nep-res New Economics Papers
on Resource Economics
Issue of 2024‒04‒08
four papers chosen by
Maximo Rossi, Universidad de la República

  1. The Portfolio of Economic Policies Needed to Fight Climate Change By Olivier Blanchard; Christian Gollier; Jean Tirole
  2. Predicting the Conditional Distribution of US Stock Market Systemic Stress: The Role of Climate Risks By Massimiliano Caporin; Petre Caraiani; Oguzhan Cepni; Rangan Gupta
  3. How trade policy can support the climate agenda By Michael Jakob; Stavros Afionis; Max Åhman; Angelo Antoci; Marlene Arens; Fernando Ascensão; Harro van Asselt; Nicolai Baumert; Simone Borghesi; Claire Brunel; Justin Caron; Aaron Cosbey; Susanne Droege; Alecia Evans; Gianluca Iannucci; Magnus Jiborn; Astrid Kander; Viktoras Kulionis; Arik Levinson; Jaime de Melo; Tom Moerenhout; Alessandro Monti; Maria Panezi; Philippe Quirion; Lutz Sager; Marco Sakai; Juan Sesmero; Mauro Sodini; Jean-Marc Solleder; Cleo Verkuijl; Valentin Vogl; Leonie Wenz; Sven Willner
  4. Observed Patterns of Free-Floating Car-Sharing Use By Natalia Fabra; Catarina Pintassilgo; Mateus Souza

  1. By: Olivier Blanchard (Peterson Institute for International Economics); Christian Gollier (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jean Tirole (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: Climate change poses an existential threat. Theoretical and empirical research suggest that carbon pricing and green R&D support are the right tools, but their implementation can be improved. Other policies, such as standards, bans, and targeted subsidies, also all have a role to play, but they have often been incoherent, and their implementation is delicate.
    Keywords: Climate change, Carbon price, Green R&D, Carbon border adjustment, Climate finance
    Date: 2023
  2. By: Massimiliano Caporin (Department of Statistical Sciences, University of Padova, Via Cesare Battisti 241, 35121 Padova, Italy); Petre Caraiani (Institute for Economic Forecasting, Romanian Academy, Romania; Bucharest University of Economic Studies, Romania); Oguzhan Cepni (Copenhagen Business School, Department of Economics, Porcelaenshaven 16A, Frederiksberg DK-2000, Denmark; Ostim Technical University, Ankara, Turkiye); Rangan Gupta (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa)
    Abstract: This paper explores how climate risks impact the overall systemic stress levels in the United States (US). We initially apply the TrAffic Light System for Systemic Stress (TALIS) approach that classifies the stock markets across all 50 states based on their stress levels, to create an aggregate stress measure called ATALIS. Then, we utilize a nonparametric causality-in-quantiles approach to thoroughly assess the predictive power of climate risks across the entire conditional distribution of ATALIS, accounting for any data nonlinearity and structural changes. Our analysis covers daily data from July 1996 to March 2023, revealing that various climate risk indicators can predict the entire conditional distribution of ATALIS3, particularly around its median. The full-sample result also carries over time, when the nonparametric causality-in-quantiles test is conducted based on a rolling-window. Our findings, showing that climate risks are positively associated with ATALIS over its entire conditional distribution, provide crucial insights for investors and policymakers regarding the economic impact of environmental changes.
    Keywords: State stock markets, Systemic stress, Climate risks, Quantile predictions
    JEL: C21 C32 C53 G10 Q54
    Date: 2024–03
  3. By: Michael Jakob (MCC - Mercator Research Institute on Global Commons and Climate Change - PIK - Potsdam Institute for Climate Impact Research); Stavros Afionis (Cardiff University, University of Leeds); Max Åhman (Lund University); Angelo Antoci (UNISS - Università degli Studi di Sassari = University of Sassari [Sassari]); Marlene Arens (Lund University); Fernando Ascensão (cE3c - Centre for Ecology - Evolution and Environmental Changes - ULISBOA - Universidade de Lisboa = University of Lisbon); Harro van Asselt (University of Eastern Finland, Universiteit Utrecht / Utrecht University [Utrecht]); Nicolai Baumert (Lund University); Simone Borghesi (EUI - European University Institute, UNISI - Università degli Studi di Siena = University of Siena); Claire Brunel; Justin Caron (HEC Montréal - HEC Montréal); Aaron Cosbey (IISD - International Institute for Sustainable Development); Susanne Droege (Stiftung Wissenschaft und Politik); Alecia Evans (Purdue University [West Lafayette]); Gianluca Iannucci (UniFI - Università degli Studi di Firenze = University of Florence); Magnus Jiborn (Lund University); Astrid Kander (Lund University); Viktoras Kulionis (ETH Zürich - Eidgenössische Technische Hochschule - Swiss Federal Institute of Technology [Zürich]); Arik Levinson (GU - Georgetown University [Washington]); Jaime de Melo (UNIGE - Université de Genève = University of Geneva); Tom Moerenhout (Columbia University [New York]); Alessandro Monti (UCPH - University of Copenhagen = Københavns Universitet); Maria Panezi (UNB - University of New Brunswick); Philippe Quirion (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Lutz Sager (GU - Georgetown University [Washington]); Marco Sakai (University of York [York, UK]); Juan Sesmero (Purdue University [West Lafayette]); Mauro Sodini (University of Pisa - Università di Pisa, VSB - Technical University of Ostrava [Ostrava]); Jean-Marc Solleder (UNIGE - Université de Genève = University of Geneva); Cleo Verkuijl (FERDI - Fondation pour les Etudes et Recherches sur le Développement International); Valentin Vogl (Lund University); Leonie Wenz (MCC - Mercator Research Institute on Global Commons and Climate Change - PIK - Potsdam Institute for Climate Impact Research); Sven Willner (PIK - Potsdam Institute for Climate Impact Research)
    Abstract: Economic analysis has produced ample insights on how international trade and climate policy interact (1). Trade presents both opportunities and obstacles, and invites the question of how domestic climate policies can be effective in a global economy integrated through international trade. Particularly problematic is the potential relocation of production to regions with low climate standards. Measures to level the playing field, such as border carbon adjustments (BCAs), may be justified for specific emissions-intensive and trade-exposed sectors but need to be well-targeted, carefully navigating tensions that can arise between the desire to respect global trade rules and the need to elaborate and implement effective national climate policies. The conformity of specific trade measures with international trade and climate change law is not entirely clear. Yet, clarity is needed to ensure that the industry actors affected will find the rules predictable and be able to adhere to them.
    Date: 2022–06–24
  4. By: Natalia Fabra; Catarina Pintassilgo; Mateus Souza
    Abstract: Free-Floating Car-Sharing (FFCS) services allow users to rent electric vehicles by the minute without restrictions on pick-up or drop-off locations within the service area of the rental company. Beyond enlarging the choice set of mobility options, FFCS may reduce congestion and emissions in cities, depending on the service’s usage and substitution patterns. In this paper, we shed light on this by analyzing the universe of FFCS trips conducted through a leading company in Madrid during 2019. We correlate FFCS usage patterns with data on traffic conditions, demographics, and public transit availability across the city. We find complementarities between FFCS and public transport in middle-income areas with scarce public transport options. Moreover, we find that the use of FFCS peaks earlier than overall traffic and is broadly used during the summer months. This suggests that FFCS may have smoothed road traffic in Madrid, contributing to a reduction in overall congestion.
    Keywords: Car-sharing, shared mobility, road congestion, electric vehicles.
    JEL: R41 Q52
    Date: 2024–03

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