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International Climate News

Author

Listed:
  • María José Arteaga Garavito
  • Riccardo Colacito
  • Mariano Max Croce
  • Biao Yang

Abstract

We develop novel high-frequency indices that measure climate attention across a wide range of developed and emerging economies. By analyzing the text of over 23 million Tweets published by leading national newspapers, we find that a country experiencing more severe climate news shocks tends to see both an inflow of capital and an appreciation of its currency. In addition, brown stocks experience large and persistent negative returns after a global climate news shock if located in highly exposed countries. A risk-sharing model in which investors price climate news shocks and trade consumption and investment goods in global markets rationalizes these findings.

Suggested Citation

  • María José Arteaga Garavito & Riccardo Colacito & Mariano Max Croce & Biao Yang, 2025. "International Climate News," NBER Working Papers 34084, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34084
    Note: IFM
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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • G1 - Financial Economics - - General Financial Markets

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