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on Resource Economics |
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Issue of 2023‒10‒09
five papers chosen by |
| By: | Asli Demirguc-Kunt (Center for Global Development); Alvaro Pedraza (World Bank); Fredy Pulga (Universidad de la Sabana); Claudia Ruiz-Ortega (World Bank) |
| Abstract: | What is the response of bank foreign subsidiaries to climate policy in their host countries? We find that global banks with high environmental performance increase their presence in countries after local authorities strengthen their climate-related actions. Through their foreign subsidiaries, these banks expand their credit by 4.6 percent following an increase in one-standard deviation of the host country climate policy index. Importantly, we do not find evidence that banks with low environmental scores exit in response to climate initiatives. Our findings show that strengthening climate policy might be a win-win strategy for policymakers—in addition to addressing carbon emission reduction, climate-related initiatives also appear to attract foreign capital from lenders with strong preferences for green assets. |
| Keywords: | Global banks, climate change, environmental performance |
| JEL: | G21 G28 D62 Q54 |
| Date: | 2023–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:631&r=res |
| By: | Armel Ngami (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Bruno Ventelou (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Background Efficiency analyses have been widely used in the literature to rank countries regarding their health system performances. However, little place has been given to the environmental aspect: two countries with the same characteristics could experience completely different healthcare system outcomes just because they do not face the same environmental quality situation, which is a major determinant of the health of inhabitants. Methods Using a stochastic frontier model, this paper analyses the effect of environmental quality on health system outcomes in OECD countries, measured by life expectancy at birth. Results We show that the healthcare system performance ranking of OECD countries changes significantly, depending on whether the environmental index is taken into account. Conclusions These findings, once again, underline the critical importance of the environment when addressing population health issues. In general, our results can be aligned with the messages of the One Health approach literature. |
| Keywords: | Health, Healthcare system efficiency, Health production function, Environment, Stochastic frontier analysis, Panel data |
| Date: | 2023–06–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04186935&r=res |
| By: | Llorca, Manuel (Department of Economics, Copenhagen Business School); Rodriguez-Alvarez, Ana (University of Oviedo) |
| Abstract: | The European Union has committed to make Europe the first climate-neutral continent by 2050. Reaching this objective implies massive changes in the economies of the region. The biggest challenge of this green transition is to make sure that it happens without sacrificing economic progress and guaranteeing justice and inclusiveness. This pledge requires that every country be capable of addressing the trade-offs between the targets while remaining committed towards the common decarbonisation goal. This paper analyses the success with which European countries are carrying out the energy transition. We propose an enhanced hyperbolic distance function and a stochastic frontier analysis approach to model the joint attainment of economic development, environmental sustainability, and energy equity. We apply our model to an unbalanced panel dataset of 29 European countries for the period 2005-2018. Our estimates show that the average performance of the European economies has improved throughout the studied period. However, the patterns of progress have been different, showing the non-EU-15 countries a steeper evolution than the EU-15 countries. Our results also highlight the pivotal role of a sustainable economic development with clean energies for both slashing CO2 emissions and fostering energy equity. Moreover, we find sigma convergence, being this slightly higher for the EU-15 countries. Additionally, we obtain absolute and conditional beta convergence for both non-EU-15 and EU- 15 countries. Finally, we show that a higher share of renewable energy sources helps countries that are lagging behind to reach their optimal level of performance. |
| Keywords: | Economic development; Environmental sustainability; Energy equity; Enhanced hyperbolic distance function; Stochastic frontier analysis |
| JEL: | C50 L50 L90 Q40 Q50 |
| Date: | 2023–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cbsnow:2023_007&r=res |
| By: | Picchio, Matteo (Università Politecnica delle Marche, Ancona); van Ours, Jan C. (Erasmus University Rotterdam) |
| Abstract: | High temperatures can have a negative effect on work-related activities. Labor productivity may go down because mental health or physical health is worse when it is too warm. Workers may experience difficulties concentrating or they have to reduce effort in order to cope with heat. We investigate how temperature affects performance of male professional tennis players. We use data about outdoor singles matches from 2003 until 2021. Our identification strategy relies on the plausible exogeneity of short-term daily temperature variations in a given tournament from the average temperature over the same tournament. We find that performance significantly decreases with ambient temperature. The magnitude of the temperature effect is age-specific and skill-specific. Older and less-skilled players suffer more from high temperatures than younger and more skilled players do. The effect of temperature on performance is smaller when there is more at stake. Our findings also suggest that there is adaptation to high temperatures: the effects are smaller if the heat lasts for several days. |
| Keywords: | climate change, temperatures, tennis; performance, productivity |
| JEL: | J24 J81 Q51 Q54 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16431&r=res |
| By: | Lyu, Chenyan (Department of Economics, Copenhagen Business School); Do, Hung Xuan (School of Economics and Finance, Massey University, New Zealand); Nepal, Rabindra (Faculty of Business and Law, School of Accounting, Economics and Finance, University of Wollongong, Australia); Jamasb, Tooraj (Department of Economics, Copenhagen Business School) |
| Abstract: | This paper investigates price volatility and spillover effects in the Nordic electricity wholesale markets, comprising Sweden, Finland, Denmark, and Norway. Utilizing both the Time-Varying Parameter Vector Autoregressive (TVP-VAR) and Rolling Window-based VAR (RW-VAR) approaches, we analyze the integration dynamics among these regional markets and the impact of carbon prices on volatility spillovers. The study employs a rich dataset of 107, 352 hourly prices spanning from January 2010 to March 2022. The novelty of this research is three-fold. Firstly, we adopt a connectedness approach to explore volatility interactions among the four Nordic markets, contributing to the scarce literature on volatility in this market. Secondly, we segment the Norwegian market into southern and northern regions, revealing differences in volatility spillover patterns. Lastly, we investigate the influence of carbon prices on volatility spillovers, shedding light on its role in market dynamics. We find significant connectedness between the Nordic markets, with an average volatility Total Connectedness Index of 52.4% and 50.9%. Sweden emerges as the sole net volatility spillover transmitter, while Denmark experiences the largest shocks from the system. We further find that carbon prices exert a 5% significant impact on the volatility spillover index, as estimated by the 200-days rolling window VAR. |
| Keywords: | Electricity Markets; Price Volatility; Nord Pool; Carbon Market; Renewable Energy |
| JEL: | D00 D50 L10 L90 |
| Date: | 2023–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cbsnow:2023_005&r=res |