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Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
CESifo Working Paper No. 8788
Verlag: 
Center for Economic Studies and Ifo Institute (CESifo), Munich
Zusammenfassung: 
The positive relationship between real exchange rates and natural resource income is well understood and studied. However, climate change and the transition to a lower-carbon economy now challenges this relationship. We document this by proposing a novel news media-based measure of climate change transition risk and show that when such risk is high, major commodity currencies experience a persistent depreciation and the relationship between commodity price fluctuations and currencies tends to become weaker.
Schlagwörter: 
exchange rates
climate
risk
commodities
JEL: 
C11
C53
D83
D84
E13
E31
E37
Dokumentart: 
Working Paper
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