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Climate Shocks and Wealth Inequality in the United Kingdom: Evidence from Monthly Data

Author

Listed:
  • Xin Sheng

    (Lord Ashcroft International Business School, Anglia Ruskin University, Chelmsford, United Kingdom)

  • Carolyn Chisadza

    (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa)

  • Rangan Gupta

    (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa)

  • Christian Pierdzioch

    (Department of Economics, Helmut Schmidt University, Holstenhofweg 85, P.O.B. 700822, 22008 Hamburg, Germany)

Abstract

This paper investigates both the linear and nonlinear effects of climate risk shocks on wealth inequality in the United Kingdom using the local projections (LPs) method, based on high-frequency, i.e., monthly data. The linear results show that climate risk shocks lead to an increase in wealth inequality in the longer term. The nonlinear results present some evidence of heterogeneous responses of wealth inequality to climate risk variable shocks between high- and low- climate risk regimes.

Suggested Citation

  • Xin Sheng & Carolyn Chisadza & Rangan Gupta & Christian Pierdzioch, 2022. "Climate Shocks and Wealth Inequality in the United Kingdom: Evidence from Monthly Data," Working Papers 202250, University of Pretoria, Department of Economics.
    • Handle: RePEc:pre:wpaper:202250
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    More about this item

    Keywords

    climate change; wealth inequality; United Kingdom; temperatures;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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