欧洲央行：气候压力测试对银行贷款的影响（英文版）

Do climate stress tests affect bank credit supply to brown firms? Using a differencein-differences approach and detailed data on individual bank loans in the euro area, this paper provides novel evidence on the effects of the ECB’s 2022 climate risk stress test. Despite no capital implications or public disclosures, participating banks significantly reduced credit to greenhouse gas-intensive industries relative to nonparticipants. Among affected firms, smaller borrowers were more negatively i