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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
, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …
Persistent link: https://www.econbiz.de/10013316457
impact of EU structural funds on employment drawing on a panel dataset of 130 European NUTS regions over the time period 1999 … structural funds for an extended time horizon and examine the robustness of our results by comparing different dynamic panel …
Persistent link: https://www.econbiz.de/10013118136
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
We study the relation between the structure of financial systems and carbon emissions in a large panel of countries and …
Persistent link: https://www.econbiz.de/10012862199
cointegration analysis, both country and panel based, controlling for endogenous breaks. Results notably show: lack of cointegration … several countries, and panel data results corroborate the time-series findings …
Persistent link: https://www.econbiz.de/10013102099
The power of standard panel cointegration statistics may be affected by misspecification errors if proper account is … panel cointegration statistics rely on the assumption of cross-section independence, a generalisation of the tests to the … when testing the null hypothesis of no cointegration that retain good properties in terms of empirical size and power …
Persistent link: https://www.econbiz.de/10013317662
algorithm for the estimation of the restricted models. We analyze a system of monthly US data on money and income. The test …
Persistent link: https://www.econbiz.de/10013020665
The EU is revising its emissions trading system (ETS) and plans to impose a carbon border adjustment mechanism (CBAM) on imports. We evaluate the efficacy of the ETS retrospectively and its anti-competitive effects. We find that the ETS contributed to cut greenhouse gas (GHG) emissions in the...
Persistent link: https://www.econbiz.de/10014263037
The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...
Persistent link: https://www.econbiz.de/10013058551