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on Environmental Economics |
| By: | Massimiliano Mazzanti; Susanna Mancinelli; Marianna Gilli |
| Abstract: | Innovation is a key element behind the achievement of desired environmental and economic performances. Regarding CO2, mitigation strategies would require cuts in emissions of around 80-90% with respect to 1990 by 2050 in the EU. We investigate whether complementarity, namely integration, between the adoption of environmental innovation measures and other technological and organizational innovations is a factor that has supported reduction in CO2 emissions per value added, that is environmental productivity. We merge new EU innovation and WIOD data to assess the innovation effects on sector CO2 performances at a wide EU level. We find that jointly adopting different innovations is not a widespread factor behind increases in environmental productivity. Nevertheless, even though complementarity is not a low hanging fruit, a case where ‘innovation complementarity’ arises is for manufacturing sectors, that integrate eco innovations with product innovations. One example of this integrated action is a strategy that pursue energy efficiency with product value enhancement. We believe that the lack of integrated innovation adoption behind environmental productivity performance is a signal of the current weaknesses economies face in tackling climate change and green economy challenges. Incremental rather than more radical strategies have predominated so far. The latter have been confined to industrial ‘niches’, in terms of number of involved firms. This is probably insufficient when we look at long-term economic and environmental goals. |
| Keywords: | Complementarity; Innovation; Climate Change; Sector Performance |
| JEL: | L6 O3 Q55 |
| Date: | 2014–01–28 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:2014043&r=env |
| By: | Schwerhoff, Gregor; Edenhofer, Ottmar |
| Abstract: | A major concern in climate negotiations is that decarbonization may signi cantly hurt the development process. This paper shows that international specialization can contribute to making environmental and economic objectives compatible. When carbon effi ciency di ffers between two trading partners, environmental policy a ffects production cost di fferentially, so that the comparative advantage in technology is endogenous. Under a global climate agreement, a universal carbon tax would shift the production of energy intensive goods towards carbon effi cient economies. Once emissions are correctly internalized, trade becomes unambiguously bene cial for the environment and allows pursuing both environmental objectives and fast economic growth. Even in the absence of a climate agreement, free trade provides the option of indirectly accessing carbon e fficient technology abroad. This improves the marginal rate of substitution between consumption and environmental quality and thus achieves emission reductions even without international cooperation. -- |
| JEL: | Q56 F18 H23 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:80036&r=env |
| By: | Eliasson , Jonas (KTH); Proost, Stef (Katholieke Universiteit Leuven) |
| Abstract: | The paper challenges the existing sustainable transport literature. Most sustainable transport plans focus on the reduction of greenhouse gas emissions in either one region or country and this neglects two handicaps of strong unilateral action. The first is that climate is a global commons problem so a strong binding international climate agreement is unlikely. The second is that a unilateral reduction of oil consumption by a limited number of countries will be partially, or even completely, offset by market responses – in some circumstances, cumulative emissions may even come earlier (the “green paradox”). When a coalition of the willing reduces oil use in the transport sector, this will delay rather than reduce total emissions. This requires rethinking climate policies for the transport sector: what policies remain cost effective in reducing greenhouse gas emissions? |
| Keywords: | Climate change; Sustainable transport; Oil consumption; International negotiation |
| JEL: | R42 R48 |
| Date: | 2014–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ctswps:2014_002&r=env |
| By: | Barbara Annicchiarico (Department of Economics, University of Rome "Tor Vergata"); Anna Rita Bennato (ESRC Centre for Competition Policy, University of East Anglia, UK); Emilio Zanetti Chini (Department in Economics and Institutions, University of Rome "Tor Vergata" and CREATES) |
| Abstract: | This paper examines the relationship between economic growth and carbon dioxide emissions in Italy considering the developments in a 150-year time span. Using several statistical techniques, we find that GDP growth and carbon dioxide emissions are strongly interrelated, with a dramatic change of the elasticity of pollutant emissions with respect to output. Our findings highlight lack of structural change in the reduction of the carbon dioxide, suggesting the difficulties for Italy to meet the emissions targets within the Europe 2020 strategy. |
| Keywords: | Carbon Dioxide Emissions, Time Series Analysis, Italian Economy, Environmental Kuznets Curve |
| JEL: | Q50 C22 |
| Date: | 2014–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2014-02&r=env |
| By: | Aichele, Rahel |
| Abstract: | The future international climate policy architecture will most likely consist of partial climate policy initiatives like the EU's Emission Trading System. Trade integration threatens to undermine these systems' environmental effectiveness by shifting emissions to other countries. We estimate a gravity model based on 103 countries and use it to simulate several such climate policy experiments. The model's parameters are structurally linked to empirical estimates, i.e. bilateral trade costs and the elasticity of substitution are consistent with the data. Unlike previous empirical work, the approach allows to quantify emission relocation in general equilibrium. With trade liberalization experiments, the model also allows to deliver a perspective on environmental aspects of hypothetical FTA formation. We find that an EU emission allowance price of 15 US-$ suffi ces to bring the EU on track for its Kyoto target but also leads to emission relocations of about 10% of the EU's emission savings. -- |
| JEL: | F18 F47 Q54 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:80011&r=env |
| By: | Alessandro Palma (Department of Economics, Roma Tre University) |
| Abstract: | In this paper we investigate the trade-offs between growth and low carbon targets for both developing and developed countries for the period to 2035. The issues examined include two policy options for being on track to meet the 450 ppm target: (a) national/regional targets without international trade in carbon permits and (b) a global market in permits. Policy options are evaluated with an original dynamic CGE model which relies on the static GTAP-E structure. The model focuses on bilateral trade flows and links between economies and sectors that capture the realistic economy-wide nature of a globalized world. The results show higher costs of meeting the target than the average of previous models, although there are some previous studies that have costs in the same range. We then go on to investigate options for reducing these costs that are broadly consistent with a green growth strategy of supporting low carbon development. A green carbon fund financed through a levy on carbon taxation can benefit all parties. Potential larger benefits are associated with the investment of the green fund to foster energy efficiency. |
| Keywords: | Dynamic CGE Model, Climate Change Policies, Green Carbon Fund, Energy Efficiency |
| JEL: | C68 H23 O44 Q54 |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:srt:wpaper:0014&r=env |
| By: | Borck, Rainald; Pflüger, Michael |
| Abstract: | We study environmental pollution in an economic geography framework with two cities, where pollution arises from commuting within cities, goods transport between cities, production of manufacturing and agricultural goods, and residential energy use. We find that city size has an ambiguous effect on pollution levels. We also analyse how pollution changes with varying trade freeness, skilled wage income, and commuting costs. -- |
| JEL: | Q54 R12 F12 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79763&r=env |
| By: | David Tobón Orozco (Universidad de Antioquia) |
| Abstract: | : General equilibrium models focus on the analysis of the difference between the allocation of efficiency and market equilibrium in the presence of environmental externalities affecting different sectors, as well as on the effectiveness of policy instruments. These approaches agree on economic incentives, such as Pigouvian taxes or permit sales, and on that they are better than CAC regulations. In including the option of pollution mitigating technologies there is an abuse of assumptions leading to improper conclusions |
| Keywords: | environment, economic incentives |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:lde:grupom:070&r=env |
| By: | Boeters, Stefan |
| Abstract: | Economic thought on climate policy as an instance of environmental regulation is strongly influenced by the principle of a uniform carbon price. Economists acknowledge that this principle breaks down in a second-best world with other distortions, such as taxes and market power in domestic and international markets. However, systematic analysis of this point in the economic climate policy literature is scarce. In the present paper, a computable general equilibrium (CGE) set-up is chosen in order to examine what pattern of differentiated carbon prices emerges as optimal in a second-best world. The CGE model WorldScan, which is considered to be representative of the class of models routinely used for numerical climate policy analysis, produces three main results: First, the optimal pattern of carbon prices is highly differentiated, ranging from almost prohibitive taxes to high subsidies (with a range of more than 1700 euros per ton of CO2). Second, the welfare gain from switching from a uniform price to optimally differentiated prices is enormous, equivalent to a 27% emission reduction for free. Third, the most important drivers of carbon price differentiation are market power in export markets as well as taxes on consumption, intermediate inputs and domestic output. This shows that carbon price differentiation cannot be dismissed as a policy option lightly. However, before translating these findings into concrete policy advice, the relevant features of modelling pre-existing distortions in CGE models need close revision. -- |
| JEL: | Q54 H21 D58 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79738&r=env |
| By: | Grunewald, Nicole; Jakob, Michael; Mouratiadou, Ioanna |
| Abstract: | Emission inequality across countries and the contribution of the energy mix and the sectoral composition of a country s energy use are of central importance to the climate debate. We analyze the evolution of inequality in global CO2 per capita emissions using both historical data on energy-related CO2 emissions and future emission scenarios generated with the integrated assessment model REMIND. Within our sample of 90 countries the results indicate that the Gini index declined from about 0.6 in 1971 to slightly above 0.4 in 2008. A decomposition of the Gini index of total emissions into primary energy carriers and into economic sectors provides additional insights. From the perspective of primary energy carriers, it is indicated that this reduction is mainly attributed to declining shares of emissions from coal/peat and oil in total emissions, and decreasing emission inequality within all fossil primary energy sources. From the perspective of economic sectors, the decline in overall inequality is almost entirely due to a pronounced decline of the contribution of emissions from manufacturing & construction. Our analysis also suggests that an equally spread emission reduction from any one source (i.e. primary energy carrier or economic sector) would not have a major impact on overall emission inequality. The analysis of future scenario data indicates that climate policy reduces absolute emissions inequality, while inducing drastic progressive emission reductions in all regions -- |
| JEL: | Q43 Q48 D63 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79779&r=env |
| By: | Rausch, Sebastian |
| Abstract: | We examine the distributional and e ciency impacts of climate policy in the context of fiscal consolidation in a dynamic general-equilibrium overlapping generations model of the US economy. The model includes a disaggregated production structure, including energy sector detail and advanced low- or zero-carbon energy technologies, and detail on government taxes and spending. In contrast to revenue-neutral carbon tax swaps, using the carbon revenue for deficit reduction implies a relaxation of future public budgets as debt repayment results in lower interest obligations. While we show that the intergenerational welfare impacts depend importantly on what tax recycling instrument is used, we find that combining debt consolidation with a carbon policy entails the possibility of sustained welfare gains for future generations. We thus argue that combining fiscal and climate policy may o er the chance for positive societal gains (without considering potential benefits from averted climate change). Importantly, this may enhance the political support for revenue-raising climate policies that are framed over the next couples of decades. -- |
| JEL: | Q54 C68 H60 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:80026&r=env |
| By: | Santosh Kumar Sahu (Madras School of Economics); K. Narayanan (Institute Chair Professor and Head, Department of Humanities and Social Sciences, Indian Institute of Technology Bombay) |
| Abstract: | Industrial energy efficiency has emerged as one of the key issues in India. The increasing demand for energy that leads to growing challenge of climate change has resulted major issues. It is obvious that high-energy intensity leads to high carbon intensity of the economy. This paper is an attempt to compute Carbon Dioxide (CO2) emission from fossil fuel consumption for firms in Indian manufacturing sector from 2000 to 2011 by adopting the IPCC Reference Approach. The contribution of this paper lies in estimating CO2 emission at the firm level and analyzing the factors that explain inter-firm variation in CO2 emission. The results indicate that there are differences in firm-level emission intensity and they, in turn, are systematically related to identifiable firm specific characteristics. This study found size, age, energy intensity and technology intensity as the major determinants of CO2 emission of Indian manufacturing firms. In addition, capital and labour intensity of the firms are also related to the firms’ CO2 emission intensity. We conclude the short run policy implications should be aimed at encouraging firms to invest more in R&D and technology sourcing and at long run firm should be able to adapt cleaner energy to reduce CO2 emission from the fuel consumption. |
| Keywords: | CO2 emission, Technology intensity, Firm heterogeneity, Panel data, Indian manufacturing |
| JEL: | Q4 B23 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:mad:wpaper:2003-082&r=env |
| By: | Hottenrott, Hanna; Rexhäuser, Sascha |
| Abstract: | Significant policy effort is devoted to stimulate the development, adoption and diffusion of environmental-friendly technology. Sceptics worry about the effects of regulation-induced environmental technology on firms competitiveness. Since innovation is a crucial productivity driver, a potential crowding out of inventive efforts could increase the cost of mitigating environmental damage. Using propensity score matching, we study the short-term effects of regulation-induced environmental technology on non-green innovative activities for a sample of firms in Germany. We find indeed some evidence for a crowding out of the firms R&D and total innovation expenditures net of those costs due to the environmental innovation. The estimated treatment effect is larger for firms that are likely to face financing constraints. No significant effects are observed for the number of R&D projects and investments in non-innovation-related assets. Likewise, for firms with subsidy-backed environmental innovations no crowding out is found. -- |
| JEL: | O33 O31 Q55 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79791&r=env |
| By: | Jarait, Jurate (CERE, Umeå University); Di Maria, Corrado (University of East Anglia) |
| Abstract: | We use a panel dataset of about 5,000 Lithuanian firms between 2003 and 2010, to assess the impact of the EU ETS on the environmental and economic performance of participating firms. Using a matching methodology, we are able to estimate the causal impact of EU ETS participation on CO2 emissions, CO2 intensity, investment behaviour and profitability of participating firms. Our results show that ETS participation did not lead to a reduction in CO2 emissions, while we identify a slight improvement in CO2 intensity. ETS participants are shown to have retired part of their less efficient capital stock, and to have made modest additional investments from 2010. We also show that the EU ETS did not represent a drag on the profitability of participating firms. |
| Keywords: | Cap and trade; CO2 emissions; EU emissions trading system; ex-post evaluation; firm competitiveness; investment; matching; panel data; profits |
| JEL: | C23 L50 Q58 |
| Date: | 2014–01–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:slucer:2014_002&r=env |
| By: | Gren, Ing-Marie (Department of Economics, Swedish University of Agricultural Sciences); Lindqvist, Martin (Department of Economics, Swedish University of Agricultural Sciences) |
| Abstract: | We analyse effects of uncertain climate change and technological development on cost-effective abatement of nitrogen and phosphorus for a eutrophied sea. A dynamic model is developed which accounts for differences in the sea’s adjustment to the loads of the two nutrients, uncertainty in climate change effects with probabilistic constraints on nutrient pool targets, and uncertain technological development in a mean-variance framework. The analytical results show that introduction of uncertainty increases abatement costs but that the effect on marginal abatement cost differ for the two types of uncertainty. Marginal abatement cost is increased by technological uncertainty but decreased by the reduction in the risk discount of climate change uncertainties. It is also shown that abatement along the optimal time path is delayed by the introduction of technological uncertainty, but made earlier when considering climate change uncertainty. An application to the eutrophied Baltic Sea indicates that climate change and technological development can reduce total abatement cost by 1/3, but also increase it considerably when uncertainty is included. |
| Keywords: | cost-effectiveness; nutrients; climate change; technological development; uncertainty; Baltic Sea |
| JEL: | D99 O13 Q52 Q53 Q54 |
| Date: | 2014–01–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:slueko:2014_001&r=env |
| By: | Weitzel, Matthias; Ghosh, Joydeep; Peterson, Sonja; Pradhan, Basanta |
| Abstract: | In order to reach the two degree target it is necessary to control CO2 emissions also in fast growing emerging economies such as India. The question is how the Indian economy would be affected by e.g. including the country into an international climate regime. Existing analyses with either a global model or a single country computable general equilibrium model miss important aspects such as distributional issues or international repercussions. By soft-linking models of these two classes, we provide a more detailed view on these issues. In particular, we analyze different options of transferring revenues from domestic carbon taxes and international transfers to different household types and how different assumptions on exchange rates affect transfer payments. We also show effects stemming from international price repercussions. Our analysis focusses on how these transmission channels affect welfare of nine different household types. -- |
| JEL: | C68 Q54 Q56 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79771&r=env |
| By: | Klarl, Torben |
| Abstract: | In the recent last years, in particular in the aftermath of the global financial and economic crisis, many countries initiated economic recovery plans with a major focus on stimulating green entrepreneurial activities to revive economic growth. Further, the recovery plans intend to improve a country's awareness for a direct orientation towards (strong) sustainability and green growth. Before discussing strategies towards green growth, in this paper we propose a novel framework to increase our understanding of the interplay of process R&D activities, the strategic price and environmental quality setting of heterogeneous entrepreneurs in a market where consumers feel up to paying for environmental quality improvement of a vertically differentiated good. In the paper we decompose an entrepreneur's incentive conducting process R&D in four parts. In particular we show that an entrepreneur's incentive of conducting own process R&D is reduced due to the existence of knowledge-spillovers. Moreover, due to the strategic complementarities, both in prices as well as in environmental quality, a strategic effect reinforces the negative consequences of the spillover-effect. We show that the externalities in the model require corrections based upon a mixture of fiscal policies and a process R\&D subvention scheme establishing a first-best solution. We further thoroughly discuss the implementation of a second-best solution and derive environmental policy implications. -- |
| JEL: | Q55 Q58 O31 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79729&r=env |
| By: | Burghaus, Kerstin; Funk, Peter |
| Abstract: | We study economic growth and pollution control in a model with endogenous rate and direction of technical change. Economic growth (growth of real GDP) results from growth in the quantity and productivity of polluting intermediates. Pollution can be controlled by reducing the pollution intensity of a given quantity through costly research (green innovation) and by reducing the share of polluting intermediate quantity in GDP. Without clean substitutes, saving on polluting inputs implies that the rate of GDP growth remains below productivity growth (deceleration). While neither green innovation nor deceleration is chosen under laissez-faire, both contribute to long-run optimal pollution control for reasonable parameter values. In our baseline-model, there are no exhaustible resources. In an extension, we analyze the e ects of resource-scarcity on the environment, long-run growth and the direction of technical change. -- |
| JEL: | O31 O33 Q55 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:80022&r=env |
| By: | La Viña, Antonio G.M.; Barcenas, Lai-Lynn Angelica B.; Lesaca, Carla; Bobadilla, Liezel |
| Abstract: | This paper focuses on the environmental aspects of a potential Philippines-European Union Free Trade Agreement (PH-EU FTA). Potential environmental issues in the negotiation of such an FTA (if at all undertaken) are identified to better prepare the Philippine negotiating panel and equip them with information and analysis to make well-informed positions on such issues. It looks at the interaction between the multilateral trade regime--the World Trade Organization (WTO) principally--and multilateral environmental agreements, reviews the Philippine approach to environment-related trade measures, and looks at Philippine practice and implementation of environmental agreements from a trade perspective. EU policies on trade, environment, and development are also discussed to anticipate what could be EU positions during the FTA negotiations with the Philippines. The paper ends with the following conclusions and recommendations: (1) The EU will most likely push for more harmonization of the FTA provisions with WTO rules. On the sustainable development front, the EU would push for including sustainable development principles into all levels and in cross-cutting policy areas; (2) The Philippines can expect the EU to come up with a strong position on sustainable development, expecting the Philippines to make concrete commitments to principles of sustainable development; (3) Philippine sustainable development goals are not inconsistent with the EU. However, the Philippines in the FTA negotiations would be best served to emphasize poverty reduction and financial and technical support from its EU partners. |
| Keywords: | Philippines, trade and sustainable development, multilateral environmental agreements, trade and environment, Philippine practice of international environmental law, conflict between trade and environment |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2014-08&r=env |
| By: | Hampf, Benjamin; Krüger, Jens J. |
| Abstract: | This study explores the reduction potential of greenhouse gases for major pollution emitting countries of the world using nonparametric productivity measurement methods and directional distance functions. In contrast to the existing literature we apply optimization methods to endogenously determine optimal directions for the e ciency analysis. These directions represent the compromise of output enhancement and emissions reduction. The results show that for reasonable directions the adoption of best-practices would lead to sizable emission reductions in a range of about 20 percent compared to current levels. -- |
| JEL: | C14 D24 Q54 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79699&r=env |
| By: | Carsten Helm (Carl von Ossietzky Universität Oldenburg, Institut für Volkswirtschaftslehre & ZenTra); Stefan Pichler (KOF Swiss Economic Institute, ETH Zürich) |
| Abstract: | In this paper, we analyze technology transfers (TT) and tradable emission rights, which are core is-sues of the ongoing climate negotiations. Subsidizing TT leads to the adoption of better abatement technologies in the South, thereby reducing the international permit price. This is beneficial for the North as long as it is a permit buyer; hence it chooses to subsidize TT. By contrast, the permit selling South suffers from the lower permit price and its welfare usually deteriorates, despite receiving subsidies. We also consider how TT affects countries’ non-cooperative choices of permit endowments and find that it tends to reduce overall emissions. Finally, a simple numerical simulation model illustrates the results and explores some further comparative statics. |
| Keywords: | emissions trading, technology transfer, international climate policy, additionality, subsidies |
| JEL: | D62 D78 H41 O38 Q58 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:zen:wpaper:31&r=env |
| By: | Springmann, Marco; Böhringer, Christoph; Rutherford, Thomas F. |
| Abstract: | The Clean Development Mechanism (CDM) established under the Kyoto Protocol allows industrialized Annex I countries to offset part of their domestic emissions by investing in emissions-reduction projects in developing non-Annex I countries. We present a novel CDM modeling framework which can be used in computable-general-equilibrium (CGE) models to quantify the sector-specific and macroeconomic impacts of CDM investments. Compared to conventional approaches that mimic CDM as sectoral emission trading, our framework adopts a micro consistent representation of the CDM incentive structure and its investment characteristics. In our empirical application based on GTAP data we show that incentive compatibility implies that CDM-implementing sectors do not suffer and overall welfare gains tend to be lower than suggested by conventional modeling approaches. -- |
| JEL: | C68 D58 Q56 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79939&r=env |
| By: | Ahlheim, Michael; Schneider, Friedrich |
| Abstract: | In many empirical Contingent Valuation studies one finds that household size, i. e. the number auf household members, is negatively correlated with stated household willingness to pay for the realization of environmental projects. This observation is rather puzzling because in larger households more people can benefit from an environmental improvement than in small households. Therefore, the overall benefit should be greater for larger households. A plausible explanation could be that household budgets are tighter for large families than for smaller families with the same overall family income. The fact that larger families can afford only smaller willingness to pay statements in Contingent Valuation surveys than smaller families with the same income and the same preferences might have consequences for the allocation of public funds whenever the realization of an environmental project is made dependent on the outcome of a Contingent Valuation study. In this paper we show how the use of household equivalence scales for the assessment of environmental projects with the Contingent Valuation Method can serve to reduce the discrimination of members of large families. -- |
| JEL: | D61 H43 Q51 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79974&r=env |
| By: | Aigner, Rafael |
| Abstract: | How is the optimal level of Pigouvian taxation influenced by distributive concerns? With second-best instruments, a higher level of income redistribution calls for a lower level of Pigouvian taxation. More redistribution implies higher distortions from income taxation. Pigouvian tax revenues become more valuable and the optimal level of environmental taxation decreases. With first-best in- struments, however, the relation between levels of redistribution and Pigouvian taxation is reversed. So second-best Pigouvian taxes are very different from their first-best counterpart - despite apparently identical first order conditions. -- |
| JEL: | H21 H23 D62 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79859&r=env |
| By: | Sahbi Farhani; Anissa Chaibi; Christophe Rault |
| Abstract: | This article contributes to the literature by investigating the dynamic relationship between Carbone dioxide (CO2) emissions, output (GDP), energy consumption, and trade using the bounds testing approach to cointegration and the ARDL methodology for Tunisia over the period 1971-2008. The empirical results reveal the existence of two causal long-run relationships between the variables. In the short-run, there are three unidirectional Granger causality relationships, which run from GDP, squared GDP and energy consumption to CO2 emissions. To check the stability in the parameter of the selected model, CUSUM and CUSUMSQ were used. The results also provide important policy implications. |
| Keywords: | CO2 emissions, Energy consumption, ARDL bounds testing approach |
| JEL: | Q56 Q43 C51 |
| Date: | 2014–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipg:wpaper:2014-15&r=env |
| By: | Kiran Krishnamurthy, Chandra (CERE, Umeå University); Kriström, Bengt (CERE, Swedish University of Agricultural Sciences) |
| Abstract: | Using data from a large, multi-country survey, this paper investigates the determinants of preferences for a completely green residential electricity system. Three important questions are addressed: (i) How much are households willing to pay to use only renewable energy? (ii) Does willingness-to-pay (wtp) vary significantly across household groups and countries? and (iii) What drives the decision to enter the (hypothetical) market for green energy and, given entry, what drives the level of wtp? The analysis here differs from previous ones in the literature in two distinct ways: first, data and analyses are comparable across countries and second, a comprehensive attempt to address censoring and heterogeneity is carried out. The survey data indicate, in common with prior analyses and market experience, a low wtp, about 910%. This study addressed a key aspect: how important is income for understanding wtp, relative to more âattitudinalâ determinants? Surprisingly, income exerts almost no effect on wtp, at the margin; this result is robust to controlling for censoring and heterogeneity. Key determinants of the wtp decision appear to be environmental attitudes, particularly membership in an environmental organization. |
| Keywords: | green electricity; willingness-to-pay; censoring; quantile regression; renewable energy |
| JEL: | C21 C24 Q42 Q51 |
| Date: | 2013–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:slucer:2013_007&r=env |
| By: | Rodrigo Harrison; Roger Lagunoff |
| Abstract: | We model dynamic mechanisms for a global commons. Countries benefit from both consumption and aggregate conservation of an open access resource. A country's relative value of consumption-to-conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare subject to being implementable by Perfect Bayesian equilibria. With complete information, the optimal quota is first best; it allocates more of the resource each period to countries with high consumption value. Under incomplete information, the optimal quota is fully compressed - initially identical countries always receive the same quota even as environmental costs and resource needs differ later on. |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ioe:doctra:442&r=env |
| By: | Lint Barrage; Eric Chyn; Justine Hastings |
| Abstract: | This paper explores whether and how environmental stewardship can be provided by private markets through green advertising. We examine the period surrounding the BP oil spill and estimate how BP’s pre-spill investment in “green advertising” affected the spill’s impact on retail prices and demand at BP gasoline stations. We use station-level prices and sales from a large sample of U.S. retail gasoline stations, and market-level advertising expenditures during BP’s 2000-2008 “Beyond Petroleum” advertising campaign. We find evidence consistent with consumer punishment of BP in the months following the spill; overall BP margins declined significantly by 4.2 cents per gallon, and volumes declined by 3.6 percent during the spill. We examine how pre-spill environmental advertising affected the spill’s impact on margins and sales, testing whether expenditures on green reputation act as a commitment to green production or as insurance against environmental damage. We find evidence in support of the latter: pre-spill exposure to BP advertising significantly softened the impact of the spill on BP retail margins, and abated losses to station share from stations switching to alternative gasoline brands. |
| JEL: | H0 H23 L0 M3 M38 Q5 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19838&r=env |
| By: | Jans, Jenny (Uppsala Center for Labor Studies); Johansson, Per (Uppsala Center for Labor Studies); Nilsson, J Peter (Uppsala Center for Labor Studies) |
| Abstract: | On normal days, the temperature decreases with altitude, allowing air pollutants to rise and disperse. During inversion episodes, a warmer air layer at higher altitude traps pollu- tants close to the ground. We show how readily available NASA satellite data on vertical temperature proles can be used to measure inversion episodes on a global scale with high spatial and temporal resolution. Then, we link inversion episode data to ground level pollution monitors and to daily in- and outpatient records for the universe of children in Sweden during a six-year period to provide instrumental variable estimates of the eects of air quality on children's health. The IV estimates show that the respiratory illness health care visit rate increases by 8 percent for each 10 m=m3 increase in PM10; an es- timate four times higher than conventional estimates. Importantly, by linking the health care data to detailed records of parental background characteristics, we show that chil- dren from low-income households suer signicantly more from air pollution than children from high income households. Finally, we provide evidence on the importance of several mechanisms that could contribute to the dierence in the impact of air pollution across children in rich and poor households. |
| Keywords: | Air pollution; Health; inversions; environmental policy; instrumental variable; nonparametric regression; socio-economic gradient in health |
| JEL: | I12 I14 J24 Q53 |
| Date: | 2014–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uulswp:2014_001&r=env |
| By: | Köke, Sonja; Lange, Andreas |
| Abstract: | In this paper we analyze how rati cation uncertainty impacts the optimal terms of international environmental agreements (IEAs). We relax the frequent assumption of countries as unitary actors by modeling the rati cation stage through uncertain preferences of a ratifying agent (e.g. the pivotal voter). With this, we combine the literature on IEAs with the one on two-level games of rati cation. We nd that rati cation uncertainty reduces both the strength of the commitment as well as the participation threshold, thereby a ecting intensive as well as extensive margins of expected international cooperation. Similar comparative statics arise under uncertainty when pivotal voters' and negotiators' preferences diverge. This is a rst step towards linking individual voters' preferences to the outcome of IEAs. -- |
| JEL: | Q54 C72 H41 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79952&r=env |
| By: | Polk, Andreas; Schmutzler, Armin; Müller, Adrian |
| Abstract: | Can multinational firms exert more power than national firms by influencing politics through lobbying? To answer this question, we analyze the extent of national environmental regulation when policy is determined in a lobbying game between a government and firm. We compare the resulting equilibrium regulation levels, outputs and welfare for national and multinational firms, depending on such parameters as the potential environmental damages, transportation costs and the influence of the firm. For low transportation costs, output and pollution of a national firm is always as least as high as for a multinational; this changes for high transportation costs and intermediate damage parameters. When there is no lobbying, welfare levels are always higher with multinationals than with national firms. However, the existence of lobbying may reverse this ordering. -- |
| JEL: | D72 F23 L51 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79875&r=env |
| By: | Peters, Wolfgang; Heuson, Clemens; Schwarze, Reimund; Topp, Anna-Katharina |
| Abstract: | The strategy of adaptation to climate change has become a central topic within the UNFCCC negotiations in recent years. On the national level, adaptation plans are elaborated, and on the international level, the need for funding adaptation in developing countries is discussed. This tendency shows that adaptation is likely to be advanced relative to mitigation on the political agenda. Therefore, we analyze the economic consequences of the timing of mitigation and adaptation in a game-theoretic framework regarding as well the importance of technological investments for mitigation. Due to strategic behavior, the activity in mitigation deteriorates when adaptation is advanced. As a consequence, the resulting subgame-perfect equilibrium yields higher total costs. We demonstrate that this result is even reinforced when technological investments are regarded, i.e. the negative effects of advancing adaptation relative to the opposite timing are amplified. -- |
| JEL: | Q54 H87 C72 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79719&r=env |
| By: | Mendelevitch, Roman |
| Abstract: | Scenarios of future energy systems attribute an important role to Carbon Capture, Transport, and Storage (CCTS) in achieving emission reductions. Using captured CO2 for enhanced oil recovery (CO2-EOR) can improve the economics of the technology. This paper examines the potential for CO2-EOR in the North Sea region. UK oil fields are found to account for 47% of the estimated additional recovery potential of 3739 Mbbl (1234 MtCO2 of storage potential). Danish and Norwegian fields add 28% and 25%, respectively. Based on a comprehensive dataset, the paper develops a unique techno-economic market equilibrium model of CO2 supply from emission sources and CO2 demand from CO2-EOR to assess implications for a future CCTS infrastructure. A detailed representation of decreasing demand for fresh CO2 for CO2-EOR operation is accomplished via an exponential storage cost function. In all scenarios of varying CO2 and crude oil price paths the assumed CO2-EOR potential is fully exploited. CO2-EOR does add value to CCTS operations but the potential is very limited and does not automatically induce long term CCTS activity. If CO2 prices stay low, little further use of CCTS can be expected after 2035. -- |
| JEL: | C61 L71 O33 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc13:79950&r=env |
| By: | Israel, Danilo C. |
| Abstract: | This study assessed the likely economic, distributional, and fisheries resource impacts of a potential free trade agreement (FTA) between the Philippines and European Union (EU) on the fisheries sector of the former. The study used secondary data from institutional sources and results and findings of past studies. Among others, the study found that a) the elimination of tariffs will likely increase fisheries outputs and exports as well as help reduce poverty in the fisheries sector and the general population; b) the elimination of tariffs will likely diversify the currently limited country destinations and number of exported fisheries products of the Philippines to the EU; c) other than tariffs, there are nontariff measures (NTMs) that significantly impede freer flow of fisheries products from the Philippines to the EU that need to be considered; d) some participants in the Philippine fisheries sector will gain from an FTA while others will lose but the net benefits to the sector and economy is not known; and e) increase in fisheries exports due to the FTA will likely worsen fisheries resource overexploitation although the inflow of cheaper imported fish will tend to reduce the overexploitation. The study concludes, among others, that if a Philippines-EU FTA materializes it should not only reduce or eliminate tariffs in fisheries products but also the NTMs. It also argued that the government should provide safety nets for the fisheries participants who are going to be disadvantaged by the FTA and implement the needed resource and environmental management that will allow sustainable exploitation of fisheries resources even with increased trade. |
| Keywords: | Philippines, fisheries trade, Philippine fisheries sector, Philippines-EU free trade agreement, fisheries tariffs, fisheries nontariff measures, economic, distributional, and resource impacts |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2014-03&r=env |
| By: | Sebastian Schäfer (University of Siegen) |
| Abstract: | This paper contributes to the literature of overlapping regulations as we introduce a model, which gives insights in an effective combination of the EU emissions trading system (ETS) and the promotion of renewable energy within the electricity sector. Under consideration of EU long term objectives in CO2 mitigation we evaluate the efficient share of renewable energy. Hence, we give rise to the question, if the actual amount of renewable energy production already exceeds this share making a stop or at least a modification of its promotion necessary. Our approach proves to be robust to a change of pattern of marginal abatement costs (MAC), while resulting variances can be narrowed down and quantified. For its application to empirical data, we develop a method to evaluate the performance of the ETS and the promotion of renewable energy. On that basis we suggest modifications of the ETS to uncouple the certificate price from economical fluctuations and the development of renewable energy leading to their better combination and stronger mitigation incentives. For Germany it turns out, that the electricity generation of renewables has not exceeded its optimal share yet, while data is restricted due to low mitigation incentives set by the ETS. Therefore both the suggested improvement of the ETS and the monitoring of the development of renewable energy, referred to our model, is strongly recommended. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:201409&r=env |
| By: | Lawrence H. Goulder; Marc A. C. Hafstead; Roberton C. Williams III |
| Abstract: | Economists have tended to view cap and trade (or, more generally, emissions pricing) as more cost-effective than a clean energy standard (CES) for the purpose of reducing greenhouse gas emissions associated with electricity generation. This stems in part from the finding that, in terms of cost-effectiveness, a CES relies too much on emissions abatement through the channel of fuel-switching and too little on the channel of reduced electricity demand. Recent research reveals, however, that the CES has an advantage over cap and trade in a different dimension. In a realistic economy with prior taxes on factors of production, the adverse “tax-interaction effect” is smaller under the CES than under the equivalent cap-and-trade program. This raises the possibility that the CES might not suffer an overall disadvantage relative to cap and trade on cost-effectiveness grounds. This paper employs analytical and numerical general equilibrium models to assess the relative cost-effectiveness of the CES and an electricity-sector cap-and-trade program. These models reveal that a well-designed CES can be more cost-effective than cap and trade when relatively minor reductions in emissions are called for. Numerical simulations indicate that the cost-effectiveness of the CES is sensitive to what is deemed “clean” electricity. To achieve maximal cost-effectiveness, the CES must offer significant credit to electricity generated from natural gas. |
| JEL: | H23 Q54 Q58 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19847&r=env |
| By: | Dambala Gelo, Steven F. Koch and Edwin Muchapondwa |
| Abstract: | Existing literature have rarely evaluated distributive effect of Joint Forest Management (JFM) augmented with improved market linkages for non-timber forest products nor have they accounted for heterogeneity in the welfare effects. We assess the distributional impact of a unique JFM in Ethiopia in which additional support for improved market linkages for non-timber forest products was provided. The analysis is based on matching and instrumental variable (IV) methods of quantile treatment effects (QTE) evaluation using household data from selected rural villages of Gimbo district, in southwest Ethiopia. The results confirm that the intervention affect outcomes heterogeneously across the welfare distribution. Specifically, the program was found to raise welfare for only those along upper half (median and above) of welfare distribution. Thus, we infer that the program is not pro-poor, and, therefore, is not equity enhancing. Our analysis also revealed that such distributional bias of the program benefit arises from elite capture. |
| Keywords: | Market Linkage, Joint Forest Management, Quantile Treatment Effects, Welfare Distribution |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:400&r=env |
| By: | Alvaro Calzadilla; Manfred Wiebelt; Julian Blohmke; Gernot Klepper |
| Abstract: | “Desert Power 2050” is probably the world’s most ambitious strategy report towards the decarbonization of the power sector in Europe, the Middle East and North Africa (EUMENA). The report inspired by the Desertec vision aims at providing clean energy from MENA’s desert regions to the entire MENA region as well as exporting electricity to Europe. The report shows that an integrated EUMENA power system based on more than 90 percent renewables is technically feasible and economically viable. We use a combination of a global general equilibrium model (DART) and a multiplier analysis to evaluate the economic effects behind “Desert Power 2050” from a broader perspective, including not only the energy activities but also the repercussions in other sectors of the economies. The results show that the extent of the costs and benefits for both regions depend on the type of strategy adopted to finance the build-up of the power plants and the expected development of the levelised cost of electricity for the different technologies. Furthermore, the viability of a transition towards renewable energy as proposed by “Desert Power 2050” depends to a great extent on the international climate policy |
| Keywords: | Computable General Equilibrium, Multiplier Analysis, Renewable Energy, Climate Policy, Europe-North Africa-the Middle East |
| JEL: | C68 C67 Q42 Q58 O52 O55 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1891&r=env |
| By: | Sebastien Pouliot (Center for Agricultural and Rural Development (CARD)); Bruce A. Babcock (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | The Environmental Protection Agency (EPA) proposed in November to reduce 2014 biofuel mandates. One concern expressed by EPA is that it will be difficult, if not impossible, to consume the 2014 target levels of ethanol in the Renewable Fuel Standard (RFS) because of infrastructure issues. Difficulty in meeting ethanol mandates is reflected into increased compliance costs and a measure of compliance cost is the price of the tradable ethanol credit known as a RIN (Renewable Identification Number). The price of RINs represents the gap between the cost of producing another gallon of ethanol and the price of ethanol that is needed to induce consumers to buy another gallon. Compliance with the ethanol mandates falls to owners of oil refineries who must purchase a specified number of RINs per gallon of gasoline produced. We show in previous work that increasing the number of stations that sell E85 decreases the ethanol price discounts needed to induce enough ethanol consumption to meet targets by making the fuel more accessible to consumers. Any reduction in required discounts directly leads to lower RIN prices and hence lower compliance costs. Thus, obligated parties faced with high RIN prices would have a strong incentive to invest in the infrastructure that would facilitate increases in ethanol consumption. As the cost of complying with RFS falls to owners of oil refineries, it is a natural position for them to oppose any further increase in mandated ethanol volumes. One argument that has often been made by the oil industry against increases in ethanol is that compliance costs will be passed on to consumers. This seems like a reasonable argument because this type of cost increase in any economic model will tend to lead to higher gasoline prices, hence higher consumer prices. Our objective in this study is to provide a transparent economic analysis of the impact on consumer fuel prices from increased ethanol mandates. One feature of our analysis is that it accounts for an increase in the consumption of E85, the most likely compliance path that would be taken in 2014 to meet increases in ethanol mandates. Each year, EPA establishes a percentage standard for ethanol by dividing the desired quantity of ethanol by the total anticipated domestic sales of unblended gasoline. Each producer of gasoline has an RVO (Renewable Volume Obligation) that is determined by multiplying the percentage standard by total domestic sales of gasoline. The RVO is met by acquiring RINs. If an obligated party’s sales of gasoline increases, so too does the RVO. This means that an obligated party can reduce the number of RINs that it needs to comply with the RFS by decreasing the volume of gasoline sales. This direct link between the cost of RINs and gasoline sales implies that increases in the cost of RINs reduces the quantity of gasoline that refiners will provide to consumers at any given gasoline price. Our model has separate demand curves for E10 and E85. The two demand curves are related because increases in E85 consumption come at the expense of E10. The model calculates the retail price of E85 that is needed to induce consumers to buy enough ethanol so that the number of RINs generated is adequate to meet oil refineries’ RVO obligations. The obligations are met through increased E85 consumption and reduced E10 consumption. Increased E85 consumption can only occur with a lower retail price of E85. Given E10 and E85 prices, we can calculate the value at wholesale for gasoline and ethanol. It is the difference between the value of ethanol at wholesale and the cost of producing the required quantity of ethanol that determines the RIN price. The compliance cost to oil refineries per gallon of gasoline is the product of the RIN price and the percentage standard. We find two direct effects of a binding ethanol mandate. The first is an increase in the wholesale price of gasoline because positive RIN prices increase the cost of producing gasoline. The second is a decrease in the ethanol price paid by blenders net of the RIN value. The net price of ethanol will decrease to induce consumers to consume enough ethanol to meet the mandate. Because most US consumers buy E10, the lower price of ethanol in the blend offsets at least some portion of the increased gasoline price. In addition to these two direct effects on the price of E10, there exists an indirect effect that works to lower E10 prices. To meet mandates beyond E10 requires an increase in E85 consumption, which results in a decrease in E10 consumption because some owners of flex vehicles switch fuels. The effect of substituting E85 for E10 is a net decrease in gasoline demand, which results in some reduction in wholesale gasoline prices. Whether the net effect of these three market forces results in a net increase or decrease in E10 pump prices requires the development of an economic model to sort out. We developed and calibrated such a model with the purpose of showing how feasible increases in ethanol blending mandates will affect the price of E10 under a range of possible conditions. We find that feasible increases in the ethanol mandate in 2014 will cause a small decline in the price of E10. That is, even though increased mandates increase gasoline prices, the offsetting effects from a decline in ethanol price and movement by motorists to E85 from E10 are enough to result in a net decrease in the price of E10. Our results should reassure those in Congress and the Administration who are worried that following the RFS commitment to expanding the use of renewable fuels will result in sharply higher fuel prices for consumers. There may be sound policy reasons that could justify Congress revisiting the RFS. However, concern about higher pump prices for consumers is not one of them. |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:14-pb18&r=env |
| By: | Saule Baurzhan (Department of Economics, Eastern Mediterranean University, Mersin 10, Turkey); Glenn P. Jenkins (Department of Economics, Queen's University, Canada, Eastern Mediterranean University, Mersin 10, Turkey) |
| Abstract: | Many public electric utilities and countries in Africa are capital constrained while the growth in demand for electricity is increasing. In this paper an economic analysis is carried out that investigate the efficiency of investing in solar photovoltaic (PV) power plants for grid generation in such a capital constrained countries. The major benefits of the solar power generation are reductions in operating costs (mainly fuel), greenhouse gas (GHG) emissions, and other pollutants of displaced fossil fuel generation. These same benefits could be realised if efficient thermal power plants were used to displace fuel inefficient thermal plants. The amount of fuel savings, GHG emission mitigation, levelized cost of electricity generation are calculated for both solar PV and combined cycle power plants to determine the economic feasibility of introducing solar generation facilities. Investing in combined cycle power plants powered by heavy fuel oil (HFO) is three times as effective in reducing greenhouse gases as the same investment made in solar PV plants. Even If solar investment costs fall as anticipated, it will take at least 16 years of continuous decline before solar generation technology will become cost-effective. |
| Keywords: | Electricity Generation, Cost–Benefit Analysis, Africa |
| JEL: | L94 D61 O55 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:qed:dpaper:246&r=env |
| By: | Adam Isen; Maya Rossin-Slater; W. Reed Walker |
| Abstract: | This paper examines the long-term impacts of in-utero and early childhood exposure to ambient air pollution on adult labor market outcomes. We take advantage of a new administrative data set that is uniquely suited for addressing this question because it combines information on individuals' quarterly earnings together with their counties and dates of birth. We use the sharp changes in ambient air pollution concentrations driven by the implementation of the 1970 Clean Air Act Amendments as a source of identifying variation, and we compare cohorts born in counties that experienced large changes in total suspended particulate (TSP) exposure to cohorts born in counties that had minimal or no changes. We find a significant relationship between TSP exposure in the year of birth and adult labor market outcomes. A 10 unit decrease in TSP in the year of birth is associated with a 1 percent increase in annual earnings for workers aged 29-31. Most, but not all, of this effect is driven by an increase in labor force participation. In present value, the gains from being born into a county affected by the 1970 Clean Air Act amount to about $4,300 in lifetime income for the 1.5 million individuals born into these counties each year. |
| JEL: | H40 H51 I12 I14 J17 J18 J31 Q51 Q53 Q58 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19858&r=env |
| By: | Raggl, Anna K. |
| Abstract: | This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variables are included because the effects of natural resource rents in gross domestic products are of particular interest for Ghana. Using the preferred specification, Ghana's growth potential is predicted for the upcoming decades under different scenarios. The results indicate that under the most pessimistic scenario of no improvements in the determinants of growth compared with the period 2005-09, Ghana's gross domestic product per capita growth rates will stagnate at approximately 4.5 percent during the next decade and decrease thereafter. If the policy measures and country characteristics improve in the way they did in the past three decades, average per capita growth rates of roughly 5.5 percent could be reached during 2015-34. Taking into account the expected oil production until 2034 adds 0.6 percentage points to projected gross domestic product growth rates on average. |
| Keywords: | Achieving Shared Growth,Economic Theory&Research,Labor Policies,Environmental Economics&Policies,Inequality |
| Date: | 2014–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6750&r=env |