{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,27]],"date-time":"2026-10-27T14:38:25Z","timestamp":1793111905818,"version":"4.5.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":62,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Against the background of accelerated global climate governance and China&amp;apos;s dual-carbon strategy, climate policy uncertainty (CCPU) has become a critical exogenous shock to financial linkages along domestic industrial chains, while cluster-driven higher-order risk contagion has replaced pairwise spillovers. Using daily data on the 31 Shenwan first-level industries over 2015\u20132025, we extract standardized residuals with an AR-TGARCH model, construct a time-varying higher-order financial risk network through RHOSTS and simplicial-closure filtering, extract a network characteristic factor (NCF) with a dynamic factor model, and build resistance and recovery measures from TVP-VAR time-varying impulse responses. Median-based grouping tests the structural hedging effects of green finance and clean energy, and a multi-model counterfactual ensemble evaluates the net effect of the dual-carbon policy. Four findings emerge: CCPU exerts short-run asymmetric negative impacts with long-run risk accumulation; shocks transmit mainly through connectivity channels, with network density dominating systemic-risk dynamics while path length and modularity act as stable stress mechanisms; green finance and clean-energy industries hedge more than 57% of CCPU-induced adverse shocks; and the dual-carbon policy yields a significant long-run resilience dividend. These results provide empirical support for differentiated climate regulation, industrial-chain risk prevention, and green-finance promotion under decarbonization.<\/jats:p>","DOI":"10.2139\/ssrn.7675022","type":"posted-content","created":{"date-parts":[[2026,10,27]],"date-time":"2026-10-27T14:18:05Z","timestamp":1793110685000},"source":"Crossref","is-referenced-by-count":0,"title":["Measuring, Enhancing, and Forecasting the Resilience of Higher-Order Financial Risk Networks under Climate Policy Uncertainty Shocks"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0008-8367-9907","authenticated-orcid":true,"given":"Yuke","family":"Huang","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0005-7121-9952","authenticated-orcid":true,"given":"li","family":"cheng","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"crossref","DOI":"10.3386\/w20931","author":"D Acemoglu","year":"2015","journal-title":"Networks, shocks, and systemic risk"},{"issue":"4","key":"ref2","doi-asserted-by":"crossref","DOI":"10.3390\/jrfm13040084","article-title":"Refined measures of dynamic connectedness based on time-varying parameter vector autoregressions","volume":"13","author":"N Antonakakis","year":"2020","journal-title":"Journal of Risk and Financial Management"},{"key":"ref3","doi-asserted-by":"crossref","first-page":"136","DOI":"10.1016\/j.frl.2016.04.011","article-title":"Economic policy uncertainty and stock markets: Long-run evidence from the US","volume":"18","author":"M Arouri","year":"2016","journal-title":"Finance Research Letters"},{"issue":"4","key":"ref4","doi-asserted-by":"crossref","first-page":"1593","DOI":"10.1093\/qje\/qjw024","article-title":"Measuring economic policy uncertainty","volume":"131","author":"S R Baker","year":"2016","journal-title":"Quarterly Journal of Economics"},{"issue":"4","key":"ref5","doi-asserted-by":"crossref","first-page":"283","DOI":"10.1038\/nclimate3255","article-title":"A climate stress-test of the financial system","volume":"7","author":"S Battiston","year":"2017","journal-title":"Nature Climate Change"},{"issue":"2","key":"ref6","doi-asserted-by":"crossref","first-page":"217","DOI":"10.1111\/j.1540-6288.2010.00244.x","article-title":"Is gold a hedge or a safe haven? 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