KDI 한국개발연구원 - 경제정책정보 - 발간처별 목록 - 은행 - Bank of England - Climate policy and transition risk in the housing market

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Climate policy and transition risk in the housing market

Bank of England 2021.05.03
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Public policies aimed at mitigating climate change can come with the transition risk of sudden adjustments of asset prices. We study the consequences of a policy intervention addressing greenhouse gas emissions in the housing market. Leveraging a unique data set of the population of all house transactions in England and Wales, we document novel evidence of transition risk.

Prices of carbon-intensive properties affected by this policy decreased by about ?5,000 to ?9,000 relative to unaffected ones. We interpret this result as evidence in favour of semi-strong market efficiency in the housing market. We infer moderate implications for financial stability and for the wealth distribution among homeowners.

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