TAILIEUCHUNG - The Global Report of the Economics of Adaptation to Climate Change Study: Consultation Draft

The evidence in this paper documents that the similarities between banks’ and non- financial firms’ capital structure may be greater than previously thought. Specifically, this paper establishes five novel and interrelated empirical facts. First, standard cross-sectional determinants of firms’ capital structures also apply to large, publicly traded banks in the US and Europe, except for banks close to the minimum capital requirement. The sign and significance of the effect of most variables on bank leverage are identical when compared to the results found in Frank and Goyal (2004) for US firms and Rajan and Zingales (1995) for firms in G-7. | The Costs to Developing Countries of Adapting to Climate Change New Methods and Estimates The Global Report of the Economics of Adaptation to Climate Change Study Consultation Draft A cknowl edgements This report has been prepared by a core team led by Sergio Margulis TTL and Urvashi Narain and comprising Paul Chinowsky Laurent Cretegny Gordon Hughes Paul Kirshen Anne Kuriakose Glenn Marie Lange Gerald Nelson James Neumann Robert Nicholls Kiran Pandey Jason Price Adam Schlosser Robert Schneider Roger Sedjo Kenneth Strzepek Rashid Sumaila Philip Ward and David Wheeler. Major contributions were made by Jeroen Aerts Carina Bachofen Brian Blankespoor Ana Bucher Steve Commins David Corderi Susmita Dasgupta Timothy Essam William Farmer Eihab Fathelrahman Prodipto Ghosh Dave Johnson James Juana Tom Kemeny Benoit Laplante Robin Mearns Siobhan Murray Hawanty Page Mark Rosegrant Klas Sanders Arathi Sundaravadanan Timothy Thomas Jasna Vukoje and Tingju Zhu. Sally Brown and Susan Hanson made important contributions to the coastal sector report Miroslac Batka Jawoo Koo David Lee Marilia Magalhaes Siwa Msangi Amanda Palazzo Claudia Ringler Richard Robertson and Timothy Sulser to the agriculture sector report William Cheung to the fishery sector report and Pieter Pauw and Luke M. Brander to the water sector report. Since the beginning the EACC team has had intense interaction with the Environment Department s management particularly Warren Evans and Michelle de Nevers who should in fact be considered part of the EACC team. The team is also grateful to Sam Fankhauser and Ravi Kanbur for serving on the advisory committee and to Julia Bucknall Shanta Devarajan Marianne Fay Gherson Feder Armin Fidler Kirk Hamilton Tamer Samah Rabie Peter Rogers Jim Shortle Joel Smith Michael Toman and Gary Yohe for acting as peer reviewers. Numerous comments and suggestions were also received from a very large number of colleagues and the team is most thankful to all of them. From the World Bank they

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