The Impact of Climate Risks on Growth‐at‐Risk
気候リスクが成長リスク（Growth‐at‐Risk）に与える影響 (AI 翻訳)
Xingmin Yin, Xiaobo Qian, Jianyue Ji
🤖 gxceed AI 要約
日本語
本論文は、気候リスクを成長リスク（GaR）フレームに取り入れ、中国の都市レベルのパネルデータ（2008-2023年）を用いて分析。気候移行リスクと物理的リスクの両方が、全要素生産性と信用経路を通じて成長の下方リスクを有意に高めることを発見。グリーンファイナンスの発展がこれらの悪影響を緩和することを示し、気候関連経済リスク管理における政策的重要性を強調。
English
This paper integrates climate risks into a growth-at-risk (GaR) framework using Chinese city-level panel data from 2008 to 2023. It finds that both transition and physical risks significantly increase downside growth risk through total factor productivity and credit channels. The study also shows that green finance development mitigates these adverse effects, providing empirical support for incorporating climate considerations into macroprudential policy design.
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
日本でも金融安定とマクロプルーデンス政策における気候リスクの考慮が進んでおり、本論文のグリーンファイナンスの緩和効果に関する知見は、気候ストレステストやグリーンファイナンス推進の参考になる。
In the global GX context
This paper contributes to the global literature on climate risk and macro-financial stability by providing empirical evidence from China on transmission channels and the role of green finance. It is relevant for policymakers worldwide working on integrating climate risks into financial regulation and urban economic planning.
👥 読者別の含意
🔬研究者:This paper offers a novel empirical framework linking climate risks to growth-at-risk with city-level data, useful for climate-economy modeling and further research on transmission channels.
🏢実務担当者:Financial institutions can use these findings to inform climate risk assessment and the strategic development of green finance products.
🏛政策担当者:The results highlight the importance of green finance in mitigating climate-driven economic risks, supporting macroprudential policy design and climate stress testing.
📄 Abstract（原文）
ABSTRACT This paper integrates climate risk into a growth‐at‐risk (GaR) framework to examine how climate transition and physical risks affect the distribution and downside tail of economic growth. Using city‐level panel data from 2008 to 2023, we find that both climate risks significantly raise downside growth risk across short, medium, and long horizons. The analysis further shows that these effects operate indirectly through total factor productivity and credit conditions, highlighting key transmission channels. Importantly, the development of green finance mitigates the adverse impact of climate risk, with higher levels of green finance weakening the propagation of climate shocks to economic downside risk. Our findings underscore the policy relevance of green finance, suggesting it can enhance economic resilience, support financial stability, and serve as an effective tool to manage climate‐related economic risks. This study provides empirical evidence for integrating climate considerations into macroprudential policy design and urban economic planning.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1002/sd.71279first seen 2026-06-12 05:26:16
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