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Bustamante, Maria Cecilia; Zucchi, Francesca - 2024

innovation-driven sustainability. Perhaps surprisingly, we show that carbon regulation need not reduce firm value. …

Persistent link: https://www.econbiz.de/10014484214

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

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 … physical climate risks have a substantial impact on collateral values. Additionally introducing leverage regulation can be …

Persistent link: https://www.econbiz.de/10014315161

Carbon taxes and the geography of fossil lending

Laeven, Luc; Popov, Alexander - 2022

environ-mental regulation and bank supervision. …

Persistent link: https://www.econbiz.de/10013488620

Pollution havens? : carbon taxes, globalization, and the geography of emissions

Schroeder, Christofer; Stracca, Livio - 2023

This paper studies the impact of national carbon taxes on CO2 emissions. To do so, we run local projections on a cross-country panel dataset, matching measures of emissions of carbon dioxide with information on the introduction of carbon taxes and their implied price. Importantly, we consider...

Persistent link: https://www.econbiz.de/10014481125

Climate-conscious monetary policy

Nakov, Anton; Thomas, Carlos - 2023

We study the implications of climate change and the associated mitigation measures for optimal monetary policy in a canonical New Keynesian model with climate externalities. Provided they are set at their socially optimal level, carbon taxes pose no trade-offs for monetary policy: it is both...

Persistent link: https://www.econbiz.de/10014376057

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

Benefits and costs of the ETS in the EU, a lesson learned for the CBAM design

Böning, Justus; Di Nino, Virginia; Folger, Till - 2023

-regulated regions. Outsourcing helps dodging the EU green regulation and the strategy becomes increasingly appealing as the sectoral …

Persistent link: https://www.econbiz.de/10013490761

The low-carbon transition, climate commitments and firm credit risk

Carbone, Sante; Giuzio, Margherita; Kapadia, Sujit; … - 2021

This paper explores how the need to transition to a low-carbon economy influences firm credit risk. It develops a novel dataset which augments data on firms' green-house gas emissions over time with information on climate disclosure practices and forward-looking emission reduction targets,...

Persistent link: https://www.econbiz.de/10012745324

Climate transition risk in the banking sector : what can prudential regulation do?

Grill, Michael; Popescu, Alexandra; Rancoita, Elena - 2024

paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation … increases the volatility of lending and output. We further show that relying on microprudential regulation alone would not be … microprudential regulation, leads to a Pareto improvement. …

Persistent link: https://www.econbiz.de/10014490442

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