correcting R&D market failures, can be useful complements to emissions pricing, but ambitious renewable targets or subsidies seem …

is a trade-off between the direct benefits of each policy, and the costs that follow from the out-migration of capital …

their creditworthiness and compare different types of subsidies with indirect subsidization through public banks. We find … that, in a large parameter range, the politician prefers public banks to direct subsidies because they avoid windfall gains … subsidies. One important prerequisite for this result is that public banks must not be allowed to fully compete with private …