Extreme Weather and Regional Financial Risks:Fueling or Staying Calm?
This paper examines the impact of extreme weather on regional financial risks using a sample of 208 Chinese cities at and above the prefecture level over the period of 2011-2020.It is found that extreme precipitation significantly affects regional financial risks by increasing economic losses and reducing production efficiency,while extreme tempera-tures and strong winds have no significant impact on regional financial risks.At the same time,the impact of extreme weather on regional financial risks exhibits scale,location,endowment,and policy heterogeneity.Expanding insurance breadth,increasing insurance depth,promoting environmental insurance,and strengthening emissions reduction and carbon reduction are all conducive to weakening the impact of extreme weather on regional financial risks.
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