DOI: 10.1007/s11069-020-04402-0
论文题名: The shocks of natural hazards on financial systems
作者: Chen X. ; Chang C.-P.
刊名: Natural Hazards
ISSN: 0921030X
出版年: 2021
卷: 105, 期: 3 起始页码: 2327
结束页码: 2359
语种: 英语
中文关键词: Financial system
; Fixed effects model
; Moderating effects
; Natural hazards
英文摘要: Using panel data consisting of 116 countries, this research investigates the effects of natural hazards on financial systems, including banking system, insurance system, and stock markets. Considering the moderating effects of financial risk, we introduce the interaction between natural hazards and financial risk and also analyze the heterogeneity of income level. Our main conclusions are as follows. (1) Though natural hazards do not significantly influence the banking system directly, they do impact the banking system through financial risk. The moderating effects of natural hazards on the banking system through financial risk are significantly negative. (2) The impacts of natural hazards on the insurance system are dynamic and last over a long period, while the moderating effects of natural hazards through financial risk are significantly negative. (3) The effects of natural hazards on the stock markets and the moderating effects through financial risk are significantly negative. (4) The negative effects of natural hazards on the financial system through financial risk are higher in low-income countries than those in high-income countries. From these results, we offer policy implications such as establishing a complete economic system and lowering the financial risk. © 2020, Springer Nature B.V. Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/168952
Appears in Collections: 气候变化与战略
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作者单位: School of Economics and Management, Changsha University of Science and Technology, Changsha, Hunan Province 410114, China; Shih Chien University, Kaohsiung, Taiwan
Recommended Citation:
Chen X.,Chang C.-P.. The shocks of natural hazards on financial systems[J]. Natural Hazards,2021-01-01,105(3)