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Giacomo De Giorgi (University of Geneva)

27 October 2021 @ 12:00 - 13:15

 

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Details

Date:
27 October 2021
Time:
12:00 - 13:15
Event Category:
Academic Events

“Climate Risk is Households’ Financial Risk”

 

Abstarct. Extreme weather events are believed to be on the rise and a potential source for a next global crisis (UN 2018). We find that climate risk also has a direct, immediate, and long-lasting impact on households’ financial risk. We find that natural disasters negatively impact households in the credit and labor market using a 1% sample of the US population with valid credit scores for the period 2005-2016. We then find that a simple spatial model can account for a large part of the effects.