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XF-PRISMFB-H
Research / Academic Paper ACTIVE

The rising tide lifts some interest rates: Climate change, natural disasters and loan pricing

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Abstract

We investigate how corporate loan costs are affected by climate change-related natural disasters. We construct granular measures of borrowers’ exposure to natural disasters and then disentangle the direct effects of disasters from the effects of lenders updating their beliefs about the impact of future disasters. Following a climate change-related disaster, spreads on loans of at-risk, yet unaffected borrowers, spike and are amplified when attention to climate change is high. Weaker borrowers with the most extreme exposure to these disasters suffer the highest increase in spreads. Importantly, there is no such effect from disasters that are not aggravated by climate change.

Source: resolved

Document Metadata

Issuer
Elsevier BV
Document Type
Research / Academic Paper
Publication Year
2021
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFPRISMFBH
Validation
Inferred by XFID

Topics

Bank LendingClimate Risk

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Academic / report citation
Elsevier BV (2021). The rising tide lifts some interest rates: Climate change, natural disasters and loan pricing. XFID: XF-PRISMFB-H. Retrieved from https://xframework.id/XFPRISMFBH
Identifier only
XF-PRISMFB-H