极端天气与区域金融风险:推波助澜还是波澜不惊?

Extreme Weather and Regional Financial Risks:Fueling or Staying Calm?

本文以2011年至2020年期间208个中国地级及以上城市为样本,检验极端天气对区域金融风险的影响。研究发现,极端降水主要通过增加经济损失和降低生产效率显著影响区域金融风险,而极端气温和大风对区域金融风险没有显著影响。同时,极端天气对区域金融风险的影响存在着规模、区位、赋和政策异质性,拓展保险广度、增加保险深度、推广环境保险和强化减排降碳均有利于弱化极端天气对区域金融风险的影响。

This paper examines the impact of extreme weather on regional financial risks using a sample of 208 Chinese cities at and above the prefecture level over the period of 2011-2020.It is found that extreme precipitation significantly affects regional financial risks by increasing economic losses and reducing production efficiency,while extreme temperatures and strong winds have no significant impact on regional financial risks.At the same time,the impact of extreme weather on regional financial risks exhibits scale,location,endowment,and policy heterogeneity.Expanding insurance breadth,increasing insurance depth,promoting environmental insurance,and strengthening emissions reduction and carbon reduction are all conducive to weakening the impact of extreme weather on regional financial risks.