{
    "name": [
        {
            "role": "creator",
            "namePart": [
                "Phan, Toan"
            ],
            "recordInfo": {
                "recordIdentifier": [
                    "10327"
                ]
            }
        },
        {
            "role": "creator",
            "namePart": [
                "Schwartzman, Felipe Farah",
                {
                    "$": "1981-",
                    "@type": "date"
                }
            ],
            "recordInfo": {
                "recordIdentifier": [
                    "4260"
                ]
            }
        }
    ],
    "note": [
        {
            "$": "<p>DOI: <a href=\"https:\/\/doi.org\/10.21144\/wp23-06\">https:\/\/doi.org\/10.21144\/wp23-...<\/a>\ufeff\ufeff<\/p>",
            "@type": "public"
        }
    ],
    "genre": [
        "article"
    ],
    "abstract": [
        "<p>We analyze the relationship between climate-related disasters and sovereign debt crises using a model with capital accumulation, sovereign default, and disaster risk. We find that disaster risk and default risk together lead to slow post-disaster recovery and heightened borrowing costs. Calibrating the model to Mexico, we find that the increase in cyclone risk due to climate change leads to a welfare loss equivalent to a permanent 1% consumption drop. However, financial adaptation via catastrophe bonds and disaster insurance can reduce these losses by about 25%. Our study highlights the importance of financial frictions in analyzing climate change impacts.\ufeff\ufeff<\/p>"
    ],
    "language": [
        "eng"
    ],
    "titleInfo": [
        {
            "title": "Climate Defaults and Financial Adaptation",
            "titlePartNumber": "Working Paper 23-06"
        }
    ],
    "identifier": [
        {
            "$": "https:\/\/doi.org\/10.21144\/wp23-06",
            "@type": "doi"
        }
    ],
    "originInfo": {
        "issuance": "multipart",
        "sortDate": "2023-03-27",
        "dateIssued": "March 27, 2023"
    },
    "recordInfo": {
        "recordIdentifier": [
            "629451"
        ],
        "recordUpdatedDate": "2026-02-23 17:09:48",
        "recordCreationDate": "2023-04-04 12:28:04",
        "recordType": "item"
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    "classification": [
        {
            "$": "Q54, F41, F44, H63, H87",
            "@authority": "jel"
        }
    ],
    "typeOfResource": "text",
    "physicalDescription": {
        "form": "electronic",
        "extent": "40 pages",
        "digitalOrigin": "born digital",
        "internetMediaType": [
            "application\/pdf"
        ]
    },
    "location": {
        "url": [
            "https:\/\/fraser.stlouisfed.org\/title\/working-papers-federal-reserve-bank-richmond-3942\/climate-defaults-financial-adaptation-629451"
        ],
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            "https:\/\/iiif.slf.digirati.io\/presentation\/item\/629451"
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        "pdfUrl": [
            "https:\/\/fraser.stlouisfed.org\/docs\/historical\/frbrich\/wp\/frbrich_wp23-06.pdf"
        ],
        "textUrl": [
            "https:\/\/fraser.stlouisfed.org\/files\/text\/historical\/frbrich\/wp\/frbrich_wp23-06.txt"
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    "relatedItem": [
        {
            "@type": "parent",
            "recordInfo": {
                "recordIdentifier": [
                    "3942"
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            },
            "titleInfo": [
                {
                    "title": "Working Papers (Federal Reserve Bank of Richmond)"
                }
            ],
            "name": [
                {
                    "role": "creator",
                    "namePart": [
                        "Federal Reserve Bank of Richmond"
                    ],
                    "recordInfo": {
                        "recordIdentifier": [
                            "521"
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                }
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    ],
    "accessCondition": "For more information on rights relating to this item, please see: https:\/\/fraser.stlouisfed.org\/title\/working-papers-federal-reserve-bank-richmond-3942\/climate-defaults-financial-adaptation-629451"
}