La Gran Región Minera: Chile y Perú
EfD Authors:
The book "The big mining region: Chile and Perú" will be presented on December 15th. More information will be availble soon.
Climate Policy and Innovation in the Absence of Commitment
EfD Authors:
We compare the effects of price and quantity instruments (an emissions tax and a quota with tradable permits) on the incentive to innovate to reduce the cost of an emission-free technology. We assume that the government cannot commit to the level of a policy instrument before R&D occurs but sets the level to be socially optimal after the results of R&D are realized. The equivalence of price and quantity instruments in inducing innovation that is seen in end-of-pipe abatement models does not hold.
Will the power sector reform in China mitigate climate change?
EfD Authors:
As an industry intensively using fossil fuel, the power sector is naturally a focus of efforts to slow climate change. In March 2015, China started the third round of power sector reform with the announcement of “Opinions on Further Deepening Power Sector Reform” (referred as the No. 9 Document), trying to promote competition, strengthen regulation and, importantly, achieve green development. But did the reform really achieve its expected goals?
Impacts of COVID-19 on tight oil supply: Evidence from a price responsive Model
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Dynamics of Connectedness in Clean Energy Stocks
EfD Authors:
This paper examines the dynamics of connectedness among the realized volatility indices of 16 clean energy stocks belonging to the SPGCE and the implied volatility indices of two important stock markets—the S&P 500 and the STOXX50—and two commodities markets—the crude oil and gold markets. The empirical results show a unidirectional connectedness from the implied volatility indices to the clean energy stocks. Our analysis further reveals similar volatility connectedness behaviors among companies in the same energy production subsector.
Environmental Impacts and Policy Responses to Covid-19: A View from Latin America
COVID-19 is currently having major short run effects with possible serious long run implications for the environment and the management of natural resources in Latin America. We discuss the possible effects of the pandemic on air pollution, deforestation and other relevant environmental dimensions across the region. With contributions from environmental economists from eight countries, we give an overview of the initial and expected environmental effects of this health crisis.
Infrastructure Improvements and Maize Market Integration: Bridging the Zambezi in Mozambique
EfD Authors:
Historically, transport infrastructure connecting the most agriculturally productive areas of Mozambique and the richer southern region has been poor. A primary bottleneck was an unreliable ferry service over the Zambezi river, addressed by construction of a road bridge in 2009. In this paper we identify the impact of this transport infrastructure enhancement on integration of national maize markets.
Modeling Real Exchange Rate Persistence in Chile
EfD Authors:
The long and persistent swings in the real exchange rate have for a long time puzzled economists. Recent models built on imperfect knowledge economics seem to provide a theoretical explanation for this persistence. Empirical results, based on a cointegrated vector autoregressive (CVAR) model, provide evidence of error-increasing behavior in prices and interest rates, which is consistent with the persistence observed in the data.
New Evidence from a Double Deflation Approach Manufacturing Slowdown in India
EfD Authors:
The real value added in the Indian manufacturing sector for the period 2011–12 to 2016–17 is measured using the double defl ation approach. It is found that the official figures understate manufacturing real value added during the period 2011–12 to 2013–14, and overstate it thereafter, as well as miss an apparent manufacturing contraction that occurred in 2014–15. The results are corroborated by the movement of high frequency indicators that are correlated with manufacturing activity.