Research Seminar: Marianna Blix Grimaldi
Dear all,
Join us in welcoming Marianna Blix Grimaldi from the Financial Stability Department of the Riksbank to Trinity Business School on Thursday, 16th of April 2026.
- The seminar will take place in room 419 and via Zoom between 1 - 2 pm.
- Tea, coffee, and sandwiches will be provided during the seminar.
Please REGISTER HERE.
Seminar Title: Decoding climate-related risks in sovereign bond pricing: A global perspective
Abstract: Climate change can affect sovereign credit risk through both transition and physical channels, but the extent to which these risks are reflected in sovereign borrowing costs remains unclear. Using a panel of 52 advanced and developing economies over 2000–2023, we examine whether transition, chronic physical and acute physical risks influence sovereign bond yields. We find that transition risk is priced: higher greenhouse gas emissions are associated with higher sovereign yields, with stronger effects in developing economies. Chronic temperature-related risks do not appear to influence yields in levels. Acute physical risks have limited average effects in panel regressions, but local projection estimates show that natural disasters can raise borrowing costs in the medium term, especially in countries with weaker fiscal positions. These results suggest that the impact of climate shocks on sovereign borrowing costs depends not only on the hazard itself but also on underlying macro-fiscal conditions.
Bio: Marianna Blix Grimaldi is an Adviser at the Financial Stability Department of the Riksbank. Her works focuses on broad financial stability issues as well as financial markets analysis, including climate risk and monetary policy impact. She has covered these and other topics in a range of policy articles and research publications in academic journals. She has a PhD in economics from KULeuven in Belgium.
Photographs will be taken during this seminar and may be shared on social media. If you do not wish to appear, please notify tbs.research@tcd.ie.