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240607 ||| eng |
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|a 9798400252440
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| 100 |
1 |
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|a Lamichhane, Sujan
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| 245 |
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|a Default Risk and Transition Dynamics with Carbon Shocks
|c Sujan Lamichhane
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 51 pages
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| 653 |
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|a Environmental Conservation and Protection
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| 653 |
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|a Environmental Economics
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| 653 |
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|a Environmental economics
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| 653 |
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|a Climate
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| 653 |
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|a Climate change
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Intangible Capital
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a External debt
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| 653 |
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|a Environmental Economics: Government Policy
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Greenhouse gas emissions
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| 653 |
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|a Currency crises
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| 653 |
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|a Global Warming
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Goodwill
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Capacity
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Financing Policy
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| 653 |
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|a Capital
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| 653 |
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|a Greenhouse gases
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| 653 |
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|a Manufacturing industries
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Industry Studies: Utilities and Transportation: Government Policy
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| 653 |
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|a Investment
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| 653 |
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|a Natural Disasters and Their Management
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| 653 |
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|a Environment
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| 653 |
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|a Value of Firms
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| 653 |
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|a Economics: General
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| 653 |
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|a Manufacturing
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| 653 |
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|a Informal sector; Economics
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a Economic sectors
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| 653 |
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|a Industry Studies: Manufacturing: General
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| 653 |
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|a Debts, External
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| 653 |
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|a Industries: Manufacturing
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Emissions trading
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| 653 |
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|a Debt default
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
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0 |
|a 10.5089/9798400252440.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2023/174/001.2023.issue-174-en.xml?cid=537993-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Climate mitigation policies are being introduced around the world to limit global warming, generating new risks to the economy. This paper develops a continuous time heterogeneous agents model to study the impact of carbon pricing policy shocks on corporate default risk and the consequent transition dynamics. We derive a closed-form solution to corporate default probability based on firms' intertemporal optimization decisions and explicitly characterize the transition speed. This allows for studying policy implications in an analytically tractable way. The model is calibrated to different US corporate sectors to quantify the heterogeneous effects of carbon price shocks. While carbon-intensive sectors face increased default risks, there are notable asymmetric effects within sectors. Higher carbon prices increase default risk but also induce faster transition towards the new post-shock steady state with a highly non-linear impact. Our results suggest that once a range of possible price shocks are accounted for, the increase in the cost of capital/risk premiums might be sharply different across sectors
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