Mandatory climate risk disclosure, housing prices, and credit supply
義務的な気候リスク開示、住宅価格、そして信用供給 (AI 翻訳)
Xi Chen
🤖 gxceed AI 要約
日本語
本論文は、気候リスクの透明性が住宅価格と信用供給に与える影響を分析している。洪水リスク開示法により住宅固有の洪水リスク情報が強化されると、住宅価格が平均7.6%上昇することを差分の差分法で示した。効果は開示要件が厳格な州や洪水リスクの高い地域で顕著であり、貸し手の行動にも影響を与える。
English
This paper examines how mandatory flood risk disclosure laws affect house prices and credit supply. Using a stacked difference-in-differences design, it finds that enhanced transparency raises house prices by 7.6% on average, with stronger effects in states with stricter disclosure requirements and regions with higher flood risk. Less sophisticated lenders increase credit to constrained borrowers but experience lower profitability.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、気候変動リスクの開示がSSBJ基準などで進められており、不動産市場への影響は重要な政策課題である。本論文は、開示が住宅価格や金融行動に与える実証的なエビデンスを提供し、日本の気候リスク開示政策の設計に示唆を与える。
In the global GX context
This paper provides empirical evidence on the economic consequences of mandatory climate risk disclosure, informing the global debate on climate transparency (e.g., TCFD, ISSB). It highlights how disclosure can correct market failures and affect credit supply, which is relevant for regulators and financial institutions worldwide.
👥 読者別の含意
🔬研究者:This paper offers causal evidence on how climate risk disclosure affects housing markets and lending behavior, contributing to the literature on information frictions and climate finance.
🏢実務担当者:Practitioners in real estate and lending can use these findings to understand the value of climate risk transparency and anticipate regulatory impacts on property valuations and credit risk.
🏛政策担当者:Policymakers should note that mandatory flood risk disclosure can increase house prices, potentially benefiting property owners but also affecting credit supply, especially for constrained borrowers.
📄 Abstract（原文）
Abstract This paper examines how climate risk transparency influences house prices and credit supply. I contend that inadequate property-level climate risk disclosures induce homebuyers to demand a risk aversion discount on house prices, creating a potential market for lemons. Employing a stacked difference-in-differences design, I find that flood risk disclosure laws, by enhancing dwelling-specific flood risk transparency, raise house prices on average by 7.6%. Results strengthen in states with stricter disclosure requirements. Exploiting within-state heterogeneity and controlling for housing market trends, I find that the effects persist and intensify in regions with higher aggregate exposure to flood risk, greater information frictions, and more attention to climate risks. Conversely, the effectiveness of flood risk disclosure laws attenuates in regions where households are less concerned about climate change. Additionally, less sophisticated lenders extend credit to financially constrained borrowers in response to the laws but experience lower profitability.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1007/s11142-026-09974-zfirst seen 2026-07-16 07:21:29
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