SPECIAL ISSUE ARTICLE
The nexus between climate change risk and financial policy uncertainty
Ahmed Imran Hunjra,
Muhammad Azam,
Mamdouh Abdulaziz Saleh Al-Faryan,
Corresponding Author
Ahmed Imran Hunjra
Rabat Business School, International University of Rabat, Rabat, Morocco
Correspondence
Ahmed Imran Hunjra, Rabat Business School, International University of Rabat, Rabat Morocco,
Email: [email protected]
Search for more papers by this authorMuhammad Azam
Department of Economics, Ghazi University, Dera Ghazi Khan, Pakistan
Search for more papers by this authorMamdouh Abdulaziz Saleh Al-Faryan
School of Accounting, Economics and Finance, Faculty of Business and Law, University of Portsmouth, Portsmouth, UK
Consultant in Economics and Finance, Riyadh, Saudi Arabia
Search for more papers by this authorAhmed Imran Hunjra,
Muhammad Azam,
Mamdouh Abdulaziz Saleh Al-Faryan,
Corresponding Author
Ahmed Imran Hunjra
Rabat Business School, International University of Rabat, Rabat, Morocco
Correspondence
Ahmed Imran Hunjra, Rabat Business School, International University of Rabat, Rabat Morocco,
Email: [email protected]
Search for more papers by this authorMuhammad Azam
Department of Economics, Ghazi University, Dera Ghazi Khan, Pakistan
Search for more papers by this authorMamdouh Abdulaziz Saleh Al-Faryan
School of Accounting, Economics and Finance, Faculty of Business and Law, University of Portsmouth, Portsmouth, UK
Consultant in Economics and Finance, Riyadh, Saudi Arabia
Search for more papers by this authorAbstract
We investigate the role of financial policy uncertainty in climate change risk. We use the financial policies uncertainty index to estimate its composite effectiveness on climate change. We test the financial development role from two perspectives covering the credit channel and market liquidation facilities for climate change. We also test the role of financial policy uncertainty through moderating channels of renewable energy production and financial development. Our sample comprises 42 developing economies from 1991 to 2020. We apply the fixed-effects estimation, feasible generalized least squares (FGLS) method and bootstrap quantile to analyze the results. The empirical results reveal that financial policy uncertainty plays a significant role in climate change risk. We conclude that climate change risk management policies and financial policy uncertainties should be considered as key indicators of financial development.
CONFLICT OF INTEREST
The authors have no conflicts of interest to declare that are relevant to the content of this article.
Open Research
DATA AVAILABILITY STATEMENT
The data that support the findings of this study are available from the corresponding author upon reasonable request.
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