|
on Energy Economics |
| By: | Julien Chevallier (LED - Université Paris 8, IPAG Business School); Stéphane Goutte (LED - Université Paris 8, PSB - Paris School of Business); Khaled Guesmi (IPAG Business School, École de gestion Telfer / Université d'Ottawa - Université d'Ottawa) |
| Abstract: | Oil-gas-coal companies are particularly concerned by the notion of stranded assets, i.e., the fact that known fossil reserves cannot be burnt should limitations on greenhouse gas emissions become more stringent. Those assets can suffer from unanticipated or premature write-downs, devaluations or conversion to liabilities. This paper simulates the impacts of carbon stranded assets for 17 major oil-gas-coal firms' value until the horizon 2050. The core of the paper is a stochastic model with stopping times that determines by initial conditions (reserves and extraction rates) which companies are left with 'stranded assets.' In the business-as-usual scenario, one-quarter of the Earth's capacity for absorbing emissions will be depleted by 2050. With stringent emissions-curbing policies, an environmental gain of 80% can be achieved. Without a restructuring of their business model, many oil-gas-coal companies stand out from our simulations as being particularly vulnerable to the financial risks of bankruptcies and default events. |
| Keywords: | Stranded asset,Stochastic process,Monte-Carlo simulations,Climate finance |
| Date: | 2019–04–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-02106113&r=all |
| By: | Adrien Fabre (PSE - Paris School of Economics); Mouez Fodhaz (PSE - Paris School of Economics); Francesco Ricci (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier) |
| Abstract: | The production of energy from renewable sources is much more intensive in minerals than that from fossil resources. The scarcity of certain minerals limits the potential for substituting renewable energy for scarce fossil resources. However, minerals can be recycled, while fossils cannot. We develop an intertemporal model to study the dynamics of the optimal energy mix in the presence of mineral intensive renewable energy and fossil energy. We analyze energy production when both mineral and fossil resources are scarce, but minerals are recyclable. We show that the greater the recycling rate of minerals, the more the energy mix should rely on renewable energy, and the sooner should investment in renewable capacity take place. We confirm these results even in the presence of other better known factors that a ect the optimal schedule of resource use: growth in the productivity in the renewable sector, imperfect substitution between the two sources of energy, convex extraction costs for mineral resources and pollution from the use of fossil resources. |
| Keywords: | energy transition,mineral resources,renewable and non-renewable natural resources,recycling |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02056348&r=all |
| By: | Gustav Fredriksson; Simone Tagliapietra; Georg Zachmann |
| Abstract: | The research was carried out with the kind support of Stiftung Mercator. Wind power represents a key component of Turkey’s energy strategy. Increased investment will be required to meet Turkey’s wind power target and, as such, there is a need to understand the viability of wind power projects there. The cost of capital is a crucial element in wind power investment decisions owing to the high capital intensity of wind power plants. A reduction in the cost of capital through support policies can lower overall project costs and increase investment. We estimate the cost of capital for wind power projects in Turkey using data on 138 installations that participated in the Turkish feed-in tariff scheme in 2017. Our estimates indicate an upper bound of 12% for the cost of capital. This suggests the cost of capital for wind power projects in Turkey is not higher than in south-eastern European Union countries. However, because of adverse macroeconomic conditions, the cost of Turkey’s main renewable support scheme increased by 46% between 2016 and 2017 in Turkish lira terms. We argue that continued commitment to the current support schemes by the Turkish authorities is crucial for the development of the Turkish wind power sector. |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:30442&r=all |
| By: | Kenneth A. Castellanos; Garth Heutel |
| Abstract: | We develop a computable general equilibrium model of the United States economy to study the unemployment effects of climate policy and the importance of cross-sectoral labor mobility. We consider two alternate extreme assumptions about labor mobility: either perfect mobility, as is assumed in much previous work, or perfect immobility. The effect of a $35 per ton carbon tax on aggregate unemployment is small and similar across the two labor mobility assumptions (0.2–0.3 percentage points). The effect on unemployment in fossil fuel sectors is much larger under the immobility assumption – a 30 percentage-point increase in the coal sector – suggesting that models omitting labor mobility frictions may greatly under-predict sectoral unemployment effects. Returning carbon tax revenue through labor tax cuts can dampen or even reverse negative impacts on unemployment, while command-and-control policies yield larger unemployment effects. |
| JEL: | C68 H23 J62 Q52 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25797&r=all |
| By: | Louise Roos; Philip Adams |
| Abstract: | Oil prices fell from around $US110 per barrel in 2014 to less than $US50 per barrel at the start of 2017. This put enormous pressure on government budgets within the Gulf Cooperation Council (GCC) region. The focus of GCC economic policies quickly shifted to fiscal reform, including the removal of domestic subsidies on energy products. In this paper we use a dynamic Computable General Equilibrium (CGE) model to investigate the economic impact of the gradual removal of subsidies on refined petroleum and electricity, with specific reference to the Kingdom of Saudi Arabia (KSA). Our study shows that removing subsidies eliminates a large distortion in the economy. This improves the efficiency of resource use, so that even though employment and capital in most years fall relative to baseline levels, real GDP rises. In addition, we show that fully-funded compensation payments offset the increases in energy prices, leaving economic welfare of the Saudi-national population little affected. Removing the energy subsidies leads to an improvement in the net volume of trade, while leading to a mixed outcome for industries. |
| Keywords: | Computable General Equilibrium (CGE) models, Energy Subsidies, Trade |
| JEL: | C68 D58 E63 O53 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-293&r=all |
| By: | Philipp M. Richter; Marco Runkel; Robert C. Schmidt |
| Abstract: | The loss of international competitiveness of domestic industries remains a key obstacle to the implementation of effective carbon prices in a world without harmonized climate policies. We analyze countries' non-cooperative choices of emissions taxes under imperfect competition and mobile polluting firms. In our general equilibrium setup with trade, wage effects prevent all firms from locating in the same country. While under local or no pollution countries achieve the first-best, under transboundary pollution taxes are inefficiently low and lower than under autarky where only the `standard' free-riding incentive distorts emissions taxes. This effect is more pronounced when polluting firms are mobile. |
| Keywords: | Strategic environmental policy, firm location, carbon leakage, general equilibrium |
| JEL: | F12 F18 H23 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1801&r=all |
| By: | Darudi, Ali (University of Basel); Weigt, Hannes (University of Basel) |
| Abstract: | Renewable energy sources (RES) play an increasing role in many electricity systems thanks to climate and support policies and subsequent cost reductions in recent years. Compared to conventional generation technologies, RES has two main important distinctive features: First, their cost pattern is characterized by high investment and negligible variable costs and second, their operational decision is governed by weather conditions limiting their availability. In this paper, we aim to analyze the role of RES in electricity markets focusing on the interplay of investment and dispatch decisions under different levels of market competitiveness and different support schemes; namely, feed-in tariff, feed-in premium, and investment subsidies. To this end, we develop a two-stage model of endogenous investment and operation with both intermittent and conventional technologies to obtain analytical solutions for investment and operation decisions. We show that there are feedback effects between the investments of different firms, and between the different technologies of the same firm. Exercise of market power results in underinvestment in the conventional technology; but the effect on renewables is ambiguous due to the interplay of opposing investment incentives. The results furthermore highlight that for the optimal design of a support policy the underlying competiveness of the market needs to be considered. |
| Keywords: | renewable energy; electricity market; investment; renewable support; market power; two-stage game |
| JEL: | L94 C72 C73 L13 Q42 |
| Date: | 2019–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:bsl:wpaper:2019/06&r=all |
| By: | Olijslager, Stan; van Wijnbergen, Sweder |
| Abstract: | We focus on the effect of preference specifications on the current day valuation of future outcomes. Specifically, we analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk. The second part of the paper extends this model with a climate model and a temperature dependent arrival rate. Since the model yields closed form solutions up to solving an integral, our model does not suffer from the curse of dimensionality of numerical IAMs with several state variables. Introducing Epstein-Zin preferences with an elasticity of substitution higher than one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility. The dominant parameters are the risk aversion coefficient and the elasticity of intertemporal substitution. Ambiguity aversion is of second order importance. |
| Keywords: | ambiguity aversion; climate change; Epstein-Zin Preferences; Social cost of carbon; Stochastic Differential Utility |
| JEL: | G12 G13 Q51 Q54 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13708&r=all |
| By: | Spodniak, Petr; Bertsch, Valentin; Devine, Mel |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:wp605&r=all |
| By: | Ackah Charles; Mohammed Asaah |
| Abstract: | Local content and local participation policy and legislation have come to stay in Ghana’s oil and gas industry. The policy and legislation have been described largely as adequate, promising, and necessary to promote local content and local participation in the oil and gas industry.Implementation of the policy and legislation has, however, produced mixed results, according to industry stakeholders and researchers. Evidence on the ground suggests some level of compliance by international oil companies to implement the policy and legislation on local content. Some Ghanaian companies have been awarded contracts to provide essential services and goods to these companies during exploration and production.Several factors, however, militate against effective implementation of the policy and legislation. Notable among these are the low capacity of local firms, discrimination against local firms by international oil companies through vertical integration, and the weak regulatory capacity of the Petroleum Commission to enforce local content implementation.Vigorous capacity building of local firms, affirmative actions for local firms and employees, and legislative reviews are recommended to enhance the implementation of local content and local participation in Ghana’s oil and gas industry. |
| Keywords: | Oil and gas,Law,Local content |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-152&r=all |
| By: | Jara Xavier; Varela Marcelo; Lee Po; Montesdeoca Lourdes |
| Abstract: | This paper aims to evaluate the progressivity of different fuel subsidies in Ecuador as well as the budgetary and distributional effects of a potential elimination of such subsidies.Our analysis makes use of ECUAMOD, the tax-benefit microsimulation model for Ecuador, together with representative household microdata from ENIGHUR 2011–12.Our results show that domestic gas subsidy tends to be progressive, whereas gasoline and diesel subsidies tend to be regressive. Our simulations show that eliminating all fuel subsidies would increase poverty and inequality due to the importance of domestic gas subsidy for low-income households. Eliminating only gasoline and diesel subsidies would not impact poverty and inequality, while allowing to reduce government expenditure.We further show that using part of the budget saved from the elimination of fuel subsidies to increase social assistance payments in Ecuador, could be a mechanism to compensate low-income families for their loss following fuel subsidy elimination. |
| Keywords: | microsimulation,Income distribution,ECUAMOD,Fossil fuel subsidies |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-144&r=all |
| By: | Alec Brandon; John List; Robert Metcalfe; Michael Price; Florian Rundhammer |
| Abstract: | This study considers the response of household electricity consumption to social nudges during peak load events. Our investigation considers two social nudges. The first targets conservation during peak load events, while the second promotes aggregate conservation. Using data from a natural field experiment with 42,100 households, we find that both social nudges reduce peak load electricity consumption by 2 to 4% when implemented in isolation and by nearly 7% when implemented in combination. These findings suggest an important role for social nudges in the regulation of electricity markets and a limited role for crowd out effects. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:feb:natura:00669&r=all |
| By: | Jamie Cross; Bao H. Nguyen; Bo Zhang |
| Abstract: | China has recently overtaken the US to become the world largest importer of crude oil. In light of this fact, we formally compare contributions of demand shocks from China, the US and the rest of the world. We find that China's in fluence on the real price of oil has increased over the past two decades and surpassed that of the US. Despite this result, oil prices are more sensitive to demand shocks from the US than China. Finally, we document that demand shocks from China alone were too small to have caused the mid 2003-2008 price surge. Instead, oil specific demand shocks are found to be the major determinant of the real oil price during this period. |
| Keywords: | China, US, oil markets |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:bny:wpaper:0074&r=all |
| By: | Jonas Höckner; Simon Voswinkel; Christoph Weber (Chair for Management Sciences and Energy Economics, University of Duisburg-Essen (Campus Essen)) |
| Abstract: | Strongly increasing costs of congestion management have provoked a discussion in Europe about new approaches to solve grid congestions in a more efficient way. One approach is to design flexibility markets. In this paper we focus on the effects of subsidies for renewable energy on the market outcome of a flexibility market. We show that subsidies can cause market distortions and lead to an inefficient selection of flexibility options to solve grid congestions. We propose the implementation of side payments together with price caps and uniform pricing to achieve an efficient market design. Ultimately choosing between flexibility markets with and without side payments involves a tradeoff between minimizing system costs and maximizing renewable infeed. Our analysis provides the framework for a conscious political choice on that subject. |
| Keywords: | congestion management, smart markets, flexibility markets, side payments, renewables |
| JEL: | Q41 Q48 |
| URL: | http://d.repec.org/n?u=RePEc:dui:wpaper:1905&r=all |
| By: | Jean-Claude Berthelemy (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, FERDI - Fondation pour les Etudes et Recherches sur le Développement International); Arnaud Millien (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, FERDI - Fondation pour les Etudes et Recherches sur le Développement International) |
| Abstract: | This paper is the first product of a project which aims to build a Collaborative Smart Mapping of Mini-grid Action (CoSMMA), whose principal objective is to identify best practice in decentralized electrification projects. Using evaluations of 421 projects, from published research papers, we built a pilot CoSMMA which proves its feasibility. Its relevance is demonstrated by a meta-analysis, which reveals the principal characteristics of decentralized electrification projects which have positive impacts on sustainable development. Four main characteristics were considered: technology (source or energy), system size (power), decision level (from local to country level) geographic location. When searching for best practices, technology and system size must be considered together, because the chosen technology may constrain the power, which is provided by the system. We find that the most popular projects, which are based on Solar Home Systems (SHS) are not the most effective. The problem with SHS is not the use of solar energy, but the small system size often chosen for SHS. Mini-grids, of larger size, especially those which use hybrid renewable sources of energy, have more positive impacts, because these systems combine the benefits of sustainability and flexibility. In terms of decision level, we find that both top-down and bottom-up approaches have advantages, with the observation of a U-shaped curve for the influence of the decision level on the probability of obtaining positive impacts. Geographical location matters, as it is very often the key to system feasibility. We find that DEPs are more effective in Latin America than in Asia, and more effective in Asia than in Africa. We also attempted to study the type of effects resulting from DEPs. Descriptive data suggest that for some types of effects, positive impacts are more likely than for others. Decentralized electrification projects have a more positive impact on Lifestyle & NICT or Household agenda than on Economic transformation or Community life. However, this pilot CoSMMA does not contain enough information to study precisely the types of effects, because some types of effects have not been studied frequently in the existing literature. This is the case, for instance, for environmental effects, which have been rarely measured scientifically. Finally, we attempted to broaden our information set by including expert data, which was entered into the CoSMMA meta-analysis. We define expert data as data that are not supported by statistical tests with measures of significance, whereas the evaluations based on scientific data were supported by statistical tests of significance. The expert data may be valid, but our attempt to include it in the analysis failed at this stage. The determinants of unproven effects appear to be quite different from the determinants of proven effects in our meta-analysis, and using expert data would imply merging proven and unproven effects, which would totally blur the conclusions. |
| Keywords: | decentralized electrification,sustainable developement,impact assessment,meta-analysis,méta-analyse,électrification décentralisée,développement durable,évaluation d'impact |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01965653&r=all |
| By: | Fabrizio Ferriani (Bank of Italy); Filippo Natoli (Bank of Italy); Giovanni Veronese (Bank of Italy); Federica Zeni (Bank of Italy) |
| Abstract: | The boom in the production of shale oil in the United States has triggered a structural transformation of the oil market. We show, both theoretically and empirically, that this process has significant consequences for oil risk premium. We construct a model based on shale producers interacting with financial speculators in the futures market. Compared to conventional oil, shale oil technology is more flexible, but producers have higher risk aversion and face additional costs due to their reliance on external finance. Our model helps to explain the observed pattern of aggregate hedging by US oil companies in the last decade. The empirical analysis shows that the hedging pressure of shale producers has become more important than that of conventional producers in explaining the oil futures risk premium. |
| Keywords: | shale oil, futures, risk premium, hedging, speculation, limits to arbitrage. |
| JEL: | G00 G13 G32 Q43 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1215_19&r=all |
| By: | Sullivan, James L.; Sentoff, Karen M. |
| Abstract: | In this study, a second-by-second (SbS) data set obtained from monitoring vehicle emissions over a series of 75 test runs from 2 test vehicles (a conventional vehicle (CV) and a hybrid-electric vehicle (HEV)) over an 18-month period in 2010-2011 during real-world on-road operations on a specified 32-mile route in Chittenden County, Vermont was used in an innovative new method of analysis to assess emissions differences between the two propulsion systems and attribute these differences to physical roadway/infrastructure characteristics. The K-S test was used to assess the difference between the cumulative distributions of the CV and HEV emissions samples on each link, and the K-S test statistic was regressed against the full set of roadway link characteristics. The regression results allowed the team to identify specific roadway characteristics that contribute to emissions differences between the vehicle types. Overall, the models that included maximum grade and intersection control type performed best, however speed limit and horizontal curvature were also shown to be important. The performance differences identified in this project confirm that engine controls that are responsive to roadway characteristics are necessary. View the NCST Project Webpage |
| Keywords: | Engineering, Second-by-second emissions, road grade, intersection control, speed, horizontal curvature, hybrid electric vehicles, K-S test |
| Date: | 2019–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt4j92c547&r=all |
| By: | Andreas Karpf (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Antoine Mandel (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics); Stefano Battiston (CAMS - Centre d'analyse et de mathématique sociale - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper presents an analysis of the European Emission Trading System as a transaction network. It is shown that, given the lack of well-identified trading institutions, industrial actors had to resort to local connections and financial intermediaries to participate in the market. This gave rise to a hierarchical structure in the transaction network. It is then shown that the asymmetries in the network induced market inefficiencies (e.g., increased bid-ask spread) and informational asymmetries, that have been exploited by central agents at the expense of less central ones. Albeit the efficiency of the market has improved from the beginning of Phase II, the asymmetry persists, imposing unnecessary additional costs on agents and reducing the effectiveness of the market as a mitigation instrument. |
| Keywords: | Network,Carbon market,Climate change,Microstructure |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01905985&r=all |
| By: | Branko Bošković; Ujjayant Chakravorty (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - CNRS - Centre National de la Recherche Scientifique - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales); Martino Pelli; Anna Risch (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes) |
| Abstract: | Fuelwood collection is often cited as the most important cause of deforestation in developing countries. Use of fuelwood in cooking is a leading cause of indoor air pollution. Using household data from India, we show that households located farther away from the forest spend more time collecting. Distant households are likely to sell more fuelwood and buy less. That is, lower access to forests increases fuelwood collection and sale. This counter-intuitive behavior is triggered by two factors: lower access to forests (a) increases the fixed costs of collecting, which in turn leads to more collection; and (b) drives up local fuelwood prices, which makes collection and sale more profitable. We quantify both these effects. Using our estimates we show that a fifth of the fuelwood collected is consumed outside of rural areas, in nearby towns and cities. Our results imply that at the margin, fuelwood scarcity may lead to increased collection and sale, and exacerbate forest degradation. |
| Keywords: | fuelwood collection,forest cover,energy access,cooking fuels,deforestation |
| Date: | 2019–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02089687&r=all |
| By: | Cristina Conflitti; Matteo Luciani |
| Abstract: | In this note we presented estimates of the oil price pass-through into consumer prices both in the US and in the euro area. |
| Date: | 2019–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2019-04-30&r=all |
| By: | Kono Daniel; Montinola Gabriella |
| Abstract: | Climate-related foreign aid is on the rise, with signatories to the Paris Climate agreement pledging US$100 billion annually to promote mitigation and adaptation in recipient countries. While this seems like a welcome development, we have little evidence that climate aid actually encourages recipients to adopt climate legislation.In this paper, we examine the relationship between climate aid and recipient climate policy. Using multiple measures of each, we find no evidence that the former is systematically related to the latter. Although this suggests that climate aid is ineffective, this conclusion must be qualified due to the poor quality of both climate aid and climate policy data.More definitive conclusions will require more accurate coding of climate aid as well as better climate policy measures that distinguish truly consequential policies from less consequential ones. |
| Keywords: | Official development assistance,Adaptation,Climate change,Climate change mitigation,Environmental policy |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2019-15&r=all |
| By: | Benjamin Favetto (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article deals with the modeling of the trading activity on the European electricity intraday market by a self-exciting point process (also known as Hawkes process). It gives some empirical evidence of self-excitement, and discuss the time-homogeneity of the baseline of the process. The question of the functional shape of the intensity kernel is also adressed. Finally, a parameter estimation procedure is derived for the model with a non-constant baseline. |
| Keywords: | Self-exciting point process,European electricity intraday market,change-point detection,parameter estimation |
| Date: | 2019–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02089289&r=all |
| By: | Ewan Trégarot; Thibault Catry (UMR 228 Espace-Dev, Espace pour le développement - UA - Université des Antilles - UG - Université de Guyane - UM - Université de Montpellier - UR - Université de La Réunion - UPVD - Université de Perpignan Via Domitia - IRD - Institut de Recherche pour le Développement - AU - Université d'Avignon et des Pays du Vaucluse, IRD - Institut de Recherche pour le Développement); Aurea Pottier (UMR 228 Espace-Dev, Espace pour le développement - UA - Université des Antilles - UG - Université de Guyane - UM - Université de Montpellier - UR - Université de La Réunion - UPVD - Université de Perpignan Via Domitia - IRD - Institut de Recherche pour le Développement - AU - Université d'Avignon et des Pays du Vaucluse, IRD - Institut de Recherche pour le Développement); Cindy Cornet; Jean-Philippe Maréchal; Vincent Fayad; Mohamed Ahmed Sidi Cheick; Gilbert David (UMR 228 Espace-Dev, Espace pour le développement - UA - Université des Antilles - UG - Université de Guyane - UM - Université de Montpellier - UR - Université de La Réunion - UPVD - Université de Perpignan Via Domitia - IRD - Institut de Recherche pour le Développement - AU - Université d'Avignon et des Pays du Vaucluse, IRD - Institut de Recherche pour le Développement); Abdou Daïm Dia; Assane Deda Fall; Ousmane Sarr; Yeslim El Valy; Oumar Hamet Wagne; Beyah Meisse; Elimane Abou Kane; Abou Ciré Ball; Mohamed Saleck Haidallah; C.B. Braham; M. Dia; Mohamed Lemine Abdel Hamid (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Hélène Rey-Valette (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Jean-Michel Salles (CEE-M - Centre d'Economie de l'Environnement - Montpellier - FRE2010 - INRA - Institut National de la Recherche Agronomique - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); D. Ly; C.B. Cissé; Pierre Failler |
| Abstract: | Cette étude est la première du genre portant sur cette vaste aire protégée, à la fois marine et terrestre. Elle a été réalisée par un consortium de consultants et financée par le FFEM, l'AFD et le BaCoMab pour le Parc national du Banc d'Arguin (PNBA). Selon cette étude, la valeur annuelle des principaux services de régulation et d'approvisionnement est estimée à 8,1 milliards MRU par an soit 198,8 millions €/an. Les deux services les plus importants sont ceux relatifs à la séquestration du carbone fournie par les herbiers (3,3 milliards MRU) et à la contribution du PNBA aux pêcheries de la ZEE de la Mauritanie (3 milliards MRU). Parmi les autres services de support et de régulation évalués, ceux de nurserie et de bioremédiation affichent des valeurs monétaires respectives de 92 et 49 millions MRU/an. Le service de prélèvement par la flotte de pêche artisanale atteint 52 millions MRU/an. La valeur de non usage du PNBA se situe a 1,6 milliard MRU d'après la perception de l'importance accordée aux différents services écosystèmiques par les Mauritaniens. Les services évalués concernent essentiellement la partie maritime du PNBA qui couvre 5400 km2. L'étude met aussi en avant le rôle fondamental du PNBA pour la pêche opérant dans la ZEE de la Mauritanie, pour la séquestration du carbone atmosphérique et dissous, pour les populations d'oiseaux et les services qu'ils apportent et pour l'identité Imraguen. Outre la valeur économique des principaux services rendus par les écosystèmes du Banc d'Arguin, la préservation des milieux naturels et de la faune associée au PNBA est favorable a l'atteinte des objectifs des différentes conventions et traites internationaux dont la Mauritanie est signataire. La part de CO2 séquestre annuellement par les écosystèmes marins du Parc national du Banc d'Arguin atteint 732 057 tCO2eq soit 11 % des émissions de GES du pays. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02091352&r=all |
| By: | Kun Mo; Farrukh Suvankulov; Sophie Griffiths |
| Abstract: | The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms. Specifically, we argue that the expected costs of financial distress have been associated with the hedging behaviour for Canadian oil firms between 2005 and 2015. We use firm-level annual data for 92 Canadian-based, publicly traded oil extraction companies. Results from Honore’s semiparametric model for panel data with fixed effects and Heckman's two-step model show that firms with higher short-term and long-term debt tend to hedge more. Furthermore, an increase in the Altman bankruptcy score by one is associated with the decline of the hedge ratio by 1.2 to 1.7 percentage points. |
| Keywords: | Firm dynamics; Financial markets |
| JEL: | G32 Q40 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocadp:19-4&r=all |
| By: | Asongu, Simplice; Odhiambo, Nicholas |
| Abstract: | This study investigates the relevance of government quality in moderating the incidence of environmental degradation on inclusive human development in 44 sub-Saharan African countries for the period 2000-2012. Environmental degradation is measured with CO2 emissions and the governance dynamics include: political stability, voice and accountability, government effectiveness, regulation quality, the rule of law and corruption-control. The empirical evidence is based on the Generalised Method of Moments. Regulation quality modulates CO2 emissions to exert a net negative effect on inclusive development. Institutional governance (consisting of corruption-control and the rule of law) modulates CO2 emissions to also exert a net negative effect on inclusive human development. Fortunately, the corresponding interactive effects are positive, which indicates that good governance needs to be enhanced to achieve positive net effects. A policy threshold of institutional governance at which institutional governance completely dampens the unfavourable effect of CO2 emissions on inclusive human development is established. Other policy implications are discussed. |
| Keywords: | CO2 emissions; Economic development; Africa |
| JEL: | C52 O38 O40 O55 P37 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93660&r=all |
| By: | Jean-Claude Berthelemy (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Université Paris 1 Panthéon-Sorbonne); Vincent Nossek (FERDI - Fondation pour les Etudes et Recherches sur le Développement International) |
| Abstract: | Les pays membres et les institutions communautaires de l'UEMOA se trouvent face à un défi de taille s'agissant d'atteindre l'objectif d'accès universel à l'électricité dans le cadre des objectifs de développement durable. L'une des principales difficultés réside dans la faible électrification des zones rurales, qui nécessite la mise en oeuvre d'une politique innovante d'électrification décentralisée. Cette note définit le cadre dans lequel une telle politique devrait être construite et fait un bilan des initiatives réalisées à ce jour. Elle formule des recommandations sur l'architecture institutionnelle à mettre en place, qui doit reposer sur un cadre de régulation et d'incitation favorable aux initiatives locales, et sur le renforcement des instruments de financement créés dans ce secteur par la Commission de l'UEMOA et la BOAD. |
| Date: | 2018–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02059466&r=all |
| By: | Jean-Claude Berthelemy (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Vincent Nossek (FERDI - Fondation pour les Etudes et Recherches sur le Développement International) |
| Abstract: | L'UEMOA se trouve aujourd'hui face à un objectif ambitieux qui est l'accès universel à l' électricité d'ici 2030, objectif d'autant plus ambitieux étant donné la part importante représentée par la population rurale au sein de l'UEMOA. Cependant les récentes évolutions technologiques concernant les modes de production d' énergies renouvelables décentralisés permettent un regain d' optimisme quant à l'atteinte de cette objectif. C' est dans ce contexte que cette étude propose un état des lieux au niveau régional et national des solutions d' électrification décentralisée. La littérature sur l' électrification décentralisée permet de relever un certain nombre de bonnes pratiques regroupées sous cinq grands axes qui sont le cadre réglementaire et de régulation, la clarté de l'information, la politique de subvention, la politique de tarification et la sécurisation des investisseurs. En conclusion il parait souhaitable que les pays les plus expérimentés, le Mali et le Sénégal, partagent leurs retours d' expériences avec les autres pays membres de l'UEMOA, en particulier s'agissant de la mise en place d'agences de promotion de l' électrification rurale. Enfin un dernier point essentiel est l' élaboration d'un cadre réglementaire commun, qui serait de nature à favoriser l' émergence d'un marché efficace de l' électrification décentralisée. Version provisoire. Document préparé pour la Commission de l'UEMOA et dont la version fi nale révisée sera publiée par l'UEMOA. *Cette étude a été réalisée dans le cadre de la convention de partenariat entre la Commission de l'UEMOA et la Fondation pour les études et recherches sur le développement international (FERDI), 2015-2017, avec le soutien d' "Investissement d'Avenir". |
| Date: | 2018–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01877215&r=all |
| By: | Kounetas, Konstantinos; Polemis, Michael; Tzeremes, Nickolaos |
| Abstract: | This study applies a nonparametric time dependent conditional frontier model to estimate and evaluate the convergence in eco-efficiency of a group of 51 US states over the period 1990-2017. Specifically, we utilize a mixture of global and local pollutants (carbon dioxide CO2, sulphur dioxide SO2 and nitrogen oxides NOx) to capture the environmental damage caused by the anthropogenic activities. The empirical findings indicate divergence for the whole sample, while specific groups of convergence club regions are formulated dividing the US states into worst and best performers. Moreover, Our findings reveal significant convergence patterns between the US regions over the sample period. |
| Keywords: | Eco-efficiency; Convergence clubs; Order-m estimators; Non parametric frontier analysis; US regions |
| JEL: | C15 Q40 Q53 Q57 |
| Date: | 2019–05–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93686&r=all |
| By: | Aryeetey Ernest; Ackah Ishmael |
| Abstract: | Oil resources are neither a curse nor a blessing. The sound management of these resources can make them beneficial or otherwise. In order to translate Ghana’s oil resources into inclusive development amid high expectations, several laws and regulations have been passed and new institutions created.Despite the presence of the new institutions, laws, and regulations, spending from petroleum revenues appears to be rather thinly spread and not efficient. This defeats the purpose of diversification and leads to high debt and cost overruns.On a positive note, the Minister for Finance, the Public Interest and Accountability Committee, and Bank of Ghana have been complying with most of the transparency requirements specified in the laws. It is essential that spending from petroleum revenues is guided by a medium- to long-term inclusive development strategy that is based on proper needs assessment, global trends, feasibility studies, and possible growth dynamics of the country.In addition, expenditure of the annual budget funding amount needs to be rationalized and investment guidelines developed and implemented to focus within-priority expenditures to not more than three project/expenditure categories. |
| Keywords: | diversification,Macroeconomic policy,Oil,Petroleum revenues,Resource revenues |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2018-89&r=all |
| By: | Devine, Mel; Russo, Marianna |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:wp606&r=all |
| By: | Catherine Locatelli (GAEL - Laboratoire d'Economie Appliquée de Grenoble - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes); Mehdi Abbas (Pacte, Laboratoire de sciences sociales - UPMF - Université Pierre Mendès France - Grenoble 2 - UJF - Université Joseph Fourier - Grenoble 1 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes) |
| Abstract: | Ce cahier de recherche vise à appliquer les problématisations des nouvelles approches de l'interdépendance (New Interdependence Approches – NIA selon l'acronyme anglais) aux enjeux relatifs à la régulation internationale de l'énergie et ce à partir d'un cas d'étude : la relation gazière entre l'UE et la Russie. Les interdépendances entre l'UE et ses fournisseurs extérieurs en matière de gaz naturel, au premier rang desquels figure la Russie, posent la question de la confrontation de préférences contradictoires des acteurs impliqués dans l'échange. L'interdépendance conflictuelle recèle un « effet transformatif » sur les régulations, les systèmes institutionnels et les politiques énergétiques de la Russie et de l'UE. Les deux modèles institutionnels font l'objet de changements incrémentaux porteurs de conséquences importantes. Dans l'interdépendance, la politique énergétique russe et les stratégies des acteurs russes se transforment pour faire place à un certain degré de concurrence. A l'inverse, il semble que de manière croissante celle de l'UE intègre des préoccupations d'ordre stratégique et d'économie politique qui ne se justifient pas par les seules considérations de création d'un marché unique et concurrentiel. |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02100098&r=all |
| By: | Uduji, Joseph; Okolo-Obasi, Elda; Asongu, Simplice |
| Abstract: | We assess the impact of corporate social responsibility (CSR) of multinational oil companies (MOCs) on HIV/AIDS prevalence in Nigeria’s oil producing communities. One thousand, two hundred households were sampled across the rural communities of Niger Delta. Using logit model, the main result indicates that General Memorandum of Understandings (GMoUs) have not significantly impacted on factors behind the spread of HIV/AIDS in rural communities. This implies that the impact of the disease on MOCs business, employees and their families, contractors, business partners and the oil communities has not inclined downward. The findings suggest that CSR offers an opportunity for MOCs to help address HIV/AIDS prevalence through a business case for stakeholders’ health in the region. It calls for MOCs to improve GMoUs health intervention on sensitization campaigns, funding testing and counselling centers, subsidizing anti-retroviral drugs, prevention of mother-to-child transmission, rehabilitation of orphaned and vulnerable children and other cares for people living with AIDS. |
| Keywords: | Corporate social responsibility; multinational oil companies; HIV/AIDS initiatives; logit model; Niger Delta |
| JEL: | J43 O40 O55 Q10 |
| Date: | 2019–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93661&r=all |
| By: | Pei, Jiansuo; Sturm, Bodo; Yu, Anqi |
| Abstract: | Is a firm's ability to export an important determinant of environmental performance? To answer this question, we construct a unique micro dataset that merged two rich firm-level datasets for China for 2007. When combining this new dataset with well-received empirical specifications, we found that both export status and export intensity are associated with lower sulfur dioxide (SO2) emissions intensity. In addition to the traditional OLS estimation, we verified this association by using the propensity score matching method. Our findings show that the baseline result still holds. In short, exporters are more environmentally friendly than non-exporters,which is in line with previous evidence reported for developed economies. We further discuss mechanisms that explain the observed pattern and show that exporters realize higher abatement efforts compared to non-exporters. This study complements the literature in terms of providing China's micro evidence on SO2 abatement efforts. It also serves as a first step toward a better understanding of the impact of trade on the environment, especially in developing countries. |
| Keywords: | Exporters and the environment,firm heterogeneity,SO2 emissions,abatement |
| JEL: | F18 Q53 Q56 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:19014&r=all |
| By: | Slaymaker, Rachel; O'Toole, Conor; McQuinn, Kieran; Fahy, Mike |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:wp613&r=all |