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Climate change is an existential threat to the global economy and financial markets. There is a large body of literature documenting potential macroeconomic consequences of climate change, but firm-level empirical research on how climate change affects the performance of firms remains scarce. This paper aims to close this gap by empirically investigating the impact of climate change vulnerability on corporate performance using a large panel dataset of more than 3.3 million nonfinancial firms from 24 developing countries over the period 1997–2019. We find that nonfinancial firms operating in countries with greater vulnerability to climate change tend to experience difficulty in access to debt financing even at higher interest rates, while being less productive and profitable relative to firms in countries with lower vulnerability to climate change. We confirm these findings with alternative measures of climate change vulnerability. Furthermore, partitioning the sample reveals that these effects are significantly greater for smaller firms, especially in high-risk sectors and countries and countries with weaker capacity to adapt to and mitigate the consequences of climate change.

Russian Federation

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Cash use in most countries is falling slowly. On the margin, younger adults favor cash substitutes over cash. For older adults it is the reverse. Revealed preference tied to a changing population age structure seems to be the main influence on the demand for cash and why it is falling. Cash use may continue to fall, and card use (the main cash substitute) may fall by more, if CBDC is issued. The extent of this reduction depends on the demand for retail CBDC and the incentives (primarily transaction fees) that can play a determining role in CBDC adoption and use.

Russian Federation

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We assess the supply-side effects on European Union (EU) economic activity if Russian gas imports were to suddenly cease. Unlike other studies, we account for the global scope of the liquefied natural gas (LNG) market. In the absence of frictions, an open-economy, multi-sector general equilibrium model suggests that the adverse economic impact on the EU shrinks five-fold if integration with the global LNG market is considered. While greater integration provides a buffer for the EU through trade, the flip side is that other LNG importers (such as Japan, South Korea, and Pakistan) see adverse effects from higher prices.

Russian Federation

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Climate change is the defining challenge of our time with complex and evolving dynamics. The effects of climate change on economic output and financial stability have received considerable attention, but there has been much less focus on the relationship between climate change and income inequality. In this paper, we provide new evidence on the association between climate change and income inequality, using a large panel of 158 countries during the period 1955–2019. We find that an increase in climate change vulnerability is positively associated with rising income inequality. More interestingly, splitting the sample into country groups reveals a considerable contrast in the impact of climate change on income inequality. While climate change vulnerability has no statistically significant effect on income distribution in advanced economies, the coefficient on climate change vulnerability is seven times greater and statistically highly significant in the case of developing countries due largely to weaker capacity for climate change adaptation and mitigation.

Russian Federation

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This is a translated autobiography of applied mathematician N. N. Moiseev, providing an insider's view of the history of the Soviet Union from its founding in 1917 to its collapse in 1991, as well as a little of the aftermath. We see vividly the precariousness of life just after the October Revolution; his happy family life during the years 1921-28 of Lenin's New Economic Policy; the subsequent destruction of his family by Stalin's regime; his trials as a social outcast; his student days at Moscow State University; his experiences as a Soviet Air Force Engineer in World War II, including sorties as a gunner and a brush with an NKVD agent; post-war euphoria, marriage, and another round of ostracism; and then the vicissitudes of a highly varied academic career. Here we meet many famous Soviet and Western engineers and scientists. The last several chapters are devoted more to wide-ranging reflections on God, philosophy, science, communism, modelling the biosphere, and the threat of nuclear winter. His thoughts concerning the impending and then final collapse of the USSR, as well as hopes for Russia's future, conclude the journey through Moiseev's life.

Mathematicians. --- Mathematicians --- Scientists --- Mathematics. --- Soviet Union --- History. --- Matemàtics --- Rússia (Federació) --- Científics --- Dones matemàtiques --- Matemàtica --- Federació Russa --- Rossiskaja Federacija --- Russian Federation