- Published
- 2021-06-18
- Venue
- Annual Review of Financial Economics, vol. 13, no. 1, pp. 15-36
- Cited by
- 954
- Open access
- No free copy found
- DOI
- 10.1146/annurev-financial-102620-103311
Abstract
In this article, we review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in macrofinance models. We then review the empirical literature that explores the pricing of climate risks across a large number of asset classes, including real estate, equities, and fixed income securities. In this context, we also discuss how investors can use these assets to construct portfolios that hedge against climate risk. We conclude by proposing several promising directions for future research in climate finance.
Cite this paper
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- APA 7
Giglio, S., Kelly, B., & Stroebel, J. (2021). Climate Finance. Annual Review of Financial Economics, 13(1), 15–36. https://doi.org/10.1146/annurev-financial-102620-103311
- MLA 9
Giglio, Stefano, et al. "Climate Finance." Annual Review of Financial Economics, vol. 13, no. 1, 2021, pp. 15–36, https://doi.org/10.1146/annurev-financial-102620-103311.
- Chicago
Giglio, Stefano, Bryan Kelly, and Johannes Stroebel. "Climate Finance." Annual Review of Financial Economics 13, no. 1 (2021): 15–36. https://doi.org/10.1146/annurev-financial-102620-103311.
- GOST
Giglio S., Kelly B., Stroebel J. Climate Finance // Annual Review of Financial Economics. — 2021. — Vol. 13, № 1. — P. 15–36. — URL: https://doi.org/10.1146/annurev-financial-102620-103311
- BibTeX
@article{giglio2021climate, title = {{Climate Finance}}, author = {Stefano Giglio and Bryan Kelly and Johannes Stroebel}, journal = {Annual Review of Financial Economics}, year = {2021}, volume = {13}, number = {1}, pages = {15--36}, doi = {10.1146/annurev-financial-102620-103311}, url = {https://doi.org/10.1146/annurev-financial-102620-103311} }- RIS
TY - JOUR AU - Giglio, Stefano AU - Kelly, Bryan AU - Stroebel, Johannes TI - Climate Finance JO - Annual Review of Financial Economics VL - 13 IS - 1 SP - 15 EP - 36 PY - 2021 DA - 2021/06/18 DO - 10.1146/annurev-financial-102620-103311 UR - https://doi.org/10.1146/annurev-financial-102620-103311 ER -