We estimate the effect of carbon pricing policy on bank credit to greenhousegas-emitting firms. Our analyses exploit the geographic restrictions inherent in California’s cap-and-trade bill and a discontinuity in the embedded free permit threshold of the federal Waxman-Markey cap-and-trade bill. Affected high emission firms face shorter loan maturities, lower access to permanent forms of bank financing, higher interest rates, and higher participation of shadow banks in their lending syndicates. These effects are concentrated among private firms, while credit terms of public firms are largely unaffected. Overall, we show that banks respond quickly to realizations of transition risk.

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碳银行：企业贷款和限额与交易政策

我们估计了碳定价政策对银行向温室气体排放企业信贷的影响。我们的分析利用了加州限额与交易法案固有的地理限制以及联邦瓦克斯曼-马基限额与交易法案中嵌入的免费许可门槛的不连续性。受影响的高排放企业面临着更短的贷款期限、更少的永久银行融资机会、更高的利率以及影子银行更多地参与其贷款集团。这些影响集中在私营企业中，而公共企业的信贷条件基本上不受影响。总体而言，我们表明银行对转型风险的认识反应迅速。