nep-ene New Economics Papers
on Energy Economics
Issue of 2015‒09‒26
39 papers chosen by
Roger Fouquet
London School of Economics

  1. Energy Security of Resource-poor Countries: a New Paradigm of Conceptual Framework By Lixia YAO
  2. Carbon Dioxide (CO2) Emissions from Electricity: The Influence of The North Atlantic Oscillation By Di Cosmo, Valeria
  3. Technology invention and diffusion in residential energy consumption. A stochastic frontier approach. By Giovanni Marin; Alessandro Palma
  4. The consumption-based carbon footprint of households in Sulawesi, Jambi and Indonesia as a whole in 2013 By Mohammad Iqbal Irfany; Stephan Klasen; Rezky Syahrezal Yusuf
  5. Understanding energy politics: from geopolitics to market explanations By Filippos Proedrou
  6. Unexpected consequences of liberalisation: metering, losses, load profiles and cost settlement in Spain’s electricity system By Joan Batalla-Bejerano; Maria Teresa Costa-Campi; Elisa Trujillo-Baute
  7. An Alternative Reference Scenario for Global CO2Emissions from Fuel Consumption: An ARFIMA Approach By José M. Belbute; Alfredo Marvão Pereira
  8. Asymmetric industrial energy prices and international trade By Misato Sato; Antoine Dechezlepretre
  9. Impacts of intermittent renewable generation on electricity system costs By Joan Batalla-Bejerano; Elisa Trujillo-Baute
  10. Technology invention and diffusion in residential energy consumption. A stochastic frontier approach By Giovanni Marin; Alessandro Palma
  11. Transient and Persistent Energy Efficiency in the US Residential Sector: Evidence from Household-level Data By Massimo Anna Alberini; Massimo Filippini
  12. The long-run relationship between CO2 emissions and economic activity in a small open economy: Uruguay 1882 - 2010. By Matias Piaggio; Emilio Padilla; Carolina Roman
  13. Renewable Energy Policies and the Solar Home System in Cambodia By Han Phoumin
  14. A network analysis of the global energy market: an insight on the entanglement between crude oil and the world economy By Franco Ruzzenenti; Francesco Picciolo; Andreas Papandreou
  15. REDD+ Impacts: Evidence from Nepal By Bishnu Prasad Sharma; Subhrendu Pattanayak; Mani Nepal; Priya Shyamsundar; Bhaskar S. Karky
  16. Sense and No(n)-Sense of Energy Security Indicators By Christoph Böhringer; Markus Bortolamedi
  17. Testing the Relationships between Energy Consumption, CO2 emissions and Economic Growth in 24 African Countries: a Panel ARDL Approach By Simplice Asongu; Ghassen El Montasser; Hassen Toumi
  18. Market pull instruments and the development of wind power in Europe: a counterfactual analysis By Marc Baudry
  19. Smart hedging against carbon leakage By Böhringer, Christoph; Rosendahl, Knut Einar; Briseid Storrøsten, Halvor
  20. The Effect of Oil Prices and Regime Switches on Real Effective Exchange Rate in Pakistan: A Markov Regime Switching Approach By Syed Ahmed, Shujaat; Qayyum, Abdul
  21. Is Environmental Policy by Public Procurement Effective? By Lundberg, Sofia; Marklund, Per-Olov; Strömbäck, Elon
  22. Are energy market integrations a green light for FDI? By Maria Teresa Costa-Campi; Jordi Paniagua; Elisa Trujillo-Baute
  23. Exploring the oil prices and exchange rates nexus in some African economies By Vitaly Pershin; Juan Carlos Molero; Fernando Pérez de Gracia
  24. Investment vs. Refurbishment: Examining Capacity Payment Mechanisms Using Mixed Complementarity Problems With Endogenous Probability By Lynch, Muireann Á.; Devine, Mel
  25. The Irish Electricity Market: New Regulation to Preserve Competition By Lynch, Muireann Á.; Di Cosmo, Valeria
  26. Can Land Use Regulations and Taxes Help Mitigate Vehicular CO2 emissions?: An Empirical Study of Japanese Cities By Iwata, Kazuyuki; Managi, Shunsuke
  27. Site assessment, turbine selection, and local feed-in tariffs through the wind energy index By Matthias Ritter; Lars Deckert
  28. Climate damages on production or on growth: what impact on the social cost of carbon By Céline Guivarch; Antonin Pottier
  29. When Low Market Values Are No Bad News: On the Coordination of Renewable Support and Real-Time Pricing By Michael Pahle; Wolf-Peter Schill; Christian Gambardella; Oliver Tietjen
  30. Biofuel Feedstock Cultivation in India: Implications for Food Security and Rural Livelihoods By K.S. Kavi Kumar; R.S. Soundar Rajan; R. Manivasagan
  31. As the Wind Blows: The Effects of Long-Term Exposure to Air Pollution on Mortality By Michael L. Anderson
  32. The Cost of Greening Stimulus: A Dynamic Discrete Choice Analysis of Vehicle Scrappage Programs By Chao Wei; Shanjun Li
  33. Can French environmental taxes really turn into green taxes ? By Mireille Chiroleu-Assouline
  34. Medidas Regulatórias, Volatilidade e Contágio: um estudo dos casos da energia elétrica e das telecomunicações no Brasil By Gabriel G. Fiuza de Bragança; Marcelo de Sales Pessoa; Katia Rocha
  35. Division of Nonrenewable Resource Rents: A Model of Asymmetric Nash Competition with State Control of Heterogeneous Resources By Pete Maniloff; Dale T. Manning
  36. Saudi Arabia: 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl By International Monetary Fund. Middle East and Central Asia Dept.
  38. Klima- und Energiepolitik in Deutschland: Dissens und Konsens By Andor, Mark A.; Frondel, Manuel; Schmidt, Christoph M.; Simora, Michael; Sommer, Stephan
  39. Shale Public Finance: Local Government Revenues and Costs Associated with Oil and Gas Development By Richard G. Newell; Daniel Raimi

  1. By: Lixia YAO (Energy Studies Institute, National University of Singapore)
    Abstract: It is important to recognize the similarities of the four resource-poor island countries in East Asia: Singapore, South Korea, Japan and Taiwan, which have many characteristics in common. All of them had high growth rates that had been sustained over many years. Energy production, particularly fossil fuel production in these countries is not able to keep up with the pace of energy demand growth. Therefore, they are highly dependent on imported energy. This research will present a novel framework for assessing energy security of the resource-poor island countries and evaluating energy policies of these countries. The framework consists of three dimensions: vulnerability, reliability, and sustainability. First, as these countries have little indigenous energy resources, their import dependency makes these countries highly vulnerable to disruption of energy supply. This constitutes the first critical dimension for their energy security: vulnerability. This dimension covers the primary energy resources. Second, besides the vulnerability of fossil fuels import dependency, another key factor that has deep impact on these resource-poor countries is the reliability of electric power sector, which sustains the engine of their economic growth. This dimension covers the secondary energy resources. Third, environmental issues are always closely associated with energy production and utilization. The resource-poor countries have remained committed to putting efforts in maintaining sustainability and keeping the country green. Hence, concerns of sustainability constitute an indispensable component of their contemporary energy regime. This is the third dimension for their energy security: sustainability.Based on the three dimensions of energy security, the research will compare energy policies and energy security situation of the four resource-poor countries in East Asia. Through the evaluation and comparison of their energy policies, the aim of the research is to identify energy policies that help to improve energy security of resource-poor countries, discuss the policy implications, and give suggestions to the governments.
    Keywords: Energy policy; energy security framework; resource-poor countries
  2. By: Di Cosmo, Valeria
    Abstract: This paper investigates the determinants of the Italian electricity price (PUN) in order to determine the major challenges this market is currently facing. The results suggest that the policy maker should be aware that the importance of market expectations is increasing (captured in the model by the forward electricity price) and this may be used to understand and forecast the dynamics of spot prices. Second, the positive link between fuel prices and the Italian electricity price may lead to a greater exposure of the Italian electricity price to fluctuations in the international fuel markets. However the results show that the risks associated with higher fuel prices are partially mitigated by the presence of wind generation installed in the system.
    Date: 2015–08
  3. By: Giovanni Marin; Alessandro Palma
    Abstract: Traditional large appliances absorb a large share of residential electricity consumption and represent important targets of energy policy strategies aimed at achieving energy security. Despite being characterized by rather mature technologies, this group of appliances still offers large potential in terms of efficiency gains due to their pervasive diffusion. In this paper we analyse the electricity consumption of a set of four traditional ‘white goods’ in a panel of ten EU countries observed over 21 years (1990-2010), with the aim of disentangling the amount of technical efficiency from the overall energy saving. The technical efficiency trend is modelled through a set of technology components representing both the invention and adoption process by the means of specific patents weighted by production and bilateral import flows, which allows to overcome the rigid Stochastic Frontier framework in modelling the effect of technical change. Our results show that the derived energy demand and inefficiency trends are both related to changes in the amount of available technology embodied in energy efficient appliances. The effect is significant both in its domestic and international components and suggests an active role of innovation and trade policies for achieving efficiency targets which directly impact the amount of electricity consumed by households.
    Keywords: Energy efficiency, technological diffusion, electrical appliances, stochastic frontier analysis, residential sector
    JEL: O33 Q55 Q41
    Date: 2015
  4. By: Mohammad Iqbal Irfany (Georg-August-University Göttingen); Stephan Klasen (Georg-August-University Göttingen); Rezky Syahrezal Yusuf (Georg-August-University Göttingen)
    Abstract: This study analyzes the consumption-based carbon footprint of households in Sulawesi, Jambi and Indonesia as a whole. Combining the use of the GTAP data for emission intensities, of input-output tables for inter-industry linkages with household expenditure categories, we then estimate and calculate the carbon footprint from household consumption, including its drivers, pattern and decomposition of increasing household emission intensities. We find that the main driver of carbon footprint is overall household income, but that differentials in fuel, light and transportation expenditures are key drivers of the household carbon footprint. These expenditures also ensure that the carbon footprint of household in Jambi is higher than in Indonesia as a whole, despite lower per capita incomes. At the same time, substantially lower income inequality in Jambi ensures that the inequality in the carbon footprint is much lower in Jambi than in Indonesia as a whole; particularly noteworthy is the poorer quintiles in Jambi have substantially higher emissions than average Indonesian households in the same quintiles. In Sulawesi, average emissions are much lower and also not as unequal than in Indonesia as a whole. Overall expenditures are by far the most important driver of household carbon emissions, but in Jambi, emissions are higher at all expenditure levels, suggesting particularly carbon-intensive consumption patterns.
    Keywords: Development economics; carbon footprint; household emissions; comparison of Sulawesi, Jambi, and National SUSENAS
    JEL: Q54 D12 O13
    Date: 2015–09–19
  5. By: Filippos Proedrou (American College of Thessaloniki, Greece)
    Abstract: Energy politics is very often analyzed as a fundamentally geopolitical scramble. Accordingly, the states are viewed as the main actors in the energy field; their motives as essentially political; and the outcomes of their decisions and actions as pivotal to the overall geopolitical reordering of the world. While there is definitely some truth in these patterns of analysis, it is hard to sideline both other actors, such as energy corporations and institutions with a clear economic mindset, as well as motives of profitability and parameters of competitiveness. This paper aims to demonstrate that since the outbreak of the global financial crisis, it is essentially market parameters that discipline state actors and render the geopolitically-centered analyses problematic and inadequate. To the contrary, the finalization of the single EU energy market, the shale gas revolution, the globalization of LNG markets, and the interests of rising economic actors within Russia frame increasingly the gas field in Eurasia. The evolution of the gas field is hence determined to a significant extent by economic(-minded) actors, and on the basis of motives of profitability and parameters of competitiveness. Geopolitical aspirations and perspectives should be integral in the analysis, but kept at bay so that rather frequent exaggerations are avoided.
    Keywords: Russia, EU, supply and demand, LNG, shale gas, competitiveness
    JEL: Q40 Q41 Q48
  6. By: Joan Batalla-Bejerano (Rovira i Virgili University); Maria Teresa Costa-Campi (University of Barcelona & IEB); Elisa Trujillo-Baute (University of Warwick & IEB)
    Abstract: European energy markets have undergone a major transformation as they have advanced towards market liberalisation and it is vital that the details of these developments be carefully examined. The success of liberalisation is based on smart regulation, which has been capable of providing solutions to unforeseen events in the process. Our paper seeks to contribute to existing understanding of the unexpected consequences of the liberalisation process in the power system by examining a natural experiment that occurred in Spain in 2009. In that year, the electricity supply by distribution system operators (DSOs) disappeared. This positive change in retail market competition, as we demonstrate in this paper, has had an unexpected effect in terms of the system’s balancing requirements. We undertake a rigorous assessment of the economic consequences of this policy change for the whole system, in terms of its impact on final electricity prices.
    Keywords: Electricity market design, balancing services, electricity market balance, liberalization, natural experiment
    JEL: L51 Q41 Q42 Q47
    Date: 2015
  7. By: José M. Belbute (Department of Economics, University of Évora, Portugal); Alfredo Marvão Pereira (Department of Economics, The College of William and Mary)
    Abstract: We provide alternative reference forecasts for global CO2 emissions based on an ARFIMA model estimated with annual data from 1750 to 2013. These forecasts are free from additional assumptions on demographic and economic variables that are commonly used in reference forecasts, as they only rely on the properties of the underlying stochastic process for CO2emissions, as well as on all the observed information it incorporates. In this sense, these forecasts are more based on fundamentals. Our reference forecast suggests that in 2030, 2040 and 2050, in the absence of any structural changes of any type, CO2 would likely be at about 25%, 34% and 39.9% above 2010 emission levels, respectively. These values are clearly below the levels proposed by other reference scenarios available in the literature. This is important, as it suggests that the ongoing policy goals are actually within much closer reach than what is implied by the standard CO2reference emission scenarios. Having lower and more realistic reference emissions projections not only gives a truer assessment of the policy efforts that are needed, but also highlights the lower costs involved in mitigation efforts, thereby maximizing the likelihood of more widespread energy and environmental policy efforts.
    Keywords: Forecasting, reference scenario, CO2 emissions, long memory, ARFIMA
    JEL: C22 C53 O13 Q47 Q54
    Date: 2015–08–31
  8. By: Misato Sato; Antoine Dechezlepretre
    Abstract: This paper measures the response of bilateral trade flows to differences in industrial energy prices across countries. Using a panel for the period 1996–2011 including 42 countries, 62 sectors and covering 60% of global merchandise trade, we estimate the short-run effects of sector-level energy price asymmetry on trade. We find that changes in relative energy prices have a statistically significant but very small impact on imports. On average, a 10% increase in the energy price difference between two country-sectors increases imports by 0.2%. The impact is larger for energy-intensive sectors. Even in these sectors however, the magnitude of the effect is such that changes in energy price differences across time explain less than 0.01% of the variation in trade flows. Simulations based on our model predict that a €40-65/tCO2 price of carbon in the EU ETS would increase Europe’s imports from the rest of the world by less than 0.05% and decrease exports by 0.2%.
    Keywords: energy prices; international trade; carbon taxes
    JEL: F14 F18 Q56
    Date: 2015
  9. By: Joan Batalla-Bejerano (Rovira i Virgili University); Elisa Trujillo-Baute (University of Warwick & IEB)
    Abstract: A successful deployment of power generation coming from variable renewable sources (VRES-E), such as wind and solar photovoltaic, strongly depends on the economic cost of system integration. This paper, in seeking to look beyond the impact of RES-E generation on the evolution of the total economic costs associated with the operation of the electricity system, aims to estimate the sensitivity of balancing market requirements and costs to the variable and non-fully predictable nature of intermittent renewable generation. The estimations reported in this paper for the Spanish electricity system stress the importance of both attributes as well as power system flexibility when accounting for the cost of balancing services.
    Keywords: Electricity market design, balancing services, renewable energy, variable and intermittent generation, system flexibility
    JEL: L51 Q41 Q42 Q47
    Date: 2015
  10. By: Giovanni Marin (IRCrES-CNR, Milano (Italy)); Alessandro Palma (IEFE-Bocconi, Milano (Italy))
    Abstract: Traditional large appliances absorb a large share of residential electricity consumption and represent important targets of energy policy strategies aimed at achieving energy security. Despite being characterized by rather mature technologies, this group of appliances still offers large potential in terms of efficiency gains due to their pervasive diffusion. In this paper we analyse the electricity consumption of a set of four traditional ‘white goods’ in a panel of ten EU countries observed over 21 years (1990-2010), with the aim of disentangling the amount of technical efficiency from the overall energy saving. The technical efficiency trend is modelled through a set of technology components representing both the invention and adoption process by the means of specific patents weighted by production and bilateral import flows, which allows to overcome the rigid Stochastic Frontier framework in modelling the effect of technical change. Our results show that the derived energy demand and inefficiency trends are both related to changes in the amount of available technology embodied in energy efficient appliances. The effect is significant both in its domestic and international components and suggests an active role of innovation and trade policies for achieving efficiency targets which directly impact the amount of electricity consumed by households.
    Keywords: energy efficiency, technological diffusion, electrical appliances, stochastic frontier analysis, residential sector
    JEL: O33 Q55 Q41
    Date: 2015–09
  11. By: Massimo Anna Alberini (University of Maryland,USA); Massimo Filippini (ETH Zurich, Switzerland)
    Abstract: In this paper, we measure the energy efficiency in residential energy consumption using a panel dataset comprised of 40,246 observations from US households observed over 1997-2009. We fit a stochastic frontier model of the minimum input of energy needed to meet the level of energy services demanded by the household. This benchmarking exercise produces a transient and a persistent efficiency index for each household and each time period. We estimate that the US residential sector could save approximately 10% of its total energy consumption if it reduced persistent inefficiencies and 17% if it was able to eliminate transient inefficiencies. These figures are in line with the assessment by McKinsey (2008, 2009, 2013) and greater than those indicated by the Electric Power Research Institute (2009). They suggest that savings in energy use and associated emissions of greenhouse gases (and other pollutants) may benefit from both policy measures that attain short-run behavioral changes (e.g., nudges, social norms, display of real-time information about usage, and real-time pricing) as well measures aimed at the long run, such as energy-efficiency regulations, incentives on the purchase of high-efficiency equipment and incentives towards a change of habits in the use of the equipment.
    Keywords: US residential energy demand; efficiency and frontier analysis; Household data; CO2 emissions reductions
    JEL: D D2 Q Q4 Q5
    Date: 2015–09
  12. By: Matias Piaggio (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Emilio Padilla (Universidad Autónoma de Barcelona (España). Department of Applied Economics); Carolina Roman (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía)
    Abstract: The long-run relationship between carbon dioxide emissions from energy use and economic activity level is estimated for Uruguay between 1882 and 2010. We apply cointegration techniques and estimate a Vector Error Correction Model (VECM) for testing whether these variables are endogenous over the long-rung while also considering the short-run dynamics. The economic productive structure, the degree of openness, and the share of clean sources on total energy supply are also considered as explanatory variables. The results show that there exists a linear relationship between carbon dioxide emissions and per capita economic activity level. Moreover, emissions increase jointly with the industrial sector participation in total output, as a consequence of the intensity of this activity in the consumption of energy from fossil fuels sources. The degree of openness is inversely related with carbon dioxide emissions. This is so because the periods of major opening were based on primary inputs exports, lower in energy intensity than industrial products. The changes in carbon dioxide emission are inversely related to the variation in the share of clean sources on total energy supply. Finally, all the variables included in the cointegration vector are endogenous, adjusting together to the deviations from the long-run relationship. As a consequence of the above, economic growth appears to be not enough for diminishing Uruguayan emissions in the long-run. Changes in the energy matrix should be encouraged, and emissions reduction should come not by energy constraints but by the development of clean sources or energy use efficiency improvements, given the impact of energy on economic activity level.
    Keywords: carbon dioxide emissions, cointegration techniques, Uruguay, Environmental Kuznets Curve
    JEL: Q43 C32 Q56
    Date: 2015–09
  13. By: Han Phoumin (Economic Research Institute for ASEAN and East Asia)
    Abstract: Only about one-third of households in Cambodia have access to commercial energy. Full rural electrification remains far from being achieved, and energy services are mainly delivered through fuel-based engines or generators to produce electricity that can then be stored in batteries, while biomass rather than electricity is used to power many small industrial processes. The current electricity cost in Cambodia is very high, ranging from US$0.15/kWh in Phnom Penh to US$1.00/kWh in rural areas. This high cost of electricity in rural areas provides an opportunity for the Solar Home System (SHS) to be competitive, although the installed system price of SHS remains high despite a decline in global SHS prices. This study aims to (i) review the current Renewable Energies (RE) policies in Cambodia, and (ii) analyse the cost structure through the levelised cost of electricity (LCOE) of HSH compared with current electricity costs in rural areas. The results indicate that the LCOE of SHS (without any government subsidy) is about 50 percent cheaper than the current electricity price in rural areas. When factoring in a government subsidy of US$100 per SHS unit, the LCOE of SHS drops to about one third of the current electricity price in rural areas. These results imply that promoting SHS would enable rural households to cut spending on electricity, thus increasing deposable incomes and social wellbeing of rural communities. Policy support for SHS is needed from the Royal Government of Cambodia (RGC) to ensure that the upfront costs remain comparable to other countries. It is therefore important for the state-owned electricity utility, Electricité du Cambodge, and the Rural Electricity Department to look into the whole value chain of SHS from procurement through to installation. In order to achieve savings it may be necessary to make large purchases directly from manufacturers, and increase transparency in the bidding and procurement process, together with the removal of import taxes on Renewable Energy equipment, including SHS. Furthermore, providing training to local technicians and small business entrepreneurs will be necessary to promote the solar energy business in rural Cambodia. This will help to drive down the unit costs of SHS, and promote the widespread use and application of SHS in rural Cambodia.
    Keywords: : Government policy, Solar Home System, Solar PV, rural electrification
    JEL: Q42 L11 Q48
    Date: 2015–09
  14. By: Franco Ruzzenenti; Francesco Picciolo; Andreas Papandreou
    Abstract: One major hurdle in the road toward a low carbon economy is the present entanglement of developed economies with oil. This tight relationship is mirrored in the correlation between most of economic indicators with oil price. This paper addresses the role of oil compared to the other three main energy commodities -coal, gas and electricity, in shaping the international trading network (ITW or WTW, world trade web) in the light of network theory. It initially surveys briefly the literature on the correlation between oil prices with economic growth and compares the concepts of time correlation with the concept of spatial correlation brought about by network theory. It outlines the conceptual framework underpinning the network measures adopted in the analysis and results are presented. Three measures are taken into account: the ratio of mutual exchanges in the network (reciprocity); the role of distances in determining trades (spatial filling); and the spatial correlation of energy commodities with the whole trade network and with four trading categories: food, capital goods, intermediate goods and consumption goods. The analysis deliver five main results:1) the the energy commodities network was structurally stable amid dramatic growth during the decade considered; 2) that oil is the most correlated energy commodity to the world trade web; 3) that oil is the most pervasive network, though coal is the less affected by distances; 4) that oil has a remarkably high level of internal reciprocity and external overlapping 5) that the reciprocity of the trade network is negative correlated in time with the price of oil.
    Date: 2015–09
  15. By: Bishnu Prasad Sharma; Subhrendu Pattanayak; Mani Nepal; Priya Shyamsundar; Bhaskar S. Karky
    Abstract: Reducing emissions from deforestation and forest degradation (REDD and REDD+) is an international mechanism for mitigating climate change impacts. The ambitiously designed architecture that makes REDD+ win-win for high emitting developed countries and forest rich developing countries has led to high hopes and expectations as well as a fear of failure. However, we do not as yet know if and whether REDD+ would succeed. This paper discusses the findings from one of the first rigorous quasi-experimental studies using a 'before-after-control-intervention' design that encompass all major aspects of REDD+: forest carbon and bio-physical, ecological, livelihood and welfare. The analysis of the outcome indicators from two years of REDD+ incentive payments indicate that there are positive signs of improved forest condition for carbon additionality and livelihood improvements, while no harm has been done to local livelihoods, which is generally feared in REDD+ literature. Although there is no change in forest carbon components in REDD+ communities compared to controls, important changes are observed in ecological indicators such as reduction in forest fires, timber extraction and encroachments that could contribute to carbon enhancement in the future. We find a decline in the share of firewood in household cooking that is consistent with the observed increase in biogas, a cleaner and convenient renewable energy source. These findings support the broader sense that REDD+ initiatives must and can work in tandem with other global initiatives (e.g., ENERGY + and the Sustainable Development Goals), in this case, indicating that a shift to biogas fuel could improve livelihoods and ensure REDD+ success in Nepal.
    Keywords: Sustainable forest management, forest carbon, livelihood, REDD+ impact
  16. By: Christoph Böhringer (Carl von Ossietzky Universität Oldenburg, Institut für Volkswirtschaftslehre & ZenTra); Markus Bortolamedi (Carl von Ossietzky Universität Oldenburg, Institut für Volkswirtschaftslehre)
    Abstract: Energy security ranks high on the policy agenda of many countries. To improve on energy security, governments undertake regulatory measures for promoting renewable energy, increasing energy efficiency, or curbing carbon dioxide emissions. The impacts of such measures on energy security are typically monitored by means of so-called energy security indicators. In this paper, we show that the common use of wide-spread energy security indicators falls short of providing a meaningful metric. Regulatory measures to improve on energy security trigger ambiguous effects across energy security indicators. We conclude that a major pitfall of energy security indicators is the lack of a rigorous microeconomic foundation.
    Keywords: energy security, energy security indicators, computable general equilibrium analysis
    JEL: D58 Q48
    Date: 2015–09
  17. By: Simplice Asongu (Yaoundé/Cameroun); Ghassen El Montasser (University of Manouba, Tunisia); Hassen Toumi (University of Sfax, Tunisia)
    Abstract: This study complements existing literature by examining the nexus between energy consumption (EC), CO2 emissions (CE) and economic growth (GDP) in 24 African countries using a panel ARDL approach. The following findings are established. First, there is a long run relationship between EC, CE and GDP. Second, a long term effect from CE to GDP and EC is apparent, with reciprocal paths. Third, the error correction mechanisms are consistently stable. However, in cases of disequilibrium only EC can be significantly adjusted to its long run relationship. Fourth, there is a long-run causality running from GDP and CE to EC. Fifth, we find causality running from either CE or both CE and EC to GDP and inverse causal paths are observable. Causality from EC to GDP is not strong, which supports the conservative hypothesis. Sixth, the causal direction from EC to GDP remains unobservable in the short term. By contrast, the opposite path is observable. There are also no short-run causalities from GDP, or EC, or EC and GDP to EC. Policy implications are discussed.
    Keywords: Energy consumption; CO2 emissions; Economic growth; Africa
    JEL: C52 O40 O55 Q43 Q50
    Date: 2015–09
  18. By: Marc Baudry
    Abstract: Renewable energy technologies are called to play a crucial role in the reduction of greenhouse gas emissions. Since most of these technologies are immature, public policies provide for two types of support: technology push and market pull. The latter aims at creating demand for new technologies and at stimulating their diffusion. Nevertheless, due to the complex self-sustained dynamics of diffusion it is hard to determine whether newly installed capacities are imputable to the impulse effect of instruments at the beginning of the diffusion process or to the current support. The paper addresses this problem. A micro-founded model of technology diffusion is built to estimate the impact of the yearly average Return-on-Investment (RoI) on the yearly count of commissioned wind farms in six European countries over the last decade. A counter-factual analysis is carried out to assess the impact of policy instruments on the RoI and, indirectly, on diffusion.
    Keywords: Renewable energy; technology diffusion; wind power; market pull; technology push.
    JEL: O33 Q42 Q55 H23 C61
    Date: 2015
  19. By: Böhringer, Christoph (University of Oldenburg, Oldenburg / Germany); Rosendahl, Knut Einar (School of Economics and Business, Norwegian University of Life Sciences); Briseid Storrøsten, Halvor (Statistics Norway, Oslo / Norway)
    Abstract: Unilateral climate policy induces carbon leakage through the relocation of emission-intensive and trade-exposed industries to regions with no or more lenient emission regulation. Both analytical and numerical studies suggest that emission pricing combined with border carbon adjustment is a secondbest instrument, and more cost-effective than output-based rebating, in which case domestic output is indirectly subsidized. No country has so far imposed border carbon adjustment, while variants of output-based rebating have been implemented. In this paper we show that combining output-based rebating for emission-intensive and trade-exposed goods with a consumption tax on the same goods can be equivalent with border carbon adjustment. Moreover, we demonstrate that it is welfare improving for a region which has already implemented emission pricing along with output-based rebating to also introduce such a consumption tax. We conclude that supplementing output-based rebating with a consumption tax constitutes smart hedging against carbon leakage: Compared to output-based rebating stand-alone it constitutes a robust strategy for improving cost-effectiveness of unilateral climate policy; compared to border carbon adjustment it limits the risks of potentially detrimental trade disputes.
    Keywords: Carbon leakage; output-based rebating; border carbon adjustment; consumption tax
    JEL: D61 H23 Q54
    Date: 2015–09–18
  20. By: Syed Ahmed, Shujaat; Qayyum, Abdul
    Abstract: This study takes into the account relationship between oil prices and real effective exchange rate by using different exchange rate regimes in Pakistan. In this study following (Meese and Rogoff, 1988) and (Throop,1993) Interest Rate Parity has been used to construct a model by using real effective exchange rate, Dubai crude oil price and interest rate differential from period of 1970m01 to 2014m03. Through examining the results all variables are found to be integrated of order one. The long run relationship has been examined between real effective exchange rate and Dubai crude oil price in case of all exchange rate regimes with the use of regime dummies and interaction terms except for no regime, two-tier exchange rate regime and unified exchange rate regime. Similarly between real effective exchange rate and interest rate differential long run relationship has been examined in all the exchange rate regimes. Long run and dynamic result has also been detected except for interest rate differential with the use of exogenous exchange rate regime dummies. Oil price impacting exchange rate positively in both long and short run, while interest rate differential negatively effects exchange rate in long run. Through examining the results for impact of exchange rate regime switching on exchange rate, during 1970-2000 structural shifts were causing the change in exchange rate regimes with depreciation being high during this period.
    Keywords: Interest Rate Rarity, Exchange Rate Regime, Regime Switching, Structural Shift, Cointegration, Monthly Unit Root
    JEL: F3 F31
    Date: 2015
  21. By: Lundberg, Sofia (Department of Economics, Umeå School of Business and Economics); Marklund, Per-Olov (Department of Economics, Umeå School of Business and Economics); Strömbäck, Elon (Department of Economics, Umeå School of Business and Economics)
    Abstract: Advocates of green public procurement (GPP) argue that the public sector can use its purchasing power to influence producers and consumers to reduce their negative impact on the environment. Our aim is to assess GPP as an environmental policy instrument and its ability to lead to the achievement of environmental objectives. Central to our analysis is the extent to which polluting firms choose to adapt to the public sector’s environmental requirements and to invest in greener technologies. Our theoretical finding is that the potential of GPP to function as an objective effective instrument of environmental policy is limited and can actually be counterproductive. From an environmental policy point of view, it is crucial that the GPP aims for an environmental standard beyond the technology of the polluting firms and is designed with reference to defined environmental objectives.
    Keywords: auctions; compliance cost; environmental policy; endogenous entry; sustainability
    JEL: D44 H57 Q01 Q28
    Date: 2015–09–15
  22. By: Maria Teresa Costa-Campi (University of Barcelona & IEB); Jordi Paniagua (Catholic University of Valencia); Elisa Trujillo-Baute (University of Warwick & IEB)
    Abstract: This paper studies the effect of energy market integration (EMI) on foreign direct investment (FDI). EMIs diminish energy uncertainty and price volatility in the host country and affect FDI through two channels: first, by harmonizing energy prices and, second, by reducing price dispersion. FDI may, as a result, increase both within and outside the EMI area, through energy stability mechanisms and price mechanisms, respectively. An empirical application on a global dataset including bilateral FDI data, during 2003-2012, using the gravity equation, shows that the integration of Portugal and Spain's electricity market in 2007 increased the amount of FDI's participants. Additionally, a positive increase in FDI from neighboring countries (in this instance, France), albeit lower in magnitude, is observed.
    Keywords: Energy integration agreements, foreign direct investment, gravity equation, electricity prices, MIBEL
    JEL: F20 F21 F23 Q40 Q43
    Date: 2015
  23. By: Vitaly Pershin (University of Navarra); Juan Carlos Molero (University of Navarra); Fernando Pérez de Gracia (University of Navarra)
    Abstract: This paper investigates the relationship between oil prices and exchange rates in three African countries using a Vector AutoRegressive (VAR) model. We use daily dataset on nominal exchange rates, oil prices and short term interbank interest rates from 01/12/2003 to 02/07/2014. The results suggest that the exchange rate of three selected countries displayed differing in the event of an oil price shock, not only before and after the oil peak of July of 2008, but also between each other, implying that no general rule can be made for net oil importing sub-Saharan countries, such as Botswana, Kenya and Tanzania. From our analysis we conclude that after an oil price peak, the Botswanan pula clearly appreciates against the US dollar, the Kenyan and Tanzanian shilling.
    Keywords: oil prices, exchange rates, African economies, VAR model.
    JEL: F31 F41 Q43
    Date: 2015–08–27
  24. By: Lynch, Muireann Á.; Devine, Mel
    Abstract: Capacity remuneration mechanisms exist in many electricity markets. Capacity mechanism designs do not explicitly consider the effects of refurbishment of existing generation units in order to increase their reliability. This paper presents a mixed complementarity problem with endogenous probabilities to examine the impact of refurbishment on electricity prices and generation investment. Capacity payments are found to increase reliability when refurbishment is not possible, while capacity payments and reliability options yield similar results when refurbishment is possible. Final costs to consumers are similar under the two mechanisms with the exception of the initial case of overcapacity.
    Date: 2015–07
  25. By: Lynch, Muireann Á.; Di Cosmo, Valeria
    Date: 2015–03
  26. By: Iwata, Kazuyuki; Managi, Shunsuke
    Abstract: This study advocates a multi-dimensional urban planning strategy to help combat climate change under local—and not national—policies. However, the literature does not provide adequate guidance to local governments seeking to enhance urbanization and in turn reduce vehicular carbon dioxide (CO2) emissions. Therefore, this study sheds light on the effects of the following four urban planning instruments on vehicular CO2 emissions: urbanization promoting areas, urbanization control areas, urban planning taxes and property taxes. Using Japanese city-level data from 1990 to 2010, we find that the two urbanization area planning instruments and the urban planning taxes help lower emissions by increasing population density in low-density cities and that property taxes help reduce emissions in high-density cities. However, the increased population density associated with these instruments can lead to other negative outcomes, including increased traffic accidents, increased crime and a decrease in the facility condition index. City governments should consider complementary policies to mitigate such negative outcomes when employing planning instruments aiming to increase population density.
    Keywords: urbanization, population density, land use taxes, land use regulations, carbon dioxide emissions, multiple outcome
    JEL: Q58 R52 R58
    Date: 2015–08
  27. By: Matthias Ritter; Lars Deckert
    Abstract: Since wind energy is rapidly growing, new wind farms are installed worldwide and a discussion is going on concerning the optimal political framework to promote this development. In this paper, we present a wind energy index, which is supportive for wind park planners, operators, and policy-makers. Based on long-term and low-scale reanalysis wind speed data from MERRA and true production data, it can predict the expected wind energy production for every location and turbine type. After an in-sample and out-of-sample evaluation of the index performance, it is applied to assess the wind energy potential of locations in Germany, to compare different turbine types and to derive the required compensation in terms of locally different feed-in tariffs. We show that in many parts of South Germany, profitability of new wind parks cannot be achieved given the current legal situation.
    Keywords: Wind power, renewable energy, onshore wind, MERRA, feed-in tariff
    JEL: Q42 Q47
    Date: 2015–09
  28. By: Céline Guivarch (CIRED); Antonin Pottier (Mines ParisTech)
    Abstract: Recent papers have investigated with Integrated Assessment Models the possibility that climate damages bear on productivity growth and not on production, the traditional route that follows Nordhaus's work. According to these papers, damages on growth lead to a higher social cost of carbon (SCC). Here, we reconsider the evidence with the introduction of a measure of the amount of damages, to allow the comparison between alternative representations of damages. We build a simple climate-economy model and compare three damages specifications: quadratic damages on production, linear damages on growth and quadratic damages on growth. We show that when total damages are the same, the ranking of SCC between a model with damages on production and a model with damages on growth is not unequivocal. It depends on welfare parameters such as the utility discount rate or the elasticity of marginal social utility of consumption. The difference in SCC comes both from when damages occur and from their total amount.
    Keywords: Climate change, damages, social cost of carbon, growth
    JEL: Q54 Q51
    Date: 2015–09
  29. By: Michael Pahle; Wolf-Peter Schill; Christian Gambardella; Oliver Tietjen
    Abstract: We analyze the interactions between different renewable support schemes and the benefits of real-time pricing (RTP) using a stylized economic model with a detailed demand-side representation calibrated to the German market. We find that there are considerable differences between a market premium on energy and capacity regarding wholesale prices, support levies and market values, which are all related to induced negative wholesale prices in case of the former. This comes along with overall higher welfare as it allows RTP consumers to increase their consumption in periods of high renewable availability. Moreover, increasing RTP shares also incurs higher welfare gains in case of a premium on energy, with the deployment-relevant group of consumers that switch from a flat-rate tariff to RTP benefiting most. Our analysis thus puts the widespread notion that higher market values are instrumental for the deployment of high shares of RES into perspective.
    Keywords: RES support schemes, demand side response, market value, negative prices, Germany
    JEL: D02 Q21 Q28 Q42 Q58
    Date: 2015
  30. By: K.S. Kavi Kumar (Madras School of Economics); R.S. Soundar Rajan; R. Manivasagan
    Abstract: Biofuels are acquiring importance due to their potential to mitigate greenhouse gas emissions. The two most important biofuels – viz., bioethanol and bio-diesel, are largely considered supplementary to the transport fuels. India has extensive programs and aims to blend 20 percent of transport fuels with biofuels by 2017. This paper focuses on three aspects in the context of biofuel production and policy in India. First, the paper looks at feasibility of meeting the biofuel blending targets envisaged. While jatropha remains as the main feedstock for biodiesel production, sweet sorghum could be considered as alternative feedstock to sugarcane for bioethanol production. Secondly, the paper analyzes the competitiveness of jatropha and sweet sorghum using the cost of cultivation data for a number of crops grown in major states of India during the decade of 2000s. The results suggest that both jatropha and sweet sorghum could pose threat to coarse cereals production. Lastly, the paper critically analyzes the viability of jatropha plantations based on insights from field survey conducted in the Southern state of Tamil Nadu. The paper argues that despite aggressive approach adopted by the Government of India, inadequate attention paid to the institutional issues has resulted in unsatisfactory progress in achieving the bio-diesel blending targets.
    Keywords: Bio-ethanol; Bio-diesel; Energy Policy; Economic Viability; Rural Livelihoods
    JEL: Q42 Q56 O13
    Date: 2015–06
  31. By: Michael L. Anderson
    Abstract: There is strong evidence that short-run fluctuations in air pollution negatively impact infant health and contemporaneous adult health, but there is less evidence on the causal link between long-term exposure to air pollution and increased adult mortality. This project estimates the impact of long-term exposure to air pollution on mortality by leveraging quasi-random variation in pollution levels generated by wind patterns near major highways. We combine geocoded data on the residence of every decedent in Los Angeles over three years, high-frequency wind data, and Census Short Form data. Using these data, we estimate the effect of downwind exposure to highway-generated pollutants on the age-specific mortality rate by using bearing to the nearest major highway as an instrument for pollution exposure. We find that doubling the percentage of time spent downwind of a highway increases mortality among individuals 75 and older by 3.6 to 6.8 percent. These estimates are robust and economically significant.
    JEL: I12 Q53
    Date: 2015–09
  32. By: Chao Wei (George Washington University); Shanjun Li (Cornell University)
    Abstract: During the recent economic crisis, many countries have adopted stimulus programs designed to achieve two goals: to stimulate economic activity in lagging durable goods sectors and to protect or even enhance environmental quality. The environmental benefits are often viewed and much advocated as co-benefits of economic stimulus. This paper investigates the potential tradeoff between the stimulus and environmental objectives in the context of the popular U.S. Cash-for-Clunkers (CFC) program by developing and estimating a dynamic discrete choice model of vehicle ownership. Results from counterfactual analysis based on several specifications all show that the design elements to achieve environmental benefits significantly limit the program impact on demand stimulus: the cost of vehicle demand stimulus after netting out environmental benefits can be up to 77 percent higher under the program than that from an alternative policy design without the design elements aimed at the environmental objective.
    Date: 2015
  33. By: Mireille Chiroleu-Assouline (Axe Macroéconomie Axe Economie ouverte Axe Environnement - CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: French environmental taxes are not really ecologically oriented. Their main aim is to raise revenues. Clear signs of this inappropriate direction are given by the large share of the energy taxes and by the low level of most tax rates, which for the most part, are only implicit tax rates on the polluting goods. An ecological tax reform would imply a global green tax shift with tax rates proportionate to the marginal damages. The success and the acceptation of such a reform by the taxpayers rely on the chosen recycling mechanism for the tax revenues, on government’s efforts in information and pedagogy, on transparency about the policy choices but also, somehow paradoxically, on audacity of actions.
    Abstract: Actuellement, la fiscalité environnementale française répond moins à une finalité écologique qu’à un objectif plus traditionnel de fiscalité de rendement. Les signes manifestes de cette inadéquation sont la très grande part prise par la fiscalité de l’énergie et le faible niveau de la plupart des taux de taxe, qui souvent ne frappent qu’implicitement les produits polluants. Réformer la fiscalité française supposerait de la « verdir » dans son ensemble en appliquant des taux de taxes en relation avec les dommages marginaux. La réussite de la réforme et son acceptation par les contribuables sont conditionnées par le mécanisme de redistribution associé, les efforts de pédagogie et d’information, la transparence mais aussi, paradoxalement, par l’audace des mesures prises.
    Keywords: environmental tax,double dividend,tax progressivity,fiscalité,écotaxe,contribution climat-énergie,double dividende,progressivité de l’impôt
    Date: 2015–06
  34. By: Gabriel G. Fiuza de Bragança; Marcelo de Sales Pessoa; Katia Rocha
    Abstract: O objetivo deste texto é avaliar o impacto de intervenções regulatórias pontuais no risco de mercado dos setores de telecomunicações e de energia elétrica no Brasil. Nele, utiliza-se uma metodologia de heteroscedasticidade condicional autorregressiva generalizada – Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) – multivariado para avaliar os impactos diretos e cruzados na volatilidade do retorno setorial das ações. Além disso, estima-se a persistência destes impactos usando a metodologia de função de impulso-resposta para a volatilidade (VIRF no inglês) /covariância adotada em Hafner e Herwartz (2006) e em Le Pen e Sévi (2010). Os resultados sugerem que mudanças regulatórias abruptas e inesperadas podem produzir aumentos significativos e duradouros não só no risco de mercado do setor afetado, como também no risco de mercado de setores regulados correlatos. Em outras palavras, intervenções regulatórias pontuais podem contribuir para aumentar o risco regulatório de múltiplos setores. This paper examines how regulatory interventions can affect the market risk of electricity utilities and telecom carriers traded in the Brazilian stock market. Our article uses a bivariate Generalized AutoRegressive Conditional Heteroskedasticity (GARCH - BEKK) model to analyze the impact of two relevant and unexpected measures taken by Brazilian regulatory authorities in 2012 on the market volatility of both sectors and their covariance. We also adopt the volatility impulse response function (VIRF) developed by Hafner e Herwartz (2006) to estimate their persistence. Results indicate that the effects of the telecommunications’ regulatory intervention are negligible, but the impact of the electricity’s regulatory measure is significant, long-lasting and contagious.
    Date: 2015–08
  35. By: Pete Maniloff (Division of Economics and Business, Colorado School of Mines); Dale T. Manning (Department of Agricultureal and Resource Economics, Colorado State University)
    Abstract: This paper presents a model of nonrenewable resource extraction across multiple states which engage in strategic tax competition. The model incorporates rents due to both resource scarcity and capital scarcity as well as intra-state Ricardian rents. States set taxes on nonrenewable resource production strategically to balance tax revenues and local benefits from investment conditional on other states' tax rates. A representative firm then allocates production capital across states and time to maximize profits. Generally, we find that Nash equilibrium state severance tax rates are dependent on state oil reserves, industry production capital, and costs of investment. We use a parameterized example and find that Nash equilibrium tax rates are substantially higher than observed rates. States have an incentive to unilaterally increase their own tax rates even when industry capital can relocate. Both findings hold unless policymakers place a value on domestic economic activity of more than $500,000 per oil sector job per year.
    Date: 2015–09
  36. By: International Monetary Fund. Middle East and Central Asia Dept.
    Abstract: The global oil market environment has changed substantially over the past year with oil prices dropping by close to 50 percent. Based on historical experience, the large oil price decline is expected to affect the macroeconomy and the financial sector. Meanwhile, demographic pressures to provide jobs and housing for a rapidly growing and young population continue.
    Date: 2015–09–09
  37. By: Morgane Le Breton (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Franck Aggeri (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris)
    Abstract: Afin d'intégrer de nouvelles problématiques sociétales et environnementales dans l'activité des organisations et rendre compte de dimensions jusque-là invisibles, de nouvelles formes de comptabilité sont expérimentées, comme l'illustre l'exemple de la comptabilité carbone. Pourtant, la complexité technique de ce sujet tend à dissimuler les enjeux managériaux et économiques sous-jacents. Que fait une entreprise lorsqu'elle cherche à comptabiliser le carbone ? Pour répondre à cette question, nous adoptons une posture réflexive en déconstruisant la notion de comptabilité carbone, à savoir ses fondements, ses usages dans les entreprises ainsi que les apprentissages et obstacles identifiés dans l'élaboration de conventions de calcul. Cette recherche interroge notamment les effets structurants de la comptabilité et de façon plus inédite, du processus de construction de cette comptabilité pour tâcher de comprendre « ce que comptabiliser le carbone veut dire », à la fois en termes d'action collective que de responsabilité des entreprises. Abstract : To take into account environmental issues, new accounting projects are created such as carbon accounting. However, the technical complexity of this project tends to hide the issues at stake. In fact, what does it mean for a corporation to account for carbon ? In this study, we adopt a reflexive position to answer this question. To do that, we deconstruct the « carbon accounting » concept, both its foundations and uses. Hence we study the structuring effects of a specific form of accounting and of the his creation process in a previously unseen way.
    Keywords: RSE Key words : carbon accounting,performativity,management instruments,CSR,comptabilité carbone,performativité,instrument de gestion
    Date: 2015–05–19
  38. By: Andor, Mark A.; Frondel, Manuel; Schmidt, Christoph M.; Simora, Michael; Sommer, Stephan
    Abstract: Öffentlichkeit und Politik müssen häufig den Eindruck gewinnen, dass Wirtschaftswissenschaftler bei zentralen wirtschaftspolitischen Fragen keine Einigkeit erzielen können. Dies gilt nicht zuletzt für die Umsetzung der Energiewende. Dieser Beitrag nutzt die öff entlich zugänglichen Stellungnahmen einschlägiger Forschungsinstitute, um durch die Identifikation von Bereichen des Konsens und Dissens unter Energieökonomen einen Kontrapunkt zu setzen. Wider Erwarten wird offenbar, dass auf wesentlichen Handlungsfeldern weitgehende Einigkeit besteht und somit klare Handlungsempfehlungen ausgesprochen werden können.
    Keywords: Strommarkt,Fördermodelle,Emissionshandel,Erneuerbare Energien,Verteilungseffekte,Netzausbau
    JEL: Q28 Q40 Q42 Q48 Q58
    Date: 2015
  39. By: Richard G. Newell; Daniel Raimi
    Abstract: Oil and gas development associated with shale resources has increased substantially in the United States, with important implications for local governments. These governments tend to experience increased revenue from a variety of sources, such as severance taxes distributed by the state government, local property taxes and sales taxes, direct payments from oil and gas companies, and in-kind contributions from those companies. Local governments also tend to face increased demand for services such as road repairs due to heavy truck traffic and from population growth associated with the oil and gas sector. This paper describes the major oil- and gas related revenues and service demands (i.e., costs) that county and municipal governments have experienced in Arkansas, Colorado, Louisiana, Montana, North Dakota, Pennsylvania, Texas, and Wyoming. Based on extensive interviews with officials in the most heavily affected parts of these states, along with analysis of financial data, it appears that most county and municipal governments have experienced net financial benefits, though some in western North Dakota and eastern Montana appear to have experienced net negative fiscal impacts. Some municipalities in rural Colorado and Wyoming also struggled to manage fiscal impacts during recent oil and gas booms, though these challenges faded as drilling activity slowed.
    JEL: H25 H71 H72 H76 Q32 Q33 Q41 Q43 Q48
    Date: 2015–09

This nep-ene issue is ©2015 by Roger Fouquet. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.