Discussion Paper
Natural Disasters, Climate Change, and Sovereign Risk
Abstract: Unexpected shocks may tip countries with elevated fiscal vulnerabilities into default. The literature has emphasized the role of macroeconomic and financial shocks, such as a decline of commodity prices (Reinhart et al., 2016) or banking crises (Baltenau and Erce, 2018) in shaping sovereign risk.
https://doi.org/10.17016/2380-7172.2813
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2020-12-18
Number: 2020-12-18-1