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Environmental Externalities, Corporate Bonds, and the Role of Policy
Kempa, Karol; Moslener, Ulf - 2022
externalities and their cost of debt using data on European corporate bonds. For direct environmental costs as well as for carbon … emissions, we find that policy is a key driver of the capital market's valuation of these externalities. The size as well as … direction of the effect of externalities on bond spreads depends on the stringency of policy and a firm’s pollution- and carbon …
Persistent link: https://www.econbiz.de/10014236113
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Public policies and long-run growth in a model with environmental degradation
Bonatti, Luigi; Lorenzetti, Lorenza Alexandra - 2022
We study how public policies affects an economy where production emits pollutants and investment in productive assets raises the economy’s overall productivity. We explore two hypotheses about how the accumulation of pollutants affects human well-being. Under the first one, there is no limit...
Persistent link: https://www.econbiz.de/10012803772
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Environmental Policies in the Presence of More than One Externality and of Strategic Firms
Masoudi, Nahid - 2019
We first study the optimality of a committed policy mix of tax and subsidy to control pollution when firms are involved in abatement technology R&D that is subject to knowledge spillovers. Then a comparison of tax and subsidy is provided when the policy mix is not available and the regulator can...
Persistent link: https://www.econbiz.de/10012899876
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Flexibility mechanisms in environmental regulations : their use and impacts
Braathen, Nils Axel - 2019
Based on an in-depth literature review and responses to a survey among OECD member countries, this paper discusses the use of flexibility mechanisms in environmental regulations. Such mechanisms can provide flexibility as to how a given environmental improvement is achieved, regarding where...
Persistent link: https://www.econbiz.de/10012103052
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Air Pollution, Externalities, and Decentralized Environmental Regulation
Bošković, Branko - 2016
This paper investigates the extent to which interjurisdictional spillovers -- transboundary pollution and the so-called 'race to the bottom' -- distort decentralized environmental regulation in practice. To that end, I develop a model in which local jurisdictions set regulations by trading-off...
Persistent link: https://www.econbiz.de/10014127388
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Regulating stock externalities
Gerlagh, Reyer; Heijmans, Roweno - 2018
-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …
Persistent link: https://www.econbiz.de/10011939765
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De-fueling externalities : how tax salience and fuel substitution mediate climate and health benefits
Basaglia, Pier; Behr, Sophie M.; Drupp, Moritz A. - 2023
the effectiveness of fuel taxes to reduce climate and health externalities. …
Persistent link: https://www.econbiz.de/10014305676
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Clean up your own mess : an experimental study of moral responsibility and efficiency
Jakob, Michael; Kübler, Dorothea; Steckel, Jan Christoph; … - 2016
Although market-based environmental policy instruments feature prominently in economic theory and are widely employed …
Persistent link: https://www.econbiz.de/10011594567
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When Green Isn’t Mean : Economic Theory and the Heuristics of the Impact of Environmental Regulations on Competitiveness and Opportunity Cost
Altman, Morris - 2014
The conventional neoclassical economic wisdom argues that the opportunity costs of environmental regulations are high, with negative implications for costs and profits and, by implication, for growth and per capita gross domestic product (GDP). The minority view that environmental controls...
Persistent link: https://www.econbiz.de/10014199032
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Strategic Effects of Future Environmental Policy Commitments : Climate Change, Solar Radiation Management and Correlated Air Pollutants
Qu, Jingwen; Delfino Silva, Emilson - 2013
We study the effects of environmental policy commitments in a futuristic world in which solar radiation management (SRM) can be utilized to reduce climate change damages. Carbon and sulfur dioxide emissions (correlated pollutants) can be reduced through tradable permits. We show that if both...
Persistent link: https://www.econbiz.de/10014038212