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Climate Change and Bank Deposits

Author

Listed:
  • Özlem Dursun-de Neef

    (Monash Business School - Department of Banking and Finance)

  • Steven Ongena

    (University of Zurich - Department Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR))

Abstract

Abnormally warm temperatures are associated with an increase in people’s beliefs about climate change. Using branch-level deposit data from the United States, we find that depositors move their money away from fossil-fuel-financing banks when they experience warmer-than-usual temperatures. The reallocation of deposits is mainly due to prosocial motives rather than financial preferences. Our results shed light on people’s responses to the impacts of global warming by studying the relationship between households’ beliefs about climate change and their social preferences in their choice of bank for deposits.

Suggested Citation

  • Özlem Dursun-de Neef & Steven Ongena, 2024. "Climate Change and Bank Deposits," Swiss Finance Institute Research Paper Series 24-46, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2446
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    Keywords

    Climate change; Global warming; Fossil fuel financing; Bank deposits;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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