IMF-碳冲击下的违约风险与过渡动力学（英）-2023.8-51页_1mb
报告摘要
- Model Developed: A continuous-time model with heterogeneous agents to study the impact of carbon price policy shocks on corporate default risk and transition dynamics. Default risk is based on firms' intertemporal optimization decisions.
- Key Findings:
- Higher carbon prices increase default risk and accelerate transition to the new steady state, with highly nonlinear and asymmetric effects across and within sectors.
- Carbon-intensive sectors like transportation face significantly higher default risk compared to less intensive sectors like manufacturing.
- Mitigation efforts reduce default risk marginally, suggesting policy targets need to consider heterogeneity.
- Transition speed is correlated with default risk, implying a trade-off where faster transition but higher risk.
- Policy Implications: The model offers a tractable framework for stress testing and financial stability analysis, highlighting the need for sector-specific climate policies due to differential vulnerabilities.
展开完整摘要
试读结束，高清完整版pdf/doc/ppt,请点下载
