nep-ene New Economics Papers
on Energy Economics
Issue of 2018‒06‒11
twenty-six papers chosen by
Roger Fouquet
London School of Economics

  1. Revisiting the Environmental Kuznets Curve and the Role of Energy Consumption: The Case of Namibia By Sunde, Tafirenyika
  2. Energy in Economic Growth: Is Faster Growth Greener? By Gregor Semieniuk
  3. Who are Driving Electric Vehicles? An analysis of factors that affect EV adoption in Hawaii By Makena Coffman; Scott Allen; Sherilyn Wee
  4. How Effective is Energy-Efficient Housing? Evidence from a Field Experiment in Mexico By Lucas W. Davis; Sebastian Martinez; Bibiana Taboada
  5. Revisiting Heat Energy Consumption Modeling: Household Production Theory Applied to Field Experimental Data By Heesen, Florian; Madlener, Reinhard
  6. Distributed Generation in Unbundled Electricity Markets By Wagner, Johannes
  7. Working Paper 03-18 - The PEACH2AIR database of air pollution associated with household consumption in Belgium in 2014 - Methodological description for the SUSPENS research project funded by the Federal Science Policy Office By Jean-Maurice Frère; Guy Vandille; Sébastien Wolff
  8. Environmental Degradation and Inclusive Human Development in sub‐Saharan Africa By Simplice Asongu; Nicholas Odhiambo
  9. The Road ahead for Solar PV Power By Comello, Stephen; Reichelstein, Stefan J.; Sahoo, Anshuman
  10. The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada By Lutz Kilian; Xiaoqing Zhou
  11. Development of Methodology for Stimulating Tariff Regulation of Distribution Electric Grid Companies Based on Benchmarking of Unit Cost of Services By Suyunchev, Marat; Repetyuk, Sergei; Temnaya, Olga
  12. Energy Consumption and Economic Growth Modelling in SADC Countries: An Application of the VAR Granger Causality By Sunde, Tafirenyika
  13. Oil Prices and GCC Stock Markets: New Evidence from Smooth Transition Models By Nidhaleddine Ben Cheikh; Sami Ben Naceur; Oussama Kanaan; Christophe Rault
  14. Development of Mechanisms for Increasing the Accessibility of the Electric Grid Infrastructure on the Basis of the Formation of a System of Mutual Responsibility of Consumers and Electric Grid Companies By Suyunchev, Marat; Mozgovaya, Olga; Fain, Boris
  15. Identifying oil price shocks and their consequences: the role of expectations in the crude oil market By Takuji Fueki; Hiroka Higashi; Naoto Higashio; Jouchi Nakajima; Shinsuke Ohyama; Yoichiro Tamanyu
  16. The interaction of Energy Consumption and Economic Growth in South Africa: Assessment from the Bounds Testing Approach. By Sunde, Tafirenyika
  17. The Impact of U.S. Supply Shocks on the Global Oil Price By Thomas S. Gundersen
  18. The Cobb-Douglas function as a flexible function: Analysing the sustitution between capital, labor and energy By Frédéric Reynès
  19. A System Dynamics Study on the Prospect of Japanese Plutonium Balance By Shutaro TAKEDA; Takeshi SAKADE; Hideki IWAKI
  20. The Relationship between Carbon Performance and Corporate Financial Performance: Some UK Evidence By Khaled Alsaifi
  21. "Liquidity Risk And Its Determinants': A Study On Oil And Gas Industry In Tatneft" By Awin, Ejin
  22. The role of driving range in consumers’ purchasing decision for electric cars in Italy By Giansoldati, Marco; Danielis, Romeo; Rotaris, Lucia; Scorrano, Mariangela
  23. Changer de Mix : urgence et opportunité de la transition énergétique en France By Aurélien Saussay; Gissela Landa; Paul Malliet; Frédéric Reynès
  24. Climate finance reporting in Belgium: towards a more comprehensive reporting system. By Kris Bachus; Emilie Bécault
  25. Um projeto para aproximar as contas nacionais e contas de emissões By Instituto de Pesquisa Econômica Aplicada
  26. Relacionando inventários nacionais de emissões e contabilidade econômica By Instituto de Pesquisa Econômica Aplicada

  1. By: Sunde, Tafirenyika
    Abstract: The study investigated the dynamic relationship between CO2 emissions, economic growth, and energy consumption for the period 1991:q1-2016:q4 in Namibia. The study applied the ARDL and Granger causality analysis to investigate the long run and causal relationships among these variables, respectively. The study confirmed a long run relationship between CO2 emissions, economic growth, and energy consumption. The results showed that the Environmental Kuznets Curve (EKC) is found in both long and short runs in Namibia and that all the variables Granger cause each other. These results imply that economic growth can be a remedy for environmental degradation which means that the exploitation of natural resources to realize economic growth can be accepted until the turning point of the EKC curve is reached. The study recommends that actions to slow down the release of CO2 emissions and the raising of awareness about environmental concerns should wait until the economy reaches high-income levels.
    Keywords: Environmental Kuznets Curve; CO2 emissions; economic growth; energy consumption; ARDL-ECM; Granger causality; Namibia.
    JEL: Q43 Q48
    Date: 2018–01–10
  2. By: Gregor Semieniuk (Department of Economics, SOAS University of London, UK)
    Abstract: An influential theoretical hypothesis holds that if aggregate productivity growth accelerates, then so does the decline in energy intensity. Whether faster growth is greener in this sense is crucial for modeling future growth and climate change mitigation, but empirical evidence is lacking. This paper characterizes the global, long-run historical relationship between changes in energy intensity and labor productivity growth rates. Basing estimates on an unbalanced panel of 180 countries for the period 1950-2014 and the world as a whole, it captures a significantly larger historical window than previous studies. The paper finds a stylized fact whereby the rate at which energy intensity changes is constant or even increases as labor productivity accelerates. Faster growth is not greener. This provides important new information for calibrating integrated assessment models, many of which make a green growth assumption in near term projections.
    Keywords: energy intensity, labor productivity, decoupling, green growth, stylized fact
    JEL: O44 O47 Q43 E17
    Date: 2018–04
  3. By: Makena Coffman (Department of Urban and Regional Planning, University of Hawaii at Manoa; UHERO); Scott Allen (Department of Urban and Regional Planning, University of Hawaii at Manoa); Sherilyn Wee (UHERO)
    Abstract: Electric vehicles (EVs) have the potential to reduce local air pollution as well as greenhouse gas emissions, assuming they are predominantly powered with renewable energy. Upon their reintroduction to the mass vehicle market in 2010, President Obama set a goal of having a million on the road in the U.S. by 2015. Similarly, in Hawaii, the Hawaii Clean Energy Initiative target was to have 10,000 EVs on the road by 2015 and 40,000 by 2020. Despite policy support, actual rates of EV adoption have fallen substantially short of stated goals. By the end of 2017, there were about 770,00 EVs within the U.S., with 6,700 of these in Hawaii. This study uses data on EV registrations by zipcode in Hawaii to analyze a variety of demographic and transportation factors that might affect EV adoption. We find that, after controlling for population and gasoline prices, higher income zipcodes are associated with higher levels of EV adoption – where an increase of $10,000 in median income is associated with an additional 6 EVs within the 2010-2016 study time period (where the average zipcode in our sample had 68 EVs in 2016). When educational attainment is measured, we find that a 1% increase in the number of people with at least a bachelor’s degree increases zipcode EV adoption by about 76. We find some evidence that gender can matter, similar to other studies that find that men are more likely to adopt EVs. The effect of age seems to be more robust, where we find that for every 1-year increase from the average zipcode’s median age, there are 1 to 2 more EVs. Most notably, we find that commute time affects EV adoption in Hawaii – which is somewhat surprising given the relatively limited travel distances of an island geography. We find that a 1% increase in the prevalence of commute times greater than forty-five minutes within a zipcode, likely meaning they are farther from the central business district, is associated with 37 fewer EVs relative to those with a commute time under forty-five minutes. This finding holds even when looking at the island of Oahu alone, which has the majority of the state’s population as well as the majority of EVs. The island is about forty-four miles long, far less distance than the range offered by most EVs. This suggests that there may be strong risk-aversion associated with EV range anxiety as well as prompts further study of the effect of trip-chaining on EV purchase decisions.
    Date: 2018–05
  4. By: Lucas W. Davis; Sebastian Martinez; Bibiana Taboada
    Abstract: Despite growing enthusiasm, there is little empirical evidence on how well energy efficiency investments work. Evidence is particularly lacking from low- and middle-income countries, despite a widespread view that these countries have many of the best opportunities. This paper evaluates a field experiment in Mexico in which a quasi-experimental sample of new homes was provided with insulation and other energy-efficient upgrades. A novel feature of our study is that we deploy large numbers of data loggers which allow us to measure temperature and humidity at high frequency inside homes. We find that the upgrades had no detectable impact on electricity use or thermal comfort, with essentially identical temperature and humidity levels in upgraded and non-upgraded homes. These results stand in sharp contrast to the engineering estimates that predicted up to a 26% decrease in electricity use. Part of the explanation is that air conditioner ownership is lower than expected, thus reducing the potential for reductions in energy use. In addition, we document that most households have their windows open on hot days, nullifying the thermal benefits of roof and wall insulation. Overall, we conclude that the benefits from these investments are unlikely to exceed the costs, which added $400-$500 USD to the cost of each home. Our results underscore the urgent need to fully incorporate socioeconomic conditions and human behavior into engineering models of energy use.
    JEL: D12 H23 Q40 Q54
    Date: 2018–05
  5. By: Heesen, Florian (RWTH Aachen University); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN))
    Abstract: This paper offers new insights on utility-driven heat energy consumption. The research question addressed is whether economic aspects affect short-term, less conscious behavior in the same way as long-term, more conscious behavior. The model proposed is based on Becker’s household production theory and integrates economic, engineering and behavioral elements. Comparative statics enables an interdisciplinary integration of price- and income functions to cover economic influences, the production function to cover technical influences, and the utility-based choice architecture. Based on a functional representation of the theories, a panel data model of heat energy consumption is estimated. The empirical analysis is based on data from 60 adjacent apartments in South-West Germany. We find empirical evidence that the price elasticity of demand is only statistically significant when using yearly aggregated data. This result provides evidence that occupants apparently do not act upon energy price signals when following their daily home heating routine. In less frequent considerations, as e.g. according to their yearly billing cycles, occupants adjust their heat energy consumption with respect to the fuel price influence. Furthermore, in relation to the other influences on heat energy consumption, we find that the price impact is less pronounced than the impact of comfort conditions.
    Keywords: Heat energy consumption; household production theory; price elasticity of demand
    JEL: D13 Q41 R20
    Date: 2018–04
  6. By: Wagner, Johannes (Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI))
    Abstract: Electricity systems are increasingly characterized by distributed generation technologies, e.g. rooftop photovoltaic systems, which are used by end consumers to directly produce electricity. Additionally, empirical evidence suggests that electricity retailers exercise market power in many unbundled electricity markets. Against this backdrop this articles analyzes the impact of distributed generation on imperfect retail markets for electricity in a spatial competition framework. I find that distributed generation puts competitive pressure on retailers and induces lower retail prices. Therefore even consumers, who do not use distributed generation, benefit. Based on this effect regulators can shift welfare to consumers by subsidizing distributed generation in order to position it as a competitor to grid based electricity. However, if only a limited share of demand can be supplied with distributed generation, there is a point at which retailers disregard the substitutable share of demand and focus on the non-substitutable consumption in order to realize higher mark-ups. As a result, increased subsidies for distributed generation can increase retail prices and harm consumers. With optimal subsidies this strategy of retailers is prevented by limiting usage of distributed generation.
    Keywords: Distributed Generation; Renewable Energy; Retail Unbundling; Spatial Competition
    JEL: D43 L13 L50 L94 Q48
    Date: 2018–06–07
  7. By: Jean-Maurice Frère; Guy Vandille; Sébastien Wolff
    Abstract: The database PEACH2AIR links emissions of greenhouse and acidifying gases, of gases contributing to tropospheric ozone formation and particulate matter to consumer expenditures in Belgium in 2014. It relies on standardized air pollution data (including air emissions accounts), input-output tables and the Household Budget Survey. Analyses for 2014 show that energy products as well as food and non-alcoholic beverages are the most air polluting expenditure categories.
    Keywords: Sustainable development, Household consumption, Environmental economic accounts
    JEL: C67 C81 D12 Q53 Q56
    Date: 2018–03–14
  8. By: Simplice Asongu (Yaoundé/Cameroun); Nicholas Odhiambo (Pretoria, South Africa)
    Abstract: In the light of challenges to sustainable development in the post-2015 development agenda, this study assesses how increasing carbon dioxide (CO2) emissions affect inclusive human development in 44 countries in sub-Saharan Africa for the period 2000-2012. The following findings are established from Fixed Effects and Tobit regressions. First, unconditional effects and conditional impacts are respectively positive and negative from CO2 emissions per capita, CO2 emissions from liquid fuel consumption and CO2 intensity. This implies a Kuznets shaped curve because of consistent decreasing returns. Second, the corresponding net effects are consistently positive. The following findings are apparent from Generalised Method of Moments (GMM) regressions. First, unconditional effects and conditional impacts are respectively negative and positive from CO2 emissions per capita, CO2 emissions from liquid fuel consumption and CO2 intensity. This implies a U-shaped curve because of consistent increasing returns. Second, the corresponding net effects are overwhelmingly negative. Based on the robust findings and choice of best estimator, the net effect of increasing CO2 emissions on inclusive human development is negative. Policy implications are discussed.
    Keywords: CO2 emissions; Sustainable development
    JEL: C52 O38 O40 O55 P37
    Date: 2018–01
  9. By: Comello, Stephen (Stanford University); Reichelstein, Stefan J. (Stanford University); Sahoo, Anshuman (Stanford University)
    Abstract: Over the past decade, solar photovoltaic (PV) power has experienced dramatic deployment growth coupled with substantial decreases in system prices. This article examines how solar PV power is currently positioned in the electricity marketplace and how that position is likely to evolve in the foreseeable future. We first assess the current cost competitiveness of solar PV in select U.S. locations and industry segments using the levelized cost of electricity (LCOE) metric. This framework enables us to quantify the effects that supportive public policies, time-of-use pricing, and anticipated future technological improvements have on the cost of solar PV. We also build on recent analytical work that has identified circumstances under which it becomes financially attractive to add behind-the-meter batteries to an existing PV solar system. Taken together, our findings suggest that solar power, by itself and in conjunction with low cost storage, is positioned to account for a significant and growing share of the overall energy mix.
    JEL: Q20 Q42
    Date: 2018–03
  10. By: Lutz Kilian; Xiaoqing Zhou
    Abstract: Shocks to the demand for housing that originate in one region may seem important only for that regional housing market. We provide evidence that such shocks can also affect housing markets in other regions. Our analysis focuses on the response of Canadian housing markets to oil price shocks. We document that, at the national level, real oil price shocks account for 11% of the variability in real house price growth over time. At the regional level, we find that unexpected increases in the real price of oil raise real house prices not only in oil-producing regions, but also in other regions. We develop a theoretical model of the propagation of real oil price shocks across regions that helps understand this finding. The model differentiates between oil-producing and non-oil-producing regions and incorporates multiple sectors, trade between provinces, government redistribution, and consumer spending on fuel. We empirically confirm the model prediction that oil price shocks are transmitted to housing markets in nonoil-producing regions by the government redistribution of oil revenue and by increased interprovincial trade.
    Keywords: house price, regional heterogeneity, oil price, redistribution, resource boom, Canada
    JEL: F43 Q33 Q43 R12 R31
    Date: 2018
  11. By: Suyunchev, Marat (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Repetyuk, Sergei (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Temnaya, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The article presents the results of scientific research «The development of incentive regulation Methodology, based on benchmarking of Distribution Electricity Networks maintenance unit costs», which analyzes international and Russian practice of distribution electricity networks incentive regulation. Factors effecting to the value of Russian distribution electricity networks maintenance manageable costs are identified, and the factors-costs model is developed. The methods of distribution electricity networks yardstick maintenance manageable calculations are considered. The possible effect of the yardstick costs incentive regulation on distribution electricity networks performance is evaluated.
    Date: 2018–05
  12. By: Sunde, Tafirenyika
    Abstract: The study investigated the relationship between energy consumption and economic growth in 10 SADC countries using the VAR model over the period 1971 to 2015. The variables used were first converted to growth rates before they were used in the model estimated. The results indicate unidirectional causality running from real economic growth to energy consumption in Angola, Democratic Republic of Congo, Mauritius, Namibia, bidirectional causality between energy consumption and economic growth in Botswana and Mauritius and no causality in Mozambique, South Africa, Zambia and Zimbabwe. In countries where real economic growth Granger causes energy consumption the conservation hypothesis is confirmed. In countries where no causality was found the neutrality hypothesis is confirmed which implies that energy conservation will not lead to decreased economic growth and energy consumption will not be stimulated by economic growth. The feedback hypothesis confirmed in Botswana and Mauritius implies that an increase in the economic output will increase the level of energy consumption while an energy conservation policy will adversely affect economic output.
    Keywords: Economic growth; energy consumption; VAR model; Granger causality; SADC countries.
    JEL: Q43
    Date: 2017–08–26
  13. By: Nidhaleddine Ben Cheikh; Sami Ben Naceur; Oussama Kanaan; Christophe Rault
    Abstract: Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results reveal that GCC stock markets do not have similar sensitivities to oil price changes. We document the presence of stock market returns’ asymmetric reactions in some GCC countries, but not for others. In Kuwait’s case, negative oil price changes exert larger impacts on stock returns than positive oil price changes. When considering the asymmetry with respect to the magnitude of oil price variation, we find that Oman’s and Qatar’s stock markets are more sensitive to large oil price changes than to small ones. Our results highlight the importance of economic stabilization and reform policies that can potentially reduce the sensitivity of stock returns to oil price changes, especially with regard to the existence of asymmetric behavior.
    Date: 2018–05–09
  14. By: Suyunchev, Marat (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mozgovaya, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Fain, Boris (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The research «Development of the Electricity Distribution Network Connection Accessibility Instruments based on Market Participants Mutual Responsibility» study current situation at the electricity distribution network connection market in Russian Federation including connection market participants mutual responsibility aspects. This paper studies practical examples of the competitive markets contracts conditions which stipulated the modernization and the infrastructure expansion in the aim to meeting demand of the single customer; identifies risks of signing long turn contracts, providing investments. Finally, the research suggests the proposals and recommendations to the electricity distribution network connection markets participant mutual responsibility instruments development.
    Date: 2018–05
  15. By: Takuji Fueki; Hiroka Higashi; Naoto Higashio; Jouchi Nakajima; Shinsuke Ohyama; Yoichiro Tamanyu
    Abstract: This paper proposes a simple but comprehensive structural vector autoregressive (SVAR) model to examine the underlying factors of oil price dynamics. The distinguishing feature is to explicitly assess the role of expectations on future aggregate demand and oil supply in addition to the traditional realized aggregate demand and supply factors. Our empirical analysis shows that identified future demand and supply shocks explain about 30-35 percent of historical oil price fluctuations. In particular, future oil supply shocks are more than twice as important as realized and future demand shocks in accounting for oil price developments. The empirical result indicates that the influence of oil price shocks on global output varies according to the nature of each shock. We also show that the financial factors and the development of shale-oil technology are additional relevant sources of oil price fluctuations.
    Keywords: oil demand and supply, oil price, structural vector autoregressive model
    JEL: C32 E44 G12 G15
    Date: 2018–05
  16. By: Sunde, Tafirenyika
    Abstract: Researchers concur that energy plays a very significant role in the economic growth and development of any country and that increasing access to modernized systems of energy is critical to unlocking enhanced economic and social development in any country. In the light of this, the current article has empirically examined the causal interactions between energy consumption and economic growth in South Africa for the period 1970 to 2015 using the ARDL-bounds testing method. The results show that all the variables were found to be integrated of order one. The empirical results obtained fully support a positive long-run cointegrating relationship between real economic growth and energy consumption in South Africa. The article used trade openness and financial development as control variables in the model. The research found that although there is unidirectional causality running from energy consumption to economic growth in the short-run, there is long-run bidirectional causality between the two variables as indicated by the coefficients of the error correction terms which were found to be negative and significant as predicted by theory. This means that reducing energy consumption adversely affect real economic growth in both the short- and the long-run; thus, South Africa should adopt a more vigorous energy policy.
    Keywords: Energy consumption; economic growth; financial development; trade openness; ARDL; error‐correction model; South Africa
    JEL: Q43
    Date: 2017–12–14
  17. By: Thomas S. Gundersen
    Abstract: I examine the role of the U.S. shale oil boom in driving global oil prices. Using a structural vector autoregressive (SVAR) model that identifies separate oil supply shocks for the U.S. and OPEC, I find that U.S. supply shocks have exerted considerable negative pressure on the oil price. More specifically, U.S. supply shocks explain up to 13% of the oil price variation over the 2003–2015 period, considerably more than what has been found in other studies. However, the timing of the downward pressure on prices is delayed relative to the boom in U.S. shale oil production. This mismatch implies a temporary friction in the transmission of U.S. supply shocks to the rest of the world likely caused by logistical and technological challenges in the downstream supply chain.
    Keywords: : structural VARs, oil prices, demand and supply shocks, shale oil
    Date: 2018–04
  18. By: Frédéric Reynès (Nederlandse Organisatie voor Toegepast Natuurwetenschappelijk Onderzoek)
    Abstract: By defining the Variable Output Elasticities Cobb-Douglas function, this article shows that a large class of production functions can be written as Cobb-Douglas function with non-constant output elasticity. Compared to standard flexible functions such as the Translog function, this framework has several advantages. [1] It does not requires the use of a second order approximation. [2] This greatly facilitates the deduction of linear input demands function without the need of involving the duality theorem. [3] It allows for a generalization of the CES function to the case where the elasticity of substitution between each pair of inputs is not necessarily the same. [4] This provides a more general and more flexible framework compared to the traditional nested CES approach while facilitating the analyze of the substitution properties of nested CES functions. The case of substitutions between energy, capital and labor is provided.
    Keywords: Flexible production functions; Cobb-Douglas function; CES function; Substitution capital-labor-energy
    JEL: D24 E23
    Date: 2017–04
  19. By: Shutaro TAKEDA; Takeshi SAKADE; Hideki IWAKI
    Abstract: The authors conducted a quantitative reevaluation of the short-term Japanese plutonium balance forecast until 2040 with a new numeric model, in the aim of contributing to the policy making toward the stable US-Japan alliance as well as the East Asian region. The Japanese nuclear fuel cycle was replicated as a system dynamics model on Stella with officially available statistical data. The Monte Carlo method was used to estimate the range of the capacities Japanese nuclear power plants until 2040. The simulation results showed the peak accumulation of plutonium in Japan would be observed around 2025. This indicates that while the plutonium imbalance in Japan would be a point of concern for the next five years, the situation will likely mitigate. Consequently, even if lowering the capacity of Rokkasho reprocessing plant were to be possible, it would not make a significant difference if it takes more than five years. As a result, the authors conclude that if we were to hurry the resolution of the current Japanese plutonium imbalance issues, the Japanese government has to either consider to limit the restarting of NPPs to newer plants or to cut the operation rate of Rokkasho reprocessing plant from the first year.
  20. By: Khaled Alsaifi (Newcastle University Business School,)
    Abstract: The environmental impact of economic activity has raised the profile of corporate carbon performance (CP) to a high level in recent times. This study examines the impact of the variation in CP on financial performance (FP). Using UK data comprising FTSE 350 firms from the period of 2007 to 2015. We also document a significant negative relationship between environmental regulations and FP. Our overall findings are consistent with the resource based view (RBV) of the firm and support the voluntary disclosure strategy by showing that firms with greater intangible resources are generating reputational assets through their enhanced carbon disclosures which in turn leads to a competitive advantage which converts into improved FP as evidenced in the present study.
    Keywords: Carbon Disclosure Project; Carbon performance; Resource-based view; Climate Change Score; Financial performance
    Date: 2018–04
  21. By: Awin, Ejin
    Abstract: ABSTRACT Liquidity risk management is an important aspect in the organisation. In order to avoid efficiency, it is important for an organisation to manage liquidity risk. Hence, this study attempted to investigate the influence of firm-specific factors and macro-economic factors affecting liquidity risk of oil and gas industry in Tatneft. This study employs time series analysis from 2012 to 2016. The analysis shows that firm-specific factors (average collection period and corporate governance index score) and macro-economic factor (company’s beta) influence the liquidity risk of the industry. This study suggest that the firms should manage their account receivable efficiently by establishing clear credit policy and incorporate more corporate governance elements such as transparency, accountability, fairness, and independence in the firms to make the company more efficient.
    Keywords: Liquidity risk, Average collection period, Corporate governance
    JEL: G3
    Date: 2018–05–15
  22. By: Giansoldati, Marco; Danielis, Romeo; Rotaris, Lucia; Scorrano, Mariangela
    Abstract: The paper reports the results of a stated preference study, carried out in Italy in 2017, on consumers’ preferences between an electric car (EC) and a petrol car. The focus is on the role of driving range. We find that the linear specification leads to lower willingness to pay (WTP) estimate for the driving range than the logarithmic, quadratic and EC-specific ones. The estimation of a mixed logit model leads to a coefficient of the EC-specific range attribute six times larger than the coefficient of the non-EC one. The jointly statistically significant covariates explaining the heterogeneity of the coefficient of the EC-specific driving range attribute are gender, number of cars owned by the family, and knowledge of cars. The implied WTP varies from 37 to 106 €/km, depending on the socio-economic characteristics of the respondent. Simulative analysis shows that very relevant increases in the probability of buying an electric car (ranging from 28% to 68%) over a petrol one require jointly improvements in the fast charging network, driving range and financial incentives.
    Date: 2018
  23. By: Aurélien Saussay (Observatoire français des conjonctures économiques); Gissela Landa (Observatoire français des conjonctures économiques); Paul Malliet (Observatoire français des conjonctures économiques); Frédéric Reynès (Nederlandse Organisatie voor Toegepast Natuurwetenschappelijk Onderzoek)
    Abstract: ■ La transition énergétique est une opportunité pour l'économie française, avec 0,1 % de croissance annuelle supplémentaire pendant trente ans ; ■ Le coût complet d'un mix électrique renouvelable devient compétitif avec le mix actuel à forte pénétration nucléaire ; ■ Il est urgent d'accélérer la transition dès le prochain quinquennat, afin d’arrêter l'accumulation inutile de capital intensif en carbone ; ■ La transition énergétique se doit de figurer au cœur du projet des candidats à la prochaine présidentielle.
    Keywords: Transition énergétique; Croissance verte; Mix énergétique
    Date: 2016–12
  24. By: Kris Bachus (HIVA, KU Leuven); Emilie Bécault (GGS, KU Leuven)
    Abstract: There is currently no agreed comprehensive methodology on how to track and report on public climate finance. As a result, national actors need to agree on their own methodologies. In this working paper, we report on the result of the support the researchers offered to the Belgian actors that are (or could be) active in the provision of public climate finance to developing countries. In a second part of the working paper, the results are described of the process of supporting one Belgian actor, Credendo, on a more in-depth level. Recommendations are made for future reporting processes, both for Credendo and for the whole of the Belgian stakeholders active in this field.
    Keywords: Public climate finance, private climate finance, Credendo, Rio markers, tracking climate finance, developing countries, UNFCCC
    JEL: F35 Q56
    Date: 2017–02
  25. By: Instituto de Pesquisa Econômica Aplicada (IPC-IG)
    Abstract: "Notáveis nas matérias de contabilidade e questões climáticas estão elaborando um projeto de dois anos, com o objetivo de estudar tabelas de compatibilidade entre contas nacionais e emissões de gases de efeito estufa (GEE). O que pode ser feito, em termos práticos, para definir as contas de emissões de GEE brasileiras? A informação produzida para os inventários é apresentada, em geral, de forma muito agregada. Quando o Ministério da Ciência, Tecnologia, Inovações e Comunicações (MCTIC) elabora o inventário de emissões de gases do efeito estufa, ele segue as orientações do Painel Intergovernamental sobre Mudança do Clima (IPCC). Para o Instituto Brasileiro de Geografia e Estatística (IBGE), efetuar contas climáticas assumindo o inventário como fonte de informação implica ajustar os dados do inventário para um formato aceitável que seja compatível com as contas nacionais". (...)
    Keywords: Projeto, contas nacionais, contas, emissões
    Date: 2018–02
  26. By: Instituto de Pesquisa Econômica Aplicada (IPC-IG)
    Abstract: "Como relatórios de emissões atmosféricas podem ser transformados em contas de emissões atmosféricas? Maria Lidén asseverou que é possível fazer essa transformação. Melhorias foram alcançadas pela Statistics Sweden em sucessivos inventários de emissões do ar. Cada nova conta econômica nacional é melhor que a anterior. Não há necessidade de serviços adicionais para contabilizar emissões. A única necessidade é transformar o dado". (...)
    Keywords: Relacionando, inventários, nacionais, emissões, contabilidade, econômica
    Date: 2017–12

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