Bihong Huang's Books

Do Banks Price Environmental Transition Risks? Evidence from a Quasi-Natural Experiment in a Chinese Province

By: Bihong Huang,Maria Teresa Punzi,Yu Wu

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Do Banks Price Environmental Transition Risks? Evidence from a Quasi-Natural Experiment in a Chinese Province

By: Bihong Huang,Maria Teresa Punzi,Yu Wu

This paper assesses the financial risks arising from transition toward a low-emission economy. The environmental DSGE model shows tightening environmental regulation impairs firms’ balance sheets, and consequently threatens financial stability in the short term. The empirical analysis indicates that following the implmentation of Clean Air Action Plan, the default rates of high-polluting firms in a Chinese province rose by around 80 percent. Joint equity commercial banks with higher level of independence were able to appropriately price in their exposure to transition risks, while the Big Five commercial banks failed to factor in such risks.

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International Monetary Fund

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ISBN 10

1513590219

ISBN 13

9781513590219

Monetary Policy and Labor Market Gender Gaps

By: Valentina Flamini,Diego B. P. Gomes,Bihong Huang,Ms. Lisa L Kolovich,Aina Puig,Ms. Aleksandra Zdzienicka

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Monetary Policy and Labor Market Gender Gaps

By: Valentina Flamini,Diego B. P. Gomes,Bihong Huang,Ms. Lisa L Kolovich,Aina Puig,Ms. Aleksandra Zdzienicka

We study the effects of monetary policy shocks on employment gender gaps in a panel of 22 countries using quarterly data from 1990 to 2019. Our results show that men’s employment falls more than women’s after contractionary monetary policy shocks, narrowing the employment gender gap over time. Two factors contribute to explaining this heterogeneous effect. First, a larger impact of monetary policy shocks on employment in the industry sector that employs more men. Second, the larger response of the employment gap in the sector (services) that employs the largest share of men and women. In terms of labor market adjustment, the narrowing of the gender employment gap is initially driven by a reduction in the gender unemployment gaps that, over time, results in an adjustment in the gender labor force participation gap—with men’s labor force participation dropping more than women’s. The effects are larger in countries with more flexible labor market regulations, higher gender wage gaps, and lower informal women’s employment compared to men’s. Finally, the effects are also larger for contractionary monetary policy shocks and during expansions.

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