Country-specific market impacts of climate change

We develop a new climate-impact model, the Global Impact Model (GIM), which combines future scenarios, detailed spatial simulations by general circula tion models (GCMs), sectoral features, climate-response functions, and adap tation to generate country-specific impacts by market sector. Estimates are made for three future scenarios, two GCMs, and two climate-response functi ons - a reduced-form model and a cross-sectional model. Combining empirical ly based response functions, sectoral data by country, and careful climate forecasts gives analysts a more powerful tool for estimating market impacts . GIM predicts that country specific results vary, implying that research i n this area is likely to be policy-relevant.