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on Energy Economics |
| By: | Peter Cramton (University of Cologne and the University of Maryland (emeritus)) |
| Abstract: | In February 2021, winter storm Uri brought extreme cold to Texas for many days. The cold caused a spike in electricity and natural gas demand and simultaneously a sharp drop in supply. The electricity shortage caused 4.5 million Texans to lose power for multiple days. Many lost water service too. Storm damage was extensive, including many deaths. This paper examines what happened and offers solutions to improve the reliability and resilience of critical infrastructures. Improved communication before and during the storm would limit the damage. Natural gas market reforms would enhance the reliability of the gas supply, enabling more generators to produce power. Improved energy efficiency would limit the cold-induced demand spike. In addition to ongoing initiatives to integrate storage and distributed generation, the system operator should introduce a voluntary forward energy market that lets market participants better manage risk and plan resources to meet demand. Price-responsive demand should also be encouraged to limit demand surges in cold snaps. |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:145&r= |
| By: | Yang Liu (Renmin University of China); Zhigao Jiang (Energytalent Consulting Co., Ltd); Bowei Guo (Renmin University of China) |
| Keywords: | China power market reform, market failures, local market power, electricity spot market |
| JEL: | Q41 Q48 D61 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2122&r= |
| By: | Jan Priewe (HTW Berlin) |
| Abstract: | The article discusses the ongoing green transition towards climate neutrality in 2050 with a focus on the options of green growth, zero- or de-growth. First, the key facts about the greenhouse effect and the status quo are shown with special attention to the industrialisation of emerging economies as the key contributors to greenhouse gas emissions since about 1980. Second, the features and policies for facilitating the transition are analysed. The carbon price emerges as a key global price that needs public rather than market control. Third, the core debates on the feasibility of economic growth in ecological economics are used to shed more light on the present issues at stake. Finally, the quest for moderate global green growth is confirmed in order to accomplish decarbonization of the planet and terminate extractive capitalism as far as fossil energy is concerned; however, these attempts cannot evade the finiteness of natural resources, including land and renewable resources. The green transition leads likely close to global zero-growth of GDP which would eventually terminate the age of capital accumulation, the heart of capitalism. |
| Keywords: | growth theory, energy economics, decarbonisation, zero-growth, de-growth, climate change, carbon prices, capitalism |
| JEL: | O47 P18 P28 P47 Q01 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:73-2021&r= |
| By: | K. M., Mahesh; Aithal, Sreeramana; Sharma, KRS |
| Abstract: | Purpose: Sustainable Finance (SF) contributes to better development and better Finance for Economic growth. Sustainable development is protecting and restoring the ecological system. SIDBI, NITI Aayog, and World Bank facilitate Sustainable Finance to encourage businesses to grow from Small Medium Enterprises to large Industries to make an enormous global impact. As per the World Bank estimate, adversely affect the standard of living of the population and climate change will reduce India’s GDP by nearly 3%. For tracking the climate protection performance of the country, the CCPI tool is used. The Key sustainable finance providers to companies and MSME’s are Banks, Corporations, International Financial Institutions, Institutional Investors, International organizations through Financial Instruments Climate Funds, Green Bonds, Impact Finance, Social bonds, Microfinance, SIDBI Sustainable Finance Scheme for funding, NABARD, and Make in India. MSMEs, and SMEs involved in the Projects Solar Power Plants, renewable energy, Green Machinery, Waste Management, Electric Vehicles (EV), Clean Energy, Recycle, Poverty alleviations, and Energy conservation, and India is committed to achieving Net Zero Emissions by 2070. During the Climate summit in Glasgow, India accepted for Five –Point climate ‘panchamrit, or pledge’ towards climate change and Climate Finance. As per the Environment ministry. India needs $280 billion for green infrastructure and the government of India proposed the creation of a Social Stock Exchange, Europe Investment Bank (EIB) with SBI. RBI has considered Green and Sustainable projects should be put under Priority Sector Lending (PSL) to support GE (Green Economy) growth and to meet the SDG (Sustainable Development Goals) and ESG (Economic, Social, Environment) guidelines for fundraising. Methodology / Design /Approaches: In this article theoretical concepts are used in the analysis of various financing Mechanics for green production and Sustainable development. Findings and results: The effectiveness of sustainable finance or Climate finance required for MSME and Companies for greener production infrastructure and government of India missions on climate Change, Regular to boost the ESG to promote sustainable development and Economic growth. Originality/value: Analysed the various articles and case studies and prepared the model required for sustainable fiancé for green growth in India. |
| Keywords: | ESG, Climate Finance, Financial Institutions, Green Bonds, Green Economy, MSME’s, RBI, SIDBI, Social Stock Exchange, Sustainable Development Goals (SGS’s), ABCD analysis |
| JEL: | H3 H32 L8 L84 O1 P4 R3 |
| Date: | 2022–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:112058&r= |
| By: | Michael Pollitt (EPRG, Cambridge Judge Business School, University of Cambridge) |
| JEL: | L94 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2120&r= |
| By: | Duan, Yuqi (Monash University) |
| Abstract: | This study investigates the impact of China’s entry into the WTO on carbon dioxide emissions from a global standpoint. A panel of production-based CO2 emissions and consumption-based CO2 emissions of 39 countries from 1995 to 2007 is constructed by integrating country-sector level data from WIOD. Using a triple difference design, I observe additions in production and consumption emissions after this specific trade openness event. The results vary according to the country’s income level. For example, this event has a more significant effect in developed countries than developing countries. The above results are due to the growth in both production and consumption emission intensities after the event. Notably, the magnitude of the increase in the production emissions is smaller than the consumption emissions, thus inferring that the CO2 emissions embodied in domestic production used for exports or final consumption partially decrease through the growing highemission intensity intermediate goods imported from China. |
| Keywords: | trade liberalization ; China’ entry into the WTO ; production CO2 emissions ; consumption CO2 emissions ; developed and developing countries JEL Classification: F18 ; Q53 ; Q54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:26&r= |
| By: | Victor Ajayi (EPRG, CJBS, University of Cambridge); Tom Weyman-Jones (School of Business and Economics, Loughborough University) |
| Keywords: | Electricity generation, technical efficiency, marginal effect, restructuring, regulatory institutions |
| JEL: | C23 D24 L51 L94 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2123&r= |
| By: | Most Asikha Aktar (UUM - Universiti Utara Malaysia); Mukaramah Binti (UUM - Universiti Utara Malaysia); Md Alam (UUM - Universiti Utara Malaysia) |
| Abstract: | This is a pre-publication copy. The published article is copyrighted by the publisher. Green Path Development and Green Regional Restructuring for Sustainable Development Definition The concept of green energy has come to the fore as a strategic sustainable energy formation process for the whole world since last three decades, but it has gained enormous interest during recent years. Green Energy is referred to clean sources of energy that generates lower environmental impact in relation to conventional energy technology (Bhowmik et al. 2017). In terms of reducing negative environmental impact, highlighting the importance of Green Energy on environment, sustainability researchers have increasingly utilized this lens to explain the multi-dimensions of many sustainable development issues, and explored new ways for addressing the most recent concept. In addition, for defining various aspects of sustainability, Green Energy concept is not a new concept rather it is an emerging concept. |
| Date: | 2021–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03520061&r= |
| By: | Ma, Yuxuan (University of Warwick) |
| Abstract: | This study finds that individuals exposed to an additional 1 μg/m3 airborne particulate matter smaller than 2.5 lead to a statistically significant 0.121 kg/m2 rising of body mass index. This positive relationship is identified by two-stage least square regression using a regression discontinuity estimator of air pollution generated by China’s coal-burning winter heating policy, which only heats for northerners but not for southerners, as the instrument variable. This identification utilizing the quasi-experimental method of regression discontinuity design based on the difference of county’s latitude from both parametric and nonparametric approaches, using different kernel types and bandwidth sizes, with 6000 observations in 2008. Further, the result shows that heating policy caused airborne particulate matter smaller than 2.5 and body mass index significantly increasing in the north and south divided line. These findings not only contribute to the identification of causality between air pollution and obesity but help guide social and environmental policy as well. |
| Keywords: | Airborne particulate matter ; Body mass index ; China ; Central heating policy ; Regression discontinuity JEL Classification: C54 ; I10 ; Q53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:18&r= |
| By: | Kevin Remmy |
| Abstract: | This paper develops a structural model of endogenous product attribute choice in the presence of indirect network effects to study electric vehicle (EV) subsidies. Using data on the German EV market from 2012-2018, I find that a support scheme increased EV sales by 98% but led to strong range distortions. When designing subsidies, these distortions create a trade-off between optimizing different policy objectives. Large purchase subsidies maximize EV sales whereas large charging station subsidies maximize consumer and total surplus. The results suggest that policymakers should carefully weigh the benefits of increasing EV sales against the distortions this causes. |
| Keywords: | network externalities, product attribute choice, elctric vehicles, subsidies |
| JEL: | D12 D62 H23 L62 Q55 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2022_335&r= |
| By: | Eric Jondeau; Benoit Mojon; Luiz Awazu Pereira da Silva |
| Abstract: | In this paper, we build portfolios with a progressively falling carbon footprint, which passive investors could use as a new Paris-consistent (PC) benchmark while keeping their risk-adjusted returns at the same level as those of business-as-usual (BAU) benchmarks. We identify the worst polluters globally, exclude them from the portfolio, and re allocate the proceeds so as to keep sectoral and regional exposures similar to those of the business as usual (BAU) benchmark. This approach limits the divestment from corporates in emerging market economies that would result from implementing exclusions and reinvestment without the objective of preserving regional exposures. We show that reducing the carbon footprint of the portfolio by 64% in 10 years could be achieved by sequentially excluding up to 11% of the corporates, which together amount to less than 6% of the global market portfolio. While this reallocation keeps regional and sectoral exposures at a similar level to those of the BAU benchmark, it does not change the portfolio's risk-adjusted return. We define PC benchmark portfolios at the global level as well as for Emerging Countries, Europe, North America, and the Pacific. |
| Keywords: | Portfolio carbon footprint, Green and brown assets, Alignment with Paris Net Zero Emissions Agreement |
| JEL: | G11 G24 Q56 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:985&r= |
| By: | Anderl, Thomas |
| Abstract: | The present studies focus on the land use contributions to industrial-age carbon emissions and future abatement potentials. A practicable estimation scheme is presented to transparently identify the driving terms behind past emissions and future mitigation possibilities. Regarding the major emissions sources, 10 % of total present CO2 emissions are possible in tail of primary forest clearing outside of wood consumption; 3 % are attributed to desertification and peat cultivation; on the opposite, 5 % are counteracted by sequestration from forest gain. Regarding mitigation, prudent land use has the potential to reduce more than 50 % of all present anthropogenic emissions at approximate zero costs. Prerequisite is that biomass be considered a scarce resource and therefore, carefully supported and solely used in high-efficiency applications. |
| Date: | 2022–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:zg8n7&r= |
| By: | Baines, Joseph; Hager, Sandy Brian |
| Abstract: | This article examines the role of the Big Three asset management firms – BlackRock, Vanguard and State Street – in corporate environmental governance. Specifically, it charts the Big Three’s relationships with the publicly-owned Carbon Majors: a small group of fossil fuels, cement and mining companies responsible for the bulk of industrial greenhouse gas emissions. It finds that the Big Three much more often than not oppose rather than support shareholder resolutions aimed at improving environmental governance. Notably, this is even the case with the Big Three’s environmental, social and governance funds. A more fine-gained analysis shows that the combined voting decisions of the Big Three are more likely to lead to the failure than to the success of environmental resolutions and that, whether they succeed or fail, these resolutions tend to be narrow in scope and piecemeal in nature. Based on these findings, the article raises serious doubts about the Big Three’s credentials as environmental stewards. |
| Keywords: | climate,finance,oil,ownership and control |
| JEL: | P16 P26 P48 P28 G2 G3 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:249674&r= |
| By: | M. Ajide, Folorunsho (Department of Economics); A. A. Soyemi, Kenny (Department of Economics) |
| Abstract: | Objective: The objective of this study was to examine the moderating effect of institutional quality in the relationship between oil rents and entrepreneurial start-ups for oil-rich countries in Africa. Research Design & Methods: The study employed panel regression techniques that included instrumental variable (IV) estimator to analyse the data of 11 oil-rich countries in Africa over a period of 2006-2018. Findings: The following results emerged. (1) Oil rent’s impact is positive and significantly affects entrepreneurial start-ups. (2) The interactive coefficients of oil rents and institutional quality have a negative and significant impact on entrepreneurial start-ups. This means the quality of African institution reduces and leaks out entrepreneurial benefits of oil rents in African oil-rich countries. We establish that institutional quality’s threshold at which oil rent would accelerate entrepreneurial start-ups is 2.23 on a five-point scale. Implications & Recommendations: This study revealed that the ability of oil rents to consistently promote entrepreneurial development in oil-rich economies depends on the level of institutional conditions. This situation may create a growth trap for African oil-dependent economies because entrepreneurial start-ups depend on the quality of institutional foundations, which may position the growth inclusiveness and government actions on the right paths. In this context, our empirical findings reveal that African governments need to work on the institutional quality of their economies to reduce the institutional curse of oil rents on African entrepreneurial start-ups. Contribution & Value Added: The article advances our understanding on the nexus of entrepreneurship and oil rents. It is the first study conducted on oil-rich countries in Africa. Moreover, the work differs from the literature by examining the threshold level at which African institutional quality would meaningfully enhance positive relationship between oil rents and entrepreneurial start-ups. |
| Keywords: | Africa; institutions; new business entry; oil rents; panel-corrected standard errors |
| JEL: | M13 N97 O43 |
| Date: | 2022–02–13 |
| URL: | http://d.repec.org/n?u=RePEc:ris:decilo:0020&r= |
| By: | Janet Currie (Princeton University); John Voorheis (U.S. Bureau of the Census); Reed Walker (University of California, Berkeley) |
| Abstract: | Racial differences in exposure to ambient air pollution have declined significantly in the United States over the past 20 years. This project links administrative Census microdata to newly available, spatially continuous high resolution measures of ambient particulate pollution (PM2.5) to examine the underlying causes and consequences of differences in Black-White pollution exposures. We begin by decomposing differences in pollution exposure into components explained by observable population characteristics (e.g., income) versus those that remain unexplained. We then use quantile regression methods to show that a significant portion of the "unexplained" convergence in Black-White pollution exposure can be attributed to differential impacts of the Clean Air Act (CAA) in African American and non-Hispanic White communities. Areas with larger Black populations saw greater CAA-related declines in PM2.5 exposure. We show that the CAA has been the single largest contributor to racial convergence in PM2.5 pollution exposure in the U.S. since 2000 accounting for over 60 percent of the reduction. |
| Keywords: | Pollution, Socioeconomic factors, Minority & ethnic groups |
| JEL: | H4 I14 J18 Q5 Q53 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2021-87&r= |
| By: | Damar, H. Evren; Lange, Ian; McKennie, Caitlin; Moro, Mirko |
| Abstract: | We exploit the spatial and temporal variation of the staggered introduction of interstate banking deregulation across the U.S. to study the relationship between credit constraints and consumption of durables. Using the American Housing Survey from 1981 to 1989, we link the timing of these reforms with evidence of a credit expansion and household responses on many margins. We find evidence that low-income households are more likely to purchase new appliances after the deregulation. These durable goods allowed households to consume less natural gas and spend less time in domestic activities after the reforms. |
| Keywords: | banking deregulation,credit constraints,energy consumption,durable goods |
| JEL: | D12 G2 Q41 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwhdps:42022&r= |
| By: | David Castells-Quintana (Universidad Autónoma de Barcelona, University of Barcelona, AQR-IREA); Elisa Dienesch (IEP Aix-en-Provence - Sciences Po Aix - Institut d'études politiques d'Aix-en-Provence, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Melanie Krause (University of Hamburg) |
| Abstract: | In this paper, we take a global view at air pollution looking at cities and countries worldwide. We pay special attention at the spatial distribution of population and its relationship with the evolution of emissions. To do so, we build i) a unique and large dataset for more than 1200 (big) cities around the world, combining data on emissions of CO2 and PM2.5 with satellite data on built-up areas, population and light intensity at night at the grid-cell level for the last two decades, and ii) a large dataset for more than 190 countries with data from 1960 to 2010. At the city level, we find that denser cities show lower emissions per capita. We also find evidence for the importance of the spatial structure of the city, with polycentricity being associated with lower emissions in the largest urban areas, while monocentricity being more beneficial for smaller cities. In sum, our results suggest that the size and structure of urban areas matters when studying the density-emissions relationship. This is reinforced by results using our country-level data where we find that higher density in urban areas is associated with lower emissions per capita. All our main findings are robust to several controls and different specifications and estimation techniques, as well as different identification strategies. |
| Keywords: | Density,Pollution,Cities,City structure,Development |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03361637&r= |
| By: | Lam Do, Truong Phuong (Monash University) |
| Abstract: | This paper examines the subsidy in the retail electricity market from two perspectives: cash transfer and quantity–based subsidy. The cash transfer is measured by three dimensions: benefit incidence, beneficiary incidence, and materiality; The quantity-based subsidy is established under the increasing block rate pricing. Overall, both subsidies are not efficient in supporting the poor. To improve the quantity–based subsidy, three proposals, along with the proposal from the company running the market are examined. The welfare effect under these plans is measured by the change in consumer surplus. Findings from this paper show that the reform should let the first blocks reflect the full marginal cost. Moreover, the price structure should be changed in both marginal price and the intervals. To mitigate the reduction in the quantity–based subsidy, the government should improve the cash transfer by reducing the extortion and targeting more efficiently, especially to poor households who live in rented houses. |
| Keywords: | Vietnam retail electricity market ; block rate pricing ; welfare effect ; electricity externalities ; demand function ; cash transfer ; quantity-based subsidy JEL Classification: D12 ; D63 ;p Q41 ; Q48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:31&r= |
| By: | Duong, Cong Thuy; , Le Thi Thanh Diem; Dung, Doan Thu; Dương, Phan Thùy; Chi, Vu Quynh; Chi, Nguyen Hoang; Chi, Hoang Thi Linh; Chuc, Hoang Thi Hong; Duong, Nguyen Cam; Dung, Nguyen Tan |
| Abstract: | Protecting the green - clean - beautiful living environment is a matter of concern for the whole world. There are many global or regional conferences that have been held to discuss and find a way to solve that problem. In which, climate change, energy depletion and greenhouse effect are hot issues, this is one of the biggest challenges facing humanity in the 21st century because they are directly affecting to ecosystems, environmental resources and human life. |
| Date: | 2021–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:w4zec&r= |
| By: | Hakan Yilmazkuday (Department of Economics, Florida International University) |
| Abstract: | Using daily data on the coronavirus disease 2019 (COVID-19) cases from China and the rest of the world, this paper investigates the corresponding effects on the global economic activity. The empirical results based on a structural vector autoregression model using crude oil prices (COP) and the Baltic Exchange Dry Index (BDI) are consistent with increases in COVID-19 cases acting as negative demand shocks in the global economic activity (reflected as reductions in COP) and negative supply shocks in the global transportation of commodities (reflected as increases in BDI). The historical decomposition results further suggest that the effects of COVID-19 cases on COP and BDI have been mostly observed in the early COVID-19 period. |
| Keywords: | COVID-19, Coronavirus, Baltic Dry Index, Crude Oil Prices |
| JEL: | F60 I10 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:fiu:wpaper:2202&r= |
| By: | Rodier, Caroline; Garcia Sanchez, Juan Carlos; Harrison, Makenna; Francisco, Jerel; Tovar, Angelly; Randall, Creighton |
| Abstract: | Carsharing, in which members have access to a network of shared vehicles for short-term rentals, has existed in the US for more than two decades. Within the last six years though, carsharing services have proliferated under a wider variety of business models. These programs are increasingly seen as a means of increasing transportation access in underserved communities—particularly in those with limited public transit service. The recent incorporation of electric vehicles in carsharing programs is also seen as a promising public policy for reducing greenhouse gas emissions. Government support for carsharing has accelerated, with state and federal agencies investing millions of dollars in support of equity and sustainability goals. As funding grows, it becomes increasingly important to learn from carsharing services that have already been implemented. Researchers at the University of California, Davis and the non-profit organization Mobility Development reviewed evaluations of the travel, emissions, and equity effects of past US carsharing programs and analyzed the evolution of carsharing and its various business models. The aim of the research is to inform the design of and improve the value of investments in future electric carsharing programs, and this policy brief summarizes these findings and provides policy implications. View the NCST Project Webpage |
| Keywords: | Business, Social and Behavioral Sciences, Carsharing, electric vehicles, pilot, evaluation, equity |
| Date: | 2022–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt8cx2q5vj&r= |
| By: | Aditya Goenka (University of Birmingham [Birmingham]); Lin Liu (University of Liverpool); Manh-Hung Nguyen (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Preliminary evidence indicates that pollution increases the severity and likelihood of COVID-19 infections similar to many other infectious diseases. This paper models the inter-action of pollution and disease preventive actions, either pharmaceutical or non-pharmaceutical interventions, on transmission of infectious diseases in a neoclassical growth framework. There are two externalities – households do not take into account how their actions affect disease transmission, and productive activity results in pollution which increases the likelihood of in-fections. The disease dynamics are modeled to be of SIS type. We study the difference in health and economic outcomes between the decentralized economy, where households do not internalize externalities, and socially optimal outcomes, and characterize the taxes and subsi-dies that decentralize the latter. Thus, we examine the question whether there are sufficient incentives to reduce pollution, at both private and public levels, once its effects on disease transmission is considered. In competitive outcomes, pollution increases with increased pro-ductivity. The socially efficient outcome has higher pollution than a competitive outcome, despite increase in abatement, as the effect of higher productivity and larger labor supply dom-inates. The results question the hopes of a Green Recovery. |
| Keywords: | Green Recovery,Infectious disease,Pollution: environmental policy,Covid-19,Dynamic Pigovian taxes |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03537969&r= |
| By: | Xiang-li Lim (Green Templeton College, and Saïd Business School, University of Oxford); Vatcharin Sirimaneetham (Economic Affairs Officer, Macroeconomic Policy and Analysis Section, Macroeconomic Policy and Financing for Development Division, ESCAP) |
| Abstract: | This paper discusses how central banks and financial supervisory authorities (CBFSAs) can foster green development in Asia and the Pacific. It argues that while fiscal policy has received much attention, CBFSAs can certainly play a complementary role in speeding up the transition towards low-carbon, climate-resilient economies. Indeed, CBFSAs are obliged to act as inaction could compromise their mandate of maintaining economic and price stability given that climate change poses an emerging risk to the financial system. The paper first shows that around half of Asia-Pacific central banks either have sustainability-oriented mandates or began integrating climate issues into their policy conduct. It then demonstrates that while the region remains at the early stage of green monetary and financial policies, some CBFSAs are at the forefront in deploying monetary policy tools, prudential measures, and broader initiatives to support green finance. To further promote green central banking, having clear guiding principles, effective communication, and adequate technical capacity to customize the green approach is critical. Moving forward, CBFSAs should be mindful about possible unintended, adverse impacts of sustainable central banking, such as interfering with market neutrality, supporting greenwashing, and crowding out green private investments. |
| Keywords: | central banking, monetary policy, green development, green finance, climate risks |
| JEL: | E52 E58 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:unt:wpmpdd:wp/21/10&r= |
| By: | Edouard Mien (CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Despite a large number of empirical studies on Dutch disease in developing countries and the evidence that oil revenues tend to appreciate the real exchange rate, there remains little discussion about the definition of real exchange rates. This article intends to fill this gap by using four different proxies of the real exchange rate, differentiating the internal and the external real exchange rates for agricultural and manufacturing sectors. Using Pooled-Mean-Group and Mean-Group estimates on a panel of nine African net oil-exporting countries, results show a clear appreciation of the RER generated by oil revenues except for the internal real exchange rate for manufacturing goods. This could imply that oil revenues more clearly affect agricultural compared to manufacturing competitiveness in these African countries. |
| Keywords: | Dutch disease,Africa,Equilibrium real exchange rate,Pooled Mean Group Estimator,Oil revenues |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cdiwps:hal-03013571&r= |
| By: | Duong, Cong Thuy; Duong, Nguyen Cam; Chuc, Hoang Thi Hong; Chi, Nguyen Hoang; Chi, Vu Quynh; Chi, Hoang Thi Linh; Dương, Phan Thùy; , Le Thi Thanh Diem; Dung, Doan Thu; Dung, Nguyen Tan |
| Abstract: | Biến đổi khí hậu, cạn kiệt năng lượng và hiệu ứng nhà kính là những vấn đề về môi trường đang được quan tâm ngày nay. |
| Date: | 2021–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6rcps&r= |
| By: | 子, 鬼谷 |
| Abstract: | Expeditious increase in population and industrialization has led to alarming rates of air pollution in all countries. However, developing economies have had to face a more adverse and severe impact. This had led to many changes in the day to day living of citizens. In this paper we have focused on the psychological process and predictors of migration intention of the people living in Hanoi, Vietnam. Two stratified random datasets of 475 people were used, and Bayesian analysis was performed on this dataset. We found out that the intent to move was negatively associated to the individual’s satisfaction with air quality. We also found that people who have family members that have fallen victim to a disease caused by air pollution are more likely to migrate. This paper discusses an important topic: immigration of the younger demographic, i.e. the Hanoi workforce, which may cause restrictions and hurdles in the city's urbanisation and development. The findings suggest that, if measures against air pollution are not taken, economic forces may be disrupted, posing a threat to urban growth. As a result, collaborative activities and steps need to be taken by the government to curb this unfortunate consequence. |
| Date: | 2021–12–22 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:wjya3&r= |
| By: | Laurent Ferrara; Aikaterini Karadimitropoulou; Athanasios Triantafyllou |
| Abstract: | Global economic activity is surrounded by increasing uncertainties from various sources. In this paper, we focus on commodity prices and estimate a global commodity uncertainty factor by capturing comovement in volatilities of major agricultural, metals and energy commodity markets through a group-specific Dynamic Factor Model. Then, by computing impulse response functions estimated using a small-scale Structural VAR model, we find that an increase in the common commodity price uncertainty results in a substantial and persistent drop in investment and trade, for a set of emerging and advanced economies. We also show that a global commodity uncertainty shock is more detrimental for shortand long-term economic growth than usual financial and economic policy uncertainty shocks. Last, our methodology turns out to be an efficient way to disentangle “good” and “bad” macroeconomic effects of oil price uncertainty: when an oil price uncertainty shock is common to all commodities, then the macroeconomic effect is likely to be negative, similar to a global demand shock. However, when the uncertainty shock is only specific to the oil market, the short-run effect tends to be positive. |
| Keywords: | Commodity uncertainty, dynamic factor model, investment, trade flows, comovement, uncertainty shocks |
| JEL: | C51 C53 Q02 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:een:camaaa:2022-08&r= |
| By: | Yannis Dafermos (SOAS University of London); Maria Nikolaidi (University of Greenwich) |
| Abstract: | Using an ecological macrofinancial model, we explore the potential impact of the `green supporting factor' (GSF) and the `dirty penalising factor' (DPF) on climate-related financial risks. We identify the transmission channels by which these green differentiated capital requirements (GDCRs) can affect credit provision and loan spreads, and we analyse these channels within a dynamic framework in which climate and macrofinancial feedback effects play a key role. Our main findings are as follows. First, GDCRs can reduce the pace of global warming and decrease thereby the physical financial risks. This reduction is quantitatively small, but is enhanced when the GSF and the DPF are implemented simultaneously or in combination with green fiscal policies. Second, the DPF reduces banks' credit provision and leverage, making them less fragile. Third, both the DPF and the GSF generate some transition risks: the GSF increases bank leverage because it boosts green credit and the DPF increases loan defaults since it reduces economic activity. These effects are small in quantitative terms and are attenuated when there is a simultaneous implementation of the DPF and the GSF. Fourth, fiscal policies that boost green investment amplify the transition risks of the GSF and reduce the transition risks of the DPF; the combination of green fiscal policy with the DPF is thereby a potentially effective climate policy mix from a financial stability point of view. |
| Keywords: | stock-flow consistent modelling, climate change, financial stability, green financial regulation |
| JEL: | E12 E44 G18 Q54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:63-2021&r= |
| By: | - |
| Abstract: | Although the notion of a circular economy (CE) has been conceived and debated for more than half a century (Henrysson and Nuur, 2021), it has gained considerable popularity in the lexicon of economists, ecologists and other development thinkers over the past two decades. The increasing evidence of the existential threat of human-induced climate change and the related imperatives of decarbonizing the global economy, have led to greater focus on strategies for a more sustainable use of the natural and environmental resource base. |
| Keywords: | ECONOMIA VERDE, FUENTES DE ENERGIA RENOVABLES, DESARROLLO DE LOS RECURSOS NATURALES, DESARROLLO DE LOS RECURSOS HIDRICOS, ADMINISTRACION DE DESPERDICIOS, TRANSPORTE INTERIOR, TRIBUTACION, ECONOMIA AMBIENTAL, ELABORACION DE POLITICAS, INVERSIONES, BONOS, FINANCIACION, DESARROLLO SOSTENIBLE, OBJETIVOS DE DESARROLLO SOSTENIBLE, PEQUEÑOS ESTADOS INSULARES EN DESARROLLO, GREEN ECONOMY, RENEWABLE ENERGY SOURCES, NATURAL RESOURCES DEVELOPMENT, WATER RESOURCES DEVELOPMENT, WASTE MANAGEMENT, INLAND TRANSPORT, TAXATION, ENVIRONMENTAL ECONOMICS, POLICY-MAKING, INVESTMENTS, BONDS, FINANCING, SUSTAINABLE DEVELOPMENT, SUSTAINABLE DEVELOPMENT GOALS, SMALL ISLAND DEVELOPING STATES |
| Date: | 2021–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col095:47604&r= |
| By: | Huston, Simon (Coventry University) |
| Abstract: | Every year the global financial system sends trillions of dollars to finance environmental destruction, but the climate crisis forces change. Notwithstanding vested interests and the unrecognised paradox of adopting environmental business strategies, the implementation of sustainability accounting and reporting (SAR) is imperative to catalyse economic transition away from fossil-fuel and plastic configurations to more sustainable ones. The research proceeded sequentially. First, it scanned the backdrop to the SAR problem and identified key associated institutions and a corpus of recent literature. An initial review to disentangle its conflicting threads generated three themes of ‘climate crisis’ and ‘conservative’ or more ‘radical’ SAR reform paradigms. Iteratively harnessing this thematic lens, the investigation re-examined the SAR literature corpus. It detected fragmented SAR responses to the climate crisis. Accordingly, the research reformulated its first theme to ‘dystopic climate crisis fragmentation’ but only refined the other two conservative or radical themes to take account of materiality and the split between Anglo-Saxon (IFRS, SSAB) or global and continental institutions (UN, EU, GRI). Conservatives defend incremental standard improvements but retain a single materiality investor-focus. Radicals seek to implement double materiality with a broader spectrum of stakeholders in mind. Both approaches have theoretical as well as pragmatic advantages and disadvantages, so the SAR contention rumbles on. Whilst the standard setting landscape is evolving, division, paradox and contention remain. Given vested interests in the destructive status quo, it would be naïve to expect a harmonious SAR Ithaca to emerge anytime soon. Yet the challenges impel urgent action. |
| Date: | 2022–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:gykxe&r= |
| By: | Janda, Karel; Benes, Ondrej |
| Abstract: | This paper deals with technological and legislation features of biofuels development. We look at all 2nd generation (2G) end products, the three major conversion pathways and especially the feedstock, with differentiates 2G biofuels from the conventional, 1G fuels. In the legislation and policies review we provide a timeline pointing out the major changes and policies, as well as brief comments on their applications. We look at biofuels policies for the three top player in biofuels production, the U.S., Brazil and the European Union. Because the 1st generation is strongly associated with the food-fuel debate we then focus on its link to the 2G as well, showing how these links are weaker and manageable, although with some challenges still present. |
| Keywords: | Ethanol,Biodiesel,policies,technologies |
| JEL: | Q42 Q55 Q58 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:249711&r= |
| By: | Mohamed Boly (CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique); Jean-Louis Combes (CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique); Pascale Combes Motel (CERDI - Centre d'Études et de Recherches sur le Développement International - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We empirically explore how elections impact climate change policy and environmental degradation, using a sample of 76 democratic countries over the period 1990‐2014. Three key results emerge from our system‐GMM estimations. First, election years are characterized by an increase in C02 emissions, even though the effect weakens over the recent years. Second, this effect is present only in established democracies, where incumbents engage in fiscal manipulation through the composition of public spending rather than its level. Third, higher freedom of the press and high environmental preferences from citizens reduce the size of this trade‐off between pork barrel spending and the public good, namely environment quality. |
| Keywords: | CO2 emissions,Elections,Environmental policy,Panel data |
| Date: | 2020–10–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cdiwps:halshs-01845067&r= |
| By: | David DESMARCHELIER |
| Abstract: | This paper develops a very simple model of endogenous growth à la Lucas (1988) in which a representative household has to choose between environmental preservation and human capital accumulation. After computing analytically all possible trajectories, we point out that one of them depicts an inverted U-shape relationship between human capital (production) and pollution (i.e. an Environmental Kuznets Curve). If the economy follows the EKC trajectory, then a steady state is reached in the long run, indicating the incompatibility between endogenous growth and the EKC. Moreover, this simple framework allows to compute explicitly the initial value of the control variable. It is then proved that the optimal trajectory is the balanced growth path, not the EKC. Finally, we show that endogenous growth is possible, whatever the effect of pollution on the marginal utility of consumption. |
| Keywords: | Endogenous growth, environmental Kuznets curve, human capital. |
| JEL: | C61 O44 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2022-03&r= |
| By: | Komeda, Kenji (University of Warwick) |
| Abstract: | This paper estimates the effect of air pollution, water pollution and water scarcity on internal migration in India using gravity model with 2SLS estimation. It contributes to the literature by first incorporating nationwide migrants and those three environmental factors into the analysis. The migration data is drawn from the Indian Census 2001 and 2011 and provides us with state-district pair-wise migration flows for certain time periods. With a wide range of data sources including Indian government platforms and satellite data, this study compiles a rich and comprehensive dataset. We find that the increase in air pollutant (PM2.5) at origin pushes out migrants, with larger influence on male than female. This paper also discovers, with more robust evidence, that the increase in groundwater level, a proxy for water scarcity level, at origin leads to less out-migrants and increase in groundwater at destination pulls more in-migrants for both genders. However, consistent evidence on water pollutants was not found. |
| Keywords: | Internal Migration ; Pollution ; Water Scarcity ; Gender Inequality ; Gravity Model JEL Classification: J16 ; J61 ; O15 ; Q25 ; Q53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:20&r= |
| By: | Ozili, Peterson K |
| Abstract: | This paper identifies the sources of economic policy uncertainty in Nigeria and draw implications for Africa. The paper finds that economic policy uncertainty in Nigeria has many sources which are interlinked such as: unexpected and sudden central bank intervention; change in government policy after elections; political interference in economic policy making; fall in global oil price, oil price shocks and uncertain government response; recession and unethical public policy and practices. |
| Keywords: | Economic policy uncertainty, index, bankruptcy, investment, trade, financial institutions, systemic risk, government policy, fiscal policy, monetary policy, political interference, Nigeria. |
| JEL: | E31 E32 E51 E52 E61 E65 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:112075&r= |
| By: | Annalisa Fraccaro; Sandrine Macé; Béatrice Parguel (DRM - MLAB - Dauphine Recherches en Management - MLAB - DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Two large samples of prices indicate that odd prices (i.e., prices just below a round number, for example €1,495 vs. €1,500) are used in the pricing of luxury products. An analysis of price endings suggests that luxury brand managers rely less on the drop-off mechanism than on the meaning mechanism, both of which have been used to show that odd prices influence consumers in the Fast-Moving Consumer Goods (FMCG) industry. Building on the odd-ending price justification effect, a conjoint analysis, indicating that a large proportion of luxury consumers prefer odd prices, supports the likely role of a guilt-relief mechanism in the pricing of luxury products. |
| Keywords: | Odd pricing,Luxury consumption,Justification effect,Conjoint analysis |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03503449&r= |
| By: | Eßer, Jana; Frondel, Manuel; Sommer, Stephan |
| Abstract: | Die jüngste Verschärfung der nationalen Klimaschutzziele erfordert die Ergreifung zusätzlicher umweltund klimapolitischer Maßnahmen sowie eventuelle Nachbesserungen bei den bereits bestehenden Maßnahmen. Beides führt unweigerlich zu höheren Kosten für die Bürgerinnen und Bürger. Damit einher gehen Fragen zu den Präferenzen und Gerechtigkeitsvorstellungen bezüglich dieser Maßnahmen, zu deren Beantwortung im Juni 2021 eine Erhebung unter rund 8.000 Mitgliedern des forsa-Haushaltspanels durchgeführt wurde. Die Ergebnisse zeigen, dass mit einem Anteil von rund 45% fast die Hälfte der Befragten Verbote generell als gerecht wahrnehmen und die absolute Mehrheit von rund 55% der Befragten diese für effektiver hält als finanzielle Anreize. So sprechen sich zwei Drittel der Befragten für ein Fahrverbot für Autos mit besonders hohem Schadstoffausstoß aus, um die Schadstoffbelastung in Innenstädten zu verringern, nur ein Drittel würde sich für die Alternative in Form einer City-Maut entscheiden. Dennoch werden Verbote nicht immer gegenüber alternativen Maßnahmen zur Reduktion klimaschädlichen Verhaltens präferiert. So bevorzugen die Befragten bei der Verkehrswende sowie der Wärmewende finanzielle Anreize gegenüber Verboten. In Bezug auf die Finanzierung der Kosten des Klimaschutzes ist die relative Mehrheit der Befragten der Meinung, dass zukünftige Generationen nicht daran beteiligt werden sollten. Dieses Votum ist von höchster Relevanz angesichts der Frage, wie die enormen Lasten zu finanzieren sind, die aus der massiven Transformation unserer Volkswirtschaft auf dem Weg zur Treibhausgasneutralität erwachsen werden. |
| Keywords: | Panelerhebung,Verbote,finanzielle Anreize |
| JEL: | D12 C25 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwimat:151&r= |
| By: | Aguilar Revelo, Lorena |
| Abstract: | This publication recommends actions to enable the machineries for the advancement of women to strengthen gender mainstreaming in public policy instruments and implementation actions in relation to climate change. This would enable the lead agencies and managers responsible for the implementation of public policies on behalf of gender equality and women’s autonomy to become more actively involved, and to play a transformative leadership role in the climate change response, both nationally and internationally. The objectives are to ensure that gender equality and the autonomy of all women and girls, in their diversity, are prioritized and comprehensively addressed in the climate change actions deployed both nationally and regionwide; and to enable women to participate fully as climate actors, bolstering their resilience and that of their communities to fulfil the 2030 Agenda and achieve the goals of the Paris Agreement. The document is also addressed to the institutions that form the gender architecture in the different branches and levels of government, along with civil society entities, especially feminist organizations, academic sectors, and, in general, all sectors interested and involved in promoting public policies in response to climate change and the coronavirus disease (COVID-19). |
| Keywords: | CAMBIO CLIMATICO, INCORPORACION DE LA PERSPECTIVA DE GENERO, IGUALDAD DE GENERO, MUJERES, ADELANTO DE LA MUJER, DERECHOS DE LA MUJER, DESARROLLO SOSTENIBLE, PARTICIPACION POLITICA, ACCESO A LA INFORMACION, RENDICION DE CUENTAS, LEYES Y REGLAMENTOS, ORGANIZACIONES FEMENINAS, MOVILIZACION DE RECURSOS, TOMA DE DECISIONES, GENERO, CLIMATE CHANGE, GENDER MAINSTREAMING, GENDER EQUALITY, WOMEN, WOMEN'S ADVANCEMENT, WOMEN'S RIGHTS, GENDER, SUSTAINABLE DEVELOPMENT, POLITICAL PARTICIPATION, ACCESS TO INFORMATION, ACCOUNTABILITY, LAWS AND REGULATIONS, WOMEN'S ORGANIZATIONS, RESOURCES MOBILIZATION, DECISION-MAKING |
| Date: | 2021–10–20 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col040:47358&r= |
| By: | Anqi Chen; Alicia H. Munnell |
| Abstract: | Whether households prefer a constant, increasing, or decreasing path of consumption in retirement has important implications for our understanding of retirement adequacy. Financial planners and researchers have often assumed that retirees would like to maintain their pre-retirement standard of living. However, several studies suggest that retired households decrease their consumption over time. This project builds on the existing literature by: 1) examining retirement consumption over longer periods; 2) using wealth to separate constrained and unconstrained households in order to analyze whether declines in consumption are driven by necessity or preferences; and 3) exploring whether, within unconstrained households, those with steeper mortality profiles are more likely to front-load consumption. |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:crr:crrwps:wp2021-21&r= |
| By: | Gern, Klaus-Jürgen; Kooths, Stefan; Reents, Jan; Stolzenburg, Ulrich |
| Abstract: | Following an encouraging first half of the year, the recovery of the global economy has lost momentum. Across the globe, resurging Covid-19 infections weighed on economic activity. Supply chain disruptions prevented a further expansion of global industrial production, and the fast-moving recovery of the Chinese economy almost came to a sudden stop. The impact that the Omicron variant of the coronavirus will have on output remains uncertain at this stage. Over the next few months, we expect economic growth to be rather subdued before picking up again in 2022. We forecast global output (measured on a purchasing power parity basis) to increase by 5.7 percent in 2021 and 4.5 percent in 2022, representing a downward revision of our previous forecast by 0.2 and 0.5 percentage points for 2021 and 2022, respectively. For 2023, we have increased our forecast modestly from 3.8 percent to 4.0 percent. Inflation is thought to have peaked as the contribution of the energy component to overall inflation is expected to decline considerably going forward. Nonetheless, upward pressures on prices are expected to persist given continued supply constraints, and inflation rates will likely remain well above their respective pre-Covid levels. |
| Keywords: | advanced economies,emerging economies,monetary policy,COVID19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwkeo:85&r= |
| By: | Daniel Chaves (University of Western Ontario); Marco Duarte |
| Abstract: | We analyze a hub-and-spoke cartel in the Brazilian automotivefuel industry. Using the court documents and detailed data on the supply chain we uncover three mechanisms beyond information sharing used by wholesalers (hub) to help retailers (spokes) solve the obstacles of price coordination: vertical transfers across asymmetric spokes; subsidies during punishment; and cost stabilization. We argue that wholesalers benefited from the cartel by being the exclusive supplier during the scheme. We use the synthetic control approach to quantify how successful the cartel was in increasing markups. We find that not only retailers, but wholesalers benefited from the cartel. |
| Keywords: | antitrust; Hub-and-Spoke collusion; vertical restraints |
| JEL: | K21 L12 D43 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:uwo:uwowop:20216&r= |
| By: | Sebastian Dullien (Macroeconomic Policy Institute (IMK)); Alexander Herzog-Stein (Macroeconomic Policy Institute (IMK)); Katja Rietzler (Macroeconomic Policy Institute (IMK)); Silke Tober (Macroeconomic Policy Institute (IMK)); Andrew Watt (Macroeconomic Policy Institute (IMK)) |
| Abstract: | Eine sozialverträgliche Modernisierung und Dekarbonisierung bedarf mehr als nur kurzfristiger Maßnahmen. Die Ampelkoalition hat bereits wichtige Weichenstellungen vorgenommen. Unklar bleibt allerdings, wie die in den kommenden zehn Jahren erforderlichen Zusatzausgaben von jährlich 60-80 Mrd. Euro auf den Weg gebracht werden sollen. Die Entscheidung, weder die Schuldenbremse zu reformieren noch Steuern zu erhöhen, zwingt zur kreativen Suche nach komplexen Finanzierungslösungen wie die Aufstockung von Rücklagen, die Änderung des Konjunkturbereinigungsverfahrens und die stärkere Einbindung öffentlicher Unternehmen. Die Bundesregierung sollte die aktuelle Reformdiskussion zu den EU-Fiskalregeln und zum umfassenden und wegweisenden Konzept NextGenerationEU, auch im unmittelbaren Eigeninteresse, aktiv vorantreiben. Mit Blick auf die Dekarbonisierung hat die Ampelkoalition Politikmaßnahmen mit erheblicher Tragweite für die künftige Lohn- und Beschäftigungsentwicklung vereinbart. Dabei stellt die Anhebung des Mindestlohns auf 12 Euro einen wichtigen Schritt in Richtung existenzsichernder Löhne dar. Die EZB lässt sich zu Recht nicht durch die zahlreichen Preisschocks beirren, ist aber auch kurzfristig in der Lage zu handeln, sollte sich doch eine Preis-Lohn-Spirale andeuten. Die Belastungen von Preisschocks lassen sich nicht durch geringeres Wachstum und höhere Arbeitslosigkeit mindern. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:imk:report:173-2022&r= |