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Euro Area Banks' Sensitivity to Changes in Carbon Price
Belloni, Marco; Kuik, Friderike; Mingarelli, Luca - 2022
In recent years there has been growing attention on the risks posed by climate change. One relevant question for financial stability is to which extent the materialisation of transition risks emerging from the sudden implementation of climate change mitigation policies would impact the...
Persistent link: https://www.econbiz.de/10013297413
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Foreign Direct Investment and Environmental Taxes
De Santis, Roberto A.; Stähler, Frank - 2021
This paper studies the effect of foreign direct investment (FDI) on environmental policy stringency in a two-country model with trade costs, where FDI could be unilateral and bilateral and both governments address local pollution through environmental taxes. We show that FDI does not give rise...
Persistent link: https://www.econbiz.de/10013316498
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Too Levered for Pigou : Carbon Pricing, Financial Constraints, and Leverage Regulation
Döttling, Robin; Rola-Janicka, Magdalena - 2023
We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to the direct social cost of emissions) when emissions...
Persistent link: https://www.econbiz.de/10014354928
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Carbon Taxes and the Geography of Fossil Lending
Laeven, Luc; Popov, Alexander A. - 2022
Using data on syndicated loans, we find that the introduction of a carbon tax is associated with an increase in domestic banks’ lending to coal, oil, and gas companies in foreign countries. This effect is particularly pronounced for banks with large prior fossil-lending exposures, suggesting a...
Persistent link: https://www.econbiz.de/10014258732
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Capital flows and the US ‘New Economy’: consumption smoothing and risk exposure
Miller, Marcus; Castrén, Olli; Zhang, Lei - 2005
In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country experiencing a favourable supply side shock consumes more against expected future output and spreads the risk by selling shares. With capital inflows to finance the ‘New Economy’...
Persistent link: https://www.econbiz.de/10011604505
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Euro area private consumption: Is there a role for housing wealth effects
Skudelny, Frauke - 2009
This paper adds to the literature on wealth effects on consumption by disentangling financial wealth effects from … of all wealth variables on euro area consumption is significant and positive in most specifications for both datasets ….6 cents per euro of financial wealth spent on consumption according to the estimations with euro area aggregate data. However …
Persistent link: https://www.econbiz.de/10011605103
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Structural Reforms and Macroeconomic Performance in the Euro Area Countries : A Model-Based Assessment
Gomes, Sandra - 2011
We quantitatively assess the macroeconomic effects of country-specific supply-side reforms in the euro area by simulating EAGLE, a multi-country dynamic general equilibrium model. We consider reforms in the labor and services markets of Germany (or, alternatively, Portugal) and the rest of the...
Persistent link: https://www.econbiz.de/10013127922
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The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations
Dieppe, Alistair - 2011
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10013128293
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The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations
Dieppe, Alistair - 2011
. Labour is indivisible and monopoly-unions set wages and households make consumption/saving decisions. We assume agents …
Persistent link: https://www.econbiz.de/10013128296
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Is China Climbing Up the Quality Ladder? Estimating Cross Country Differences in Product Quality Using Eurostat's COMEXT Trade Database
Pula, Gabor - 2011
There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China's export structure is very similar to that of the advanced world, its export unit values are well below...
Persistent link: https://www.econbiz.de/10013129033