, Emerging and frontier financial markets, International reserves",
    "Keywords: climate change pay, climate change resilience, climate change variable, climate change vulnerability, credit ratings, resilience, sovereign credit ratings, vulnerability, WP",
    "**Working Paper**"
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