المؤلفون: Era Dabla-Norris, D. Filiz Unsal, Yan Ji, Robert M. Townsend

المساهمون: Massachusetts Institute of Technology. Department of Economics

المصدر: J Monet Econ
SSRN

مصطلحات موضوعية: Financial inclusion, Economics and Econometrics, General equilibrium theory, business.industry, Partial equilibrium, media_common.quotation_subject, 05 social sciences, Distribution (economics), Monetary economics, Article, Interest rate, Income distribution, 0502 economics and business, Economics, Econometrics, Intermediation, Economic impact analysis, 050207 economics, business, Total factor productivity, Constraint (mathematics), Welfare, Finance, 050205 econometrics, media_common

الوصف: We develop a micro-founded general equilibrium model with heterogeneous agents and three dimensions of financial inclusion: access (determined by a participation cost), depth (determined by a borrowing constraint), and intermediation efficiency (determined by a monitoring cost). We find that the economic implications of financial inclusion policies vary with the source of frictions. In partial equilibrium, we show analytically that relaxing each of these constraints separately increases GDP. However, when constraints are relaxed jointly, the impacts on the intensive margin (increasing output per entrepreneur with access to credit) are amplified, while the impacts on the extensive margin (promoting credit access) are dampened. In general equilibrium, we discipline the model with firm-level data from six countries and quantitatively evaluate the policy impacts. Multiple frictions are necessary to match the country-specific variables, e.g., credit access ratio, interest rate spread, and non-performing loans. A TFP decomposition finds that most of the productivity gains are captured by a between-regime shifting effect, whereby talented entrepreneurs obtain credit and expand their businesses. In terms of inequality and welfare, reducing the participation cost benefits talented-but-poor agents the most, while relaxing the borrowing constraint or intermediation cost is more beneficial for talented-and-wealthy agents.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::00e47ccae12a45c421dca4e79cfc197aTest
https://doi.org/10.1016/j.jmoneco.2020.01.003Test

المؤلفون: Peter John Robinson, Jeroen C. J. H. Aerts, Fujin Zhou, W. J. Wouter Botzen, Max Tesselaar

المساهمون: Environmental Economics, Water and Climate Risk

المصدر: Ecological Economics, 193, 1. Elsevier
Ecological Economics, 193:107289, 1-23. Elsevier
Tesselaar, M, Botzen, W, Robinson, P J, Aerts, J & Zhou, F 2022, ' Charity hazard and the flood insurance protection gap : An EU scale assessment under climate change ', Ecological Economics, vol. 193, 107289, pp. 1-23 . https://doi.org/10.1016/j.ecolecon.2021.107289Test

مصطلحات موضوعية: Economics and Econometrics, Government, Actuarial science, Flood myth, Partial equilibrium, Climate change adaptation, B Journal, Insurance protection gap, Hazard, Crowding out, Partial equilibrium modelling, Environmental Science(all), Scale (social sciences), SDG 13 - Climate Action, Flood risk, Flood insurance, Business, Charity hazard, Expected utility hypothesis, General Environmental Science

الوصف: The flood insurance protection gap, the level of uninsured flood risk, is a problem faced by many European countries and is expected to increase due to climate change. In some countries a cause of low demand for flood insurance is the crowding out of private insurance uptake due to the anticipation of government compensation for uninsured damage, a phenomenon known as charity hazard. This study applies a partial equilibrium model of flood insurance markets to explore the extent of charity hazard and the insurance protection gap for EU-countries until 2050. For this analysis, we apply an expected utility framework with insurance purchase decision functions that capture the probability, ambiguity and extent of government compensation. By accounting for country-level insurance systems and government compensation types, as well as regional flood risk, we aim to assess how charity hazard develops under different conditions. The extent of charity hazard decreases with uncertainty of government compensation, as well as with higher flood risk. Considering current and future conditions, the highest impact of charity hazard is observed in regions of Germany and Italy. The projected insurance protection gap is highest in Germany, followed by Spain, Poland and Italy, and is expected to grow towards 2050.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::0fb2fcaab90cae8adbb5d50d5c879747Test
https://doi.org/10.1016/j.ecolecon.2021.107289Test

المؤلفون: Giulia Listorti, Axel Tonini, Mihaly Himics

المصدر: Economic Modelling. 87:344-357

مصطلحات موضوعية: Economics and Econometrics, 050208 finance, Liberalization, media_common.quotation_subject, Partial equilibrium, 05 social sciences, Tariff, computer.software_genre, News aggregator, Gains from trade, 0502 economics and business, Econometrics, Economics, Statistical dispersion, Economic impact analysis, 050207 economics, Welfare, computer, media_common

الوصف: This paper assesses the performance of two recently developed tariff aggregators in reducing tariff aggregation bias by analysing Swiss beef market liberalisation scenarios. Specific relevant sources of bias are addressed: substitution effects on import demand, Tariff Rate Quotas and overprotection in tariffs. The aggregators are linked to a global large-scale partial equilibrium model and benchmarked against a standard aggregator. The choice of the aggregation method shows considerable effects on simulated economic impacts, specifically if the dispersion in tariffs or tariff cuts is large. A large bias is revealed in simulated gains from trade liberalisation using the standard aggregator. The impacts on traded quantities are found to be overestimated, while price and welfare effects can either be increased or decreased by switching to alternative aggregation methods. By reducing aggregation bias and depicting negotiated tariff schedules more directly, the proposed aggregators enhance the contribution of trade modelling to evidence-based policy making.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::1cb7b661890ac91c9121459e27f30e44Test
https://doi.org/10.1016/j.econmod.2019.08.007Test

المؤلفون: Cristian Badarinza

المصدر: Review of Economic Dynamics. 34:43-60

مصطلحات موضوعية: Economics and Econometrics, Collateral, Partial equilibrium, Collateralized debt obligation, media_common.quotation_subject, 05 social sciences, Financial conditions, Real estate, Durable good, Monetary economics, Microeconomics, Financial regulation, Debt, 0502 economics and business, Economics, Internal debt, 050207 economics, Welfare, Externality, 050205 econometrics, Social status, media_common

الوصف: In an attempt to keep up with the social standards defined by their peer group, households can use long-term collateralized lending to finance purchases of goods that signal social value – most notably, real estate. Because in the social status game somebody's advance is always somebody else's regress, this behavior can lead to inefficient allocations, making the economy as a whole more financially vulnerable. In this paper, we show that prudential policy taking the form of collateral constraints can mitigate the negative consequences of social arms races, and potentially improve household welfare. We introduce preferences for social status in a calibrated life cycle framework with heterogeneous agents, and find that positional concerns lead to a higher build-up of debt and a net loss of resources. In equilibrium, the optimal collateral policy results from the trade-off between a usual purely distortionary effect, and the negative social externalities of over-borrowing.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::14fb7eafd2ba622812b6359f97af8de1Test
https://doi.org/10.1016/j.red.2019.03.003Test

المؤلفون: Jinggang Guo, Peichen Gong

المصدر: Forest Policy and Economics. 105:91-98

مصطلحات موضوعية: Economics and Econometrics, Sociology and Political Science, Annual increment, Partial equilibrium, 0211 other engineering and technologies, Pulpwood, 021107 urban & regional planning, Forestry, 02 engineering and technology, 010501 environmental sciences, Management, Monitoring, Policy and Law, Carbon sequestration, 01 natural sciences, Agricultural economics, Competition (economics), Intertemporal optimization, Economics, Production (economics), Silviculture, 0105 earth and related environmental sciences

الوصف: An increase in the demand for fuelwood has the potential to affect traditional timber production. Based on a partial equilibrium model of the Swedish forest sector, this paper evaluates the supply and price of sawlogs, pulpwood and fuelwood under differing levels of future fuelwood demand. The results indicate that an increasing demand for fuelwood would intensify the competition between pulpwood and fuelwood, which would cause the prices of pulpwood and fuelwood to increase. The pulpwood supply would decrease and the fuelwood supply would increase in response to fuelwood demand expansion. An increasing demand for fuelwood would affect the harvest of sawlogs positively, though the effect would be small. It is concluded that an increase in the use of fuelwood would affect mainly the pulp and paper industry in terms of the provision of raw materials. Besides, the annual increment of forest standing volume would exceed the harvest in all the scenarios analyzed, implying that the Swedish forests are a carbon sink.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::cebf04024f1fc03b7b1313ec732437ebTest
https://doi.org/10.1016/j.forpol.2019.05.020Test

المؤلفون: Min Zheng, Bing Ma

المصدر: Finance Research Letters. 46:102383

مصطلحات موضوعية: Inflation, Computer Science::Computer Science and Game Theory, Reset (finance), media_common.quotation_subject, Partial equilibrium, General Relativity and Quantum Cosmology, Empirical research, Economics, Econometrics, ComputingMilieux_COMPUTERSANDSOCIETY, Price setting, Granularity, Volatility (finance), Finance, ComputingMethodologies_COMPUTERGRAPHICS, media_common

الوصف: Empirical studies in reset price inflation find it difficult to justify volatile actual inflation while maintaining the volatility of reset price inflation at a reasonably low level. Firm's price setting behavior plays an important role in generating volatility of inflation. This paper employs an innovative approach by introducing firm heterogeneity into a micro-founded Calvo-type partial equilibrium model to study price setting behavior and demonstrates that granularity is a potential solution to the reset price inflation puzzle. Granular effects are also shown to be robust under different sets of parameter values.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::d13b4733b1b35c43d136373d319cf94aTest
https://doi.org/10.1016/j.frl.2021.102383Test

المؤلفون: Ehsan Shafiei, Akihiro Watabe, Hiroyuki Ishida, Jonathan Leaver

المصدر: Energy Policy. 130:227-242

مصطلحات موضوعية: Carbon tax, Natural resource economics, business.industry, 020209 energy, Natural gas vehicle, Partial equilibrium, Fossil fuel, 02 engineering and technology, 010501 environmental sciences, Management, Monitoring, Policy and Law, 01 natural sciences, Hydrogen vehicle, Renewable energy, General Energy, Greenhouse gas, 0202 electrical engineering, electronic engineering, information engineering, Energy supply, business, 0105 earth and related environmental sciences

الوصف: This paper examines transitioning to low carbon vehicles such as battery electric vehicles (BEVs), hydrogen fuel cell vehicles (FCVs), and natural gas vehicles (NGVs) for curbing greenhouse gas (GHG) emissions in Japan. Infrastructure development for fuel charging stations for BEVs, FCVs and NGVs and the carbon tax are evaluated as policy measures to promote these vehicle fleets as well as the reduction in the life cycle GHG emissions. Our analysis uses the newly developed Japanese multi-regional partial equilibrium system dynamics model UniSyD_JP. The energy supply sector consists of fossil fuels, nuclear energy, renewable energy and hydrogen and the nation's energy demand is projected by the expected population growth and the GDP outlook. The energy demand for the transport sector is endogenously determined by a consumer's vehicle choice characterized by the multinomial logit model. We examine five scenarios for different mixes of infrastructure development, carbon tax and projected oil price. The transition paths to a low carbon vehicle fleet are explored for the period of 2016–2060. We found that infrastructure development increases the penetration of FCVs and NGVs, but it will not reduce the life cycle GHG emissions. Significant emissions reduction requires both infrastructure development and high carbon taxes.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::1bab88f06a9619b2ef24591470ab2780Test
https://doi.org/10.1016/j.enpol.2019.03.057Test

المؤلفون: Ewa Kiryluk-Dryjska, Agnieszka Baer-Nawrocka

المصدر: Journal of Policy Modeling. 41:607-622

مصطلحات موضوعية: Economics and Econometrics, 050208 finance, Public economics, media_common.quotation_subject, Partial equilibrium, 05 social sciences, Test (assessment), Social group, Intervention (law), 0502 economics and business, Economics, media_common.cataloged_instance, 050207 economics, European union, Welfare, Common Agricultural Policy, Game theory, media_common

الوصف: The Common Agricultural Policy of the European Union (CAP) is one of the oldest and most controversial of the UE policies. Different possible scenarios of the future reforms of the CAP are currently being discussed. They vary in terms of the extent and the type of the intervention and consequently the welfare effects for different social groups. The objective of this paper is to demonstrate that the partial equilibrium model (CAPRI) and the Theory of Moves (TOM) can be jointly used to test socio-political acceptance of the CAP’s reforms, informing subsequent changes to the policy. Our exemplary results demonstrate that liquidation of the first pillar of the CAP would negatively influence the socio-political acceptance of the CAP.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::d2642f7158075284372c8b4650956bc7Test
https://doi.org/10.1016/j.jpolmod.2019.01.003Test

المؤلفون: Umair Khalil, Sulagna Mookerjee, Ryan Tierney

المصدر: Khalil, U, Mookerjee, S & Tierney, R 2019, ' Social interactions in voting behavior : Evidence from india ', Journal of Economic Behavior and Organization, vol. 163, pp. 158-171 . https://doi.org/10.1016/j.jebo.2019.04.024Test

مصطلحات موضوعية: Organizational Behavior and Human Resource Management, Economics and Econometrics, General equilibrium theory, Staggered elections, 050204 development studies, Partial equilibrium, media_common.quotation_subject, 05 social sciences, Instrumental variable, Turnout, Public administration, Affect (psychology), Public knowledge, Voting, Political science, 0502 economics and business, Voting behavior, Demographic economics, 050207 economics, Election spillovers, media_common

الوصف: We study how voters’ turnout decisions affect the turnout decisions of other voters by exploiting the unique staggered nature of India’s elections. Voting takes places in several phases, with constituencies quasi-randomly assigned to phases. At the time that later phases vote, turnout in earlier phases is public knowledge but results are not. Using an instrumental variables strategy, we find that a 1 percentage point (pp) increase in turnout in the previous phase depresses turnout in the current phase by around 0.38 pp. Falsification tests examining the effect on turnout, of either constituencies in the same phase or in future phases in the same election, produce no effect. Our results are broadly consistent with pivotal voter and ethical voter models, and suggest that partial equilibrium evaluations of turnout interventions may overstate general equilibrium effects.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::22c349b5b198e7d2193b5597e23d2963Test
https://doi.org/10.1016/j.jebo.2019.04.024Test

المؤلفون: Bob van der Zwaan, Santiago Arango-Aramburo, Germán D. Romero-Otalora, Mohamad Hejazi, Kathryn Daenzer, Andrés C. Álvarez-Espinosa, Tom Kober, Sean W. D. Turner, Juan Pablo Ríos-Ocampo

المساهمون: Sustainable Chemistry Energy (HIMS, FNWI)

المصدر: Energy Policy, 128, 179-188. Elsevier
Energy Policy, 128, 179-188

مصطلحات موضوعية: Mains electricity, General equilibrium theory, Hydropower generation, Energy Efficiency, Natural resource economics, 020209 energy, Energy / Geological Survey Netherlands, Climate change, 02 engineering and technology, 010501 environmental sciences, Management, Monitoring, Policy and Law, 01 natural sciences, Energy-water nexus, 0202 electrical engineering, electronic engineering, information engineering, Electricity supply, Hydropower, 0105 earth and related environmental sciences, Wind power, Water-energy nexus, business.industry, Partial equilibrium, Energy modeling, General Energy, Environmental science, business

الوصف: Climate change is likely to affect water availability and therefore hydropower generation in many regions of the world. In drying regions, hydropower generation may be impaired, creating a need for new power investments that would otherwise have been unnecessary. In this study we apply two partial equilibrium models (GCAM and TIAM-ECN) and two general equilibrium models (MEG4C and Phoenix) to identify possible pathways of power sector adaptation for Colombia under climate change. We adopt two GCM projections that deteriorate hydropower generation over the next three decades, and simulate each for two radiative forcing scenarios (RCP8.5 and RCP4.5). Relative to Colombia's projected power demand growth over the coming decades, losses in hydropower generation are marginal. Nonetheless, climate-driven losses in hydropower must be compensated by alternative technologies´expansion, which vary significantly across models. When climate policy is implemented (RCP4.5), three distinct expansion pathways emerge: increased solar and wind energy (TIAM-ECN); significant power demand reductions (Phoenix and MEG4C); and increased fossil resources with carbon dioxide capture and storage (GCAM). We show the need to explore the tradeoffs/synergies among alternative expansion pathways and their potential impacts on other sectors (e.g. water and land), and for effective policies to incentivize their adoption in Colombia.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::d6719d2e7405c24396692089ec95d1edTest
https://doi.org/10.1016/j.enpol.2018.12.057Test