Carbon Transfer Embodied in International Trade,Transition Risk and Macro-financial Stability
Under the background of the interaction among international trade,environmental eco-nomics and climate finance,this paper empirically analyzes the impact of carbon transfer spillover on macro-financial stability and the mechanism by constructing a global carbon transfer connected-ness network that can observe the spillover effect of carbon transfer.The findings demonstrate that spillovers significantly reduce the level of financial stability in economies with lower economic devel-opment,higher climate loss,and poorer climate performance.Specifically,they mainly increase the risks of debt service,current account and international liquidity.The mechanism test results indicate that spillovers would decrease macro-financial risk through the channel of transition risks from the perspective of asset price revaluation.Furthermore,climate adaptation measures can effec-tively mitigate the impact of carbon transfer spillovers on macro-financial stability,while existing macro-prudential policies need further improvement.This study discusses a possible transmission chain of climate change affecting macro-financial stability in the framework of climate finance,pro-viding new evidences for China's promotion of green development from both the perspective of do-mestic and abroad.
Carbon Emission Embodied in International TradeClimate ChangeTransition RiskSpillover EffectFinancial Stability
万方数据
维普
