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Benefits and costs of the ETS in the EU, a lesson learned for the CBAM design
Böning, Justus; Di Nino, Virginia; Folger, Till - 2023
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 EU...
Persistent link: https://www.econbiz.de/10013490761
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Financing the low-carbon transition in Europe
Carradori, Olimpia; Giuzio, Margherita; Kapadia, Sujit; … - 2023
Using evidence from the EU emissions trading system, we collect verified emissions of close to 4000 highly polluting and mostly non-listed firms responsible for 26% of EU's emissions. Over the period 2013-2019, we find a non-linear relationship between leverage and emissions. A firm with higher...
Persistent link: https://www.econbiz.de/10014315149
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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/10014315161
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Dynamic carbon emission management
Bustamante, Maria Cecilia; Zucchi, Francesca - 2024
The control of carbon emissions by policymakers poses the corporate challenge of developing an optimal carbon management policy. We provide a unified model that characterizes how firms should optimally manage emissions through production, green investment, and the trading of carbon credits. We...
Persistent link: https://www.econbiz.de/10014484214
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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 financial...
Persistent link: https://www.econbiz.de/10012939681
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The double materiality of climate physical and transition risks in the euro area
Gourdel, Régis; Monasterolo, Irene; Dunz, Nepomuk; … - 2022
The analysis of the conditions under which, and extent to which climate-adjusted financial risk assessment affects firms' investment decisions in the low-carbon transition, and the realisation of the climate mitigation trajectories, still represent a knowledge gap. Filling this gap is crucial to...
Persistent link: https://www.econbiz.de/10013202012
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Gender diversity in bank boardrooms and green lending : evidence from euro area credit register data
Gambacorta, Leonardo; Pancotto, Livia; Reghezza, Alessio; … - 2022
Do female directors on banks' boards influence lending decisions toward less polluting firms? By using granular credit register data matched with information on firm-level greenhouse gas (GHG) emission intensities, we isolate credit supply shifts and find that banks with more gender-diverse...
Persistent link: https://www.econbiz.de/10013391051
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Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector
Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023
We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...
Persistent link: https://www.econbiz.de/10014315252
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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, Gábor; Santabárbara, Daniel - 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 … values reflect quality the prevailing view of the literature is that China exports low quality varieties of the same products …
Persistent link: https://www.econbiz.de/10008935837
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Does gender diversity in the workplace mitigate climate change?
Altunbaş, Yener; Gambacorta, Leonardo; Reghezza, Alessio; … - 2022
We match firm-corporate governance characteristics with firm-level carbon dioxide (CO2) emissions over the period 2009-2019 to study the relationship between gender diversity in the workplace and firm carbon emissions. We find that a 1 percentage point increase in the percentage of female...
Persistent link: https://www.econbiz.de/10012880714