Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246121 
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 18/2020
Publisher: 
Norges Bank, Oslo
Abstract: 
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.
Subjects: 
Exchange Rates
Climate
Risk
Commodities
JEL: 
C11
C53
D83
D84
E13
E31
E37
Persistent Identifier of the first edition: 
ISBN: 
978-82-8379-181-5
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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