拯救农场：气候变化对银行农业贷款的非线性影响
Save the Farms: Nonlinear Impact of Climate Change on Banks' Agricultural Lending
AI总结：
本文通过构建银行对气候风险农场放贷的理论框架并结合县与银行级面板数据，发现温度异常升高会非线性、持久地减少农业贷款，且中小农场受损更重，大型农场受损较轻甚至改善，小型银行难以弥补大中型银行的信贷收缩。
摘要：
农业部门尤其容易受到气候变化的影响。本文研究了气候变化的脆弱性如何影响美国农场的信贷获取，并证明这种影响在农场之间的分布是不均衡的。我首先构建了一个银行向面临气候风险的农场发放贷款的理论框架，该模型有助于约束随后的实证分析，这些分析使用了县级和银行级的新型面板数据集。我发现，以温度异常衡量的气候变化暴露程度越高，银行对农场的贷款就越少。这种影响是持久的、非线性的和异质性的。中小型农场几乎总是经历贷款渠道的丧失。相比之下，大型农场的信贷收缩程度较轻，在某些情况下甚至可能出现融资改善。虽然小型银行承担着继续向小型农场放贷的负担，但其有限的市场份额无法弥补大中型银行贷款减少的影响。这些结果表明，农场规模和银行类型等因素会放大气候变化的金融影响。
英文摘要：
The agricultural sector is particularly susceptible to the impact of climate change. In this paper, I investigate how vulnerability to climate change affects U.S. farms' credit access, and demonstrates that such impact is unequally distributed across farms. I first construct a theoretical framework of bank lending to farms faced with climate risks, and the model helps discipline ensuing empirical analyses that use novel panel datasets at county and at bank levels. I find that higher exposure to climate change, measured by temperature anomaly, reduces bank lending to farms. Such impact is persistent, nonlinear, and heterogeneous. Small and medium farms almost always experience loss of loan access. In comparison, large farms see less severe credit contraction, and in some cases may even see improvement in funding. While small banks carry the burden of continuing to lend to small farms, their limited market share cannot compensate for the reduction of lending from medium and large banks. These results suggest that factors such as farm size and bank type can amplify the financial impact of climate change.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
