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Asymmetric Panel Causality Test With An Application To The Impact Of Climate Change On Financial Risk

Author

Listed:
  • Ãœnzüle KURT

    (Çanakkale Onsekiz Mart University)

  • Feyza BALAN

    (Çanakkale Onsekiz Mart University)

Abstract

Climate change which caused to dramatic economic impact is a key issue for the world in the 21st century. Using data for Portugal, Ireland, Italy and Spain (PIIGS) countries over the years 1990-2009, this study investigates the causal relationship from climate change to financial risk/stability via Hatemi-J asymmetric causality test that separates positive and negative shocks in analysis. As a result of this study, both positive and negative shocks existed for Ireland, causality from climate change to financial risk emerged for Spain in only negative shocks. In addition, the results showed that a positive shock in climate change cause a negative shock in financial stability. In the cases of Greece and Portugal none of the causal relationships cannot be proved.

Suggested Citation

  • Ãœnzüle KURT & Feyza BALAN, 2019. "Asymmetric Panel Causality Test With An Application To The Impact Of Climate Change On Financial Risk," JOURNAL OF LIFE ECONOMICS, Holistence Publications, vol. 6(1), pages 1-10, January.
    • Handle: RePEc:jle:journl:v:6:y:2019:i:1:p:1-10
    DOI: 10.15637/jlecon.6.001
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    Cited by:

    1. Hatemi-J, Abdulnasser, 2020. "Asymmetric Panel Causality Tests with an Application to the Impact of Fiscal Policy on Economic Performance in Scandinavia," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(3), pages 389-404.

    More about this item

    Keywords

    asymmetric panel causality test; climate change; financial risk;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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