About

Galina B Hale is a Professor in the Economics Department within the Social Sciences Division. She serves as Co-Director of the Center for Analytical Finance and as Associate Director of the Institute for Social Transformation. Her professional roles indicate a focus on analytical finance and social transformation within the field of economics. Further details about her research focus, background, and key contributions are not provided in the available page text.

Research topics

• Economics
• Geography
• Econometrics
• Macroeconomics
• Monetary economics

Selected publications

• Climate Fairness and Growth: Allocating the Remaining Carbon Budget

  National Bureau of Economic Research · 2026-03-01

  reportOpen access1st authorCorresponding

  Limiting global warming to 1.5 degrees requires that cumulative carbon dioxide emissions remain within a finite remaining carbon budget.How this budget is allocated across countries raises questions of fairness and development.This paper evaluates whether equity-based carbon allocations are compatible with sustained economic growth in emerging and developing economies.We compute country-level fair shares of the remaining carbon budget under the equal-cumulativeper-capita (ECPC) principle.Using data for 162 countries between 1950 and 2023, we then estimate the historical relationship between income and per-capita CO2 emissions across income groups and use these elasticities to simulate cumulative emissions until 2050.Our results show that ECPC implies strongly negative remaining carbon budgets for most advanced economies, while lowerincome countries retain positive but constrained allocations.Under historically observed incomeemissions elasticities, many developing countries would exceed their fair shares when converging toward advanced-economy income levels.At the aggregate level, unused allocations offset only 17% of the combined carbon budget shortfall implied by countries exceeding their allocation and the negative fair shares arising from historical responsibilities.In a scenario in which we assume that the technology of advanced economies is transferred to all countries, the carbon budget coverage increases to 38%.

  PublisherDOI

• Climate Fairness and Growth: Allocating the Remaining Carbon Budget

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Financial Value of Nature: Coastal Housing Markets, Mangroves, and Climate Resilience

  SSRN Electronic Journal · 2025-01-01

  articleOpen access
  PublisherDOI

• Global Spillovers of Climate Policy Shocks

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access
  PublisherDOI

• Financial Value of Nature: Coastal Housing Markets and Climate Resilience

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access
  PublisherDOI

• Global Spillovers of Climate Policy Shocks

  National Bureau of Economic Research · 2025-04-01 · 1 citations

  reportOpen access

  The slow adoption of climate change policies stems from concerns about their economic impact.The EU has led global carbon pricing through its Emissions Trading Scheme (ETS).This study examines the effect of ETS policy shocks on global stock market returns at the country-industry level using linear and spatial autoregression models.Results show that while markets react negatively to rising carbon prices, the impact is small in magnitude.Global spillovers are limited to sectors linked to EU industries via intermediate goods trade, with no significant effects beyond these supply chain linkages.Overall, the unintended consequences of EU climate policies appear negligible, with minimal effects on targeted industries' stock returns and no spillovers outside supply chain linkages.

  PublisherDOI

• Global Spillovers of Climate Policy Shocks

  SSRN Electronic Journal · 2025-01-01 · 1 citations

  articleOpen access
  PublisherDOI

• Financial Value of Nature: Coastal Housing Markets, Mangroves, and Climate Resilience

  National Bureau of Economic Research · 2025-10-01

  reportOpen access

  Measuring the financial value of nature is difficult, often resulting in insufficient funding directed to nature conservation and restoration.As coastal risks increase from development and climate change, a tangible benefit of nature is the protection it offers against storm damages.Many studies from the risk industry and others assess the direct effects of wetlands for reducing damage during storms.However, the value of wetlands for coastal protection could extend to many other benefits, including home prices in areas where storms are common.We use property-level housing transaction data from Zillow and show that proximity to mangroves in Florida moderates home price decline and dispersion following major hurricanes.The effects are substantial in magnitude, reducing the probability of losing a quarter or more of housing value by 2-7 percentage points, which corresponds to 20-40-thousand-dollar value for a million-dollar property, conditional on a hurricane.

  PublisherDOI

• Pace of adoption of alternatives to animal-source foods is an important factor in reaching climate goals

  Scientific Reports · 2025-07-01 · 4 citations

  articleOpen access1st authorCorresponding

  The global food system is a significant contributor to greenhouse gas emissions that drive climate change. Animal agriculture accounts for a large share of food-system emissions, both directly and through the production of animal feed. Global population growth and rising incomes imply a further increase in demand for animal-source foods if current trends persist. Limiting global warming to the targets set by the international community will not be possible without the rapid reduction of a substantial share of animal-source foods. We show that the rapid adoption of alternatives to animal-source foods, such as plant-only diets or plant-based, cultured, or fermentation-derived analogs to animal products, can be consistent with climate goals while satisfying global demand for calories and protein. Importantly, timing is crucial: the longer the delay in adopting alternatives, the larger the share of the diet that must shift away from animal-source food by 2050 for the food system to remain within its carbon budget.

  PublisherOA PDFDOI

• Pace of adoption of alternatives to animal-source foods and climate goals

  Research Square · 2024-07-25

  preprintOpen access1st authorCorresponding
  PublisherOA PDFDOI

Frequent coauthors

• Julian di Giovanni

  39 shared

• Christopher Candelaria

  Vanderbilt University

  37 shared

• Julián Caballero

  28 shared

• Carlos Arteta

  University of Western Australia

  27 shared

• João A. C. Santos

  27 shared

• Maurice Obstfeld

  26 shared

• Eric Tallman

  25 shared

• Cheryl Long

  Xiamen University

  24 shared