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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Climate Change Risk and the Cost of Mortgage Credit |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Review of Finance |
| Publisher | Oxford University Press |
| Geographical Reach | international |
| ISSN | 1572-3097 |
| Volume | 26 |
| Number | 6 |
| Page Range | 1509 - 1549 |
| Date | 2022 |
| Abstract Text | We show that lenders charge higher interest rates for mortgages on properties exposed to a greater risk of sea level rise (SLR). This SLR premium is not evident in short-term loans and is not related to borrowers’ short-term realized default or creditworthiness. Further, the SLR premium is smaller when the consequences of climate change are less salient and in areas with more climate change deniers. Overall, our results suggest that mortgage lenders view the risk of SLR as a long-term risk and that attention and beliefs are potential barriers through which SLR risk is priced in residential mortgage markets. |
| Free access at | DOI |
| Official URL | https://doi.org/10.1093/rof/rfac013 |
| Digital Object Identifier | 10.1093/rof/rfac013 |
| Other Identification Number | merlin-id:22119 |
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