ADB亚洲开发行：2024年灾害风险、不平等和财政可持续性报告（英文版）

In this paper, we study the implications of climate change on fiscal sustainability and inequality. First, using rich panel data, we show that rising climate-related disaster risks increase government debt and harm fiscal sustainability. We also find that the adverse effect of disaster risks is larger for low-income households, exacerbating inequality. Second, we construct a New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) model to examine the implications of the distributional eff