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Asset diversification versus climate action
Hambel, Christoph; Kraft, Holger; Ploeg, Frederick van der - 2020
Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon-intensive sector. We allow for endogenous growth and three types of damages from global warming. It is shown that, initially, the desire to diversify assets...
Persistent link: https://www.econbiz.de/10012258563
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Where Is the carbon premium? : global performance of green and brown stocks
Bauer, Michael D.; Huber, Daniel; Rudebusch, Glenn D.; … - 2023
The relative equity pricing of more climate-friendly ("green") versus less climate-friendly ("brown") companies is an open question in climate finance. Previous research comes to conflicting conclusions, documenting either a "carbon premium" with brown stocks yielding higher returns, or the...
Persistent link: https://www.econbiz.de/10013503379
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Networks of volatility spillovers among stock markets
Baumöhl, Eduard; Kočenda, Evžen; Lyócsa, Štefan; … - 2017
In our network analysis of 40 developed, emerging and frontier stock markets during 2006-2014, we describe and model volatility spillovers during global financial crisis and tranquil periods. The resulting market interconnectedness is depicted by fitting a spatial model incorporating several...
Persistent link: https://www.econbiz.de/10011654569
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Evaluating policies to implement the Paris agreement : a toolkit with application to China
Parry, Ian W. H.; Shang, Baoping; Vernon, Nate; … - 2016
benefits and costs, and incidence across household and industry groups. The model is applied to China, the world's largest …
Persistent link: https://www.econbiz.de/10011547913
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Stock market linkages between the ASEAN countries, China and the US : a fractional cointegration approach
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; You, Kefei - 2019
This paper examines stock market integration between the ASEAN five and the US and China, respectively, over the period … analysis is carried out for the weekly series to study the impact of the 2007-8 global financial crisis and the 2015 China … exhibit long memory. There is cointegration between the ASEAN five and the US but almost none between the former and China …
Persistent link: https://www.econbiz.de/10011982404
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Kill Bill or tax : an analysis of alternative CO2 price floor options for EU member states
Böhringer, Christoph; Fischer, Carolyn - 2020
Several EU member states are exploring options for setting minimum domestic carbon prices within the EU Emission Trading System (ETS). First, a "TAX" policy would introduce a carbon tax equal to the difference between the prevailing ETS price and the targeted minimum price. Second, a national...
Persistent link: https://www.econbiz.de/10012300226
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Endogenous emission caps always induce a green paradox
Gerlagh, Reyer; Heijmans, Roweno; Rosendahl, Knut Einar - 2019
demand shock, e.g. induced by abatement policy, that increases aggregate supply and thus cumulative emissions. We prove this …
Persistent link: https://www.econbiz.de/10012105543
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EU ETS and the new green paradox
Rosendahl, Knut Einar - 2019
With the new rules of the EU ETS, involving cancellation of allowances, cumulative emissions are no longer fixed but depending on the market outcome. Perino (2018) showed that additional abatement effort can reduce cumulative emissions if it occurs within a few years. This article shows that...
Persistent link: https://www.econbiz.de/10012022186
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The legal and economic case for an auction reserve price in the EU emissions trading system
Fischer, Carolyn; Reins, Leonie; Burtraw, Dallas; … - 2019 - Current Version: September 30, 2019
When it was launched in 2005, the European Union emissions trading system (EU ETS) was projected to have prices of around €30/ton CO2 and to be a cornerstone of the EU's climate policy. The reality was a cascade of falling prices, a ballooning privately held emissions bank, and a decade of low...
Persistent link: https://www.econbiz.de/10012119540
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Think global, act local! : a mechanism for global commons and mobile firms
Ahlvik, Lassi; Liski, Matti - 2019
It is tricky to design local regulations on global externalities, especially so if firms are mobile. We show that when costs and outside options are firms' private information, the threat of firm relocation leads to local regulations that are stricter, not looser. This result is general and...
Persistent link: https://www.econbiz.de/10011996399