国际货币基金组织：贷款定价中的碳风险：承诺渠道与实际影响（英文版）

We study how carbon risk affects the pricing of U.S. corporate loans and how firms’ and lenders’ commitments influence both loan terms and business decisions. Combining syndicated loan data with firm-level carbon emissions, we document a carbon risk premium: financial institutions charge higher loan risk spreads to borrowers with a higher carbon intensity. This premium varies with the environmental commitments of borrowers and lenders. Borrowers signaling commitments—emission targets, emissio