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  1. Pollution permits and financing costs
    Autor*in: Antoniou, Fabio; Delēs, Manthos D.; Ongena, Steven; Tsoumas, Chris
    Erschienen: 2020
    Verlag:  Swiss Finance Institute, Geneva

    Effective environmental policy should consider how the financiers of polluting firms behave. In our theoretical model describing the periods before and after policy implementation, loan spreads for firms participating in cap-and-trade programs are a... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 544
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    Effective environmental policy should consider how the financiers of polluting firms behave. In our theoretical model describing the periods before and after policy implementation, loan spreads for firms participating in cap-and-trade programs are a function of the costs of compliance, the specific features of the permits markets, and the firms’ strategic actions. Our empirical analysis exploits the dichotomy created by phase III of the EU Emission Trading System, designed to increase and pass the cost of CO2 emissions to the polluters. In contrast with possible program intentions, but in line with our theoretical predictions, we find that --starting in 2013-- loan spreads fall by almost 25%. We show that this decrease is almost entirely driven by the low permits price in that period and the firms’ proactiveness to store permits. This dynamic partly undermines the envisioned reductions in CO2 emissions

     
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    Sprache: Englisch
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 20, 117
    Schlagworte: Pollution permits; Loan spreads; Bond spreads; EU Emission Trading System; CO2 emissions
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  2. Strategic export motives and linking emission markets
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Tsakiris, Nikos
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We explore the possibility of achieving a cooperative outcome when governments act non-cooperatively in a strategic environmental policy model where emission permit markets are linked. We introduce a specific distribution scheme of the permit... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63
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    We explore the possibility of achieving a cooperative outcome when governments act non-cooperatively in a strategic environmental policy model where emission permit markets are linked. We introduce a specific distribution scheme of the permit revenues between the exporting countries so as to sustain the cooperative outcome as a subgame perfect Nash equilibrium. Participation in the scheme is endogenized and we show that it constitutes a subgame perfect Nash equilibrium as long as the countries are not too asymmetric. Our results are robust once we allow for multiple pollutants, different modes of competition and market power in the permits market.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/232444
    Schriftenreihe: CESifo working paper ; no. 8847 (2021)
    Schlagworte: strategic environmental policy; internationally tradable permits; cross-border pollution; imperfect competition; welfare
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. On the principles of commodity taxation under interregional externalities
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Michael, Michael S.; Tsakiris, Nikos
    Erschienen: [2019]
    Verlag:  Department of Economics, University of Cyprus, Nicosia, Cyprus

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Working paper / University of Cyprus, Department of Economics ; 2019, 03
    Umfang: 1 Online-Ressource (circa 30 Seiten)
  4. Tradable permits vs. ecological dumping
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Koundouri, Phoebe
    Erschienen: 2010
    Verlag:  Fondazione Eni Enrico Mattei, Milano

    In this paper we examine an alternative policy scenario, where governments allow polluting firms to trade permits in a strategic environmental policy model. We demonstrate, among other things, that with no market power in the permits market,... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In this paper we examine an alternative policy scenario, where governments allow polluting firms to trade permits in a strategic environmental policy model. We demonstrate, among other things, that with no market power in the permits market, governments of the exporting firms do not have an incentive to under-regulate pollution in order to become more competitive. This strategic effect is reversed and leads to a welfare level closer to the cooperative one and strictly higher to that when permits are non-tradable. Allowing for market power in the permits market, the incentive to under-regulate pollution re-appears regardless of whether permits are tradable or not. With tradable permits, however, the incentive to under-regulate pollution is comparatively weaker relative to the case of non-tradable permits. This entails potential benefits for the exporting firms and countries since the prisoners’ dilemma is moderated. -- Strategic Environmental Policy ; Tradable Permits ; Race to the top

     
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    Sprache: Englisch
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    hdl: 10419/43491
    Schriftenreihe: Array ; 02.2010
    Schlagworte: Emissionshandel; Umweltpolitik; Dumping; Duopol; Außenwirtschaftstheorie; Marktmacht; Spieltheorie
    Umfang: Online-Ressource (PDF-Datei: 27 S., 304,42 KB)
  5. Second best environmental policies under uncertainty
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Koundouri, Phoebe
    Erschienen: 2010
    Verlag:  Fondazione Eni Enrico Mattei, Milano

    We construct a strategic trade model of an international duopoly, whereby production by exporting firms generates a local pollutant. Governments use environmental policies, i.e., an emissions standard or a tax, to control pollution and for rent... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 125 (2010,3)
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    We construct a strategic trade model of an international duopoly, whereby production by exporting firms generates a local pollutant. Governments use environmental policies, i.e., an emissions standard or a tax, to control pollution and for rent shifting purposes. Contrary to their firm, however, governments are unable to perfectly foresee the actual level of demand, the cost of abatement and the damage caused from pollution. Under these modes of uncertainty we derive sufficient conditions under which the governments optimally choose an emissions tax over an emissions standard. -- Strategic Environmental Policy ; Pollution ; Choice of Policy Instrument ; Uncertainty

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/43441
    Schriftenreihe: Array ; 03.2010
    Schlagworte: Umweltpolitik; Umweltbelastung; Duopol; Außenwirtschaftstheorie; Ökosteuer; Umweltstandard; Entscheidung unter Unsicherheit
    Umfang: Online-Ressource (PDF-Datei: 31 S., 344,67 KB), graph. Darst.
  6. Second best environmental policies under uncertainty
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Koundouri, Phoebe
    Erschienen: 2010
    Verlag:  Univ. of Cambridge, Environmental Economy and Policy Research Group, Cambridge

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    Schriftenreihe: Discussion paper series / Environmental Economy and Policy Research Group ; 2010,49
    Schlagworte: Umweltpolitik; Umweltbelastung; Duopol; Außenwirtschaftstheorie; Ökosteuer; Umweltstandard; Entscheidung unter Unsicherheit
    Umfang: Online-Ressource (PDF-Datei: 31 S.)
  7. Tradable permits vs ecological dumping
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Koundouri, Phoebe
    Erschienen: 2010
    Verlag:  Univ. of Cambridge, Environmental Economy and Policy Research Group, Cambridge

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    Schriftenreihe: Discussion paper series / Environmental Economy and Policy Research Group ; 2010,50
    Schlagworte: Emissionshandel; Umweltpolitik; Dumping; Duopol; Außenwirtschaftstheorie; Marktmacht; Spieltheorie
    Umfang: Online-Ressource (PDF-Datei: 27 S.)
  8. The effectiveness of taxation and feed-in tariffs
    Autor*in: Antoniou, Fabio; Strausz, Roland
    Erschienen: 2014
    Verlag:  CESifo, München

    We study (energy) markets with dirty incumbents and costly entry by clean producers. For intermediate entry costs, the market outcome exhibits inefficient production and inefficient entry. A policy mix of three popular regulatory instruments-taxation... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
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    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63 (4788)
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    We study (energy) markets with dirty incumbents and costly entry by clean producers. For intermediate entry costs, the market outcome exhibits inefficient production and inefficient entry. A policy mix of three popular regulatory instruments-taxation on polluters, feed-in tariffs for clean entrants, and taxation of consumption-cannot correct these two market failures. Feed-in tariffs and consumption taxes are ineffective instruments for implementing the first best. The second best requires feed-in tariffs or consumption taxes. For a given level of production, the instruments are ineffective in influencing the overall budget, but may be effective for other budgetary concepts.

     
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    hdl: 10419/96816
    Schriftenreihe: Array ; 4788
    Umfang: Online-Ressource (25 S.), graph. Darst.
  9. On the efficiency of destination and origin commodity taxation in the presence of consumption generated cross-border pollution
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Michael, Michael S.; Tsakiris, Nikos
    Erschienen: November 2016
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich

    We combine consumption generated cross-border pollution and public pollution abatement in a theoretical framework to examine the efficiency of the destination and origin principles of commodity taxation. The key result of our study is that with... mehr

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    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63 (6221)
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    We combine consumption generated cross-border pollution and public pollution abatement in a theoretical framework to examine the efficiency of the destination and origin principles of commodity taxation. The key result of our study is that with public pollution abatement, the non-cooperative equilibrium origin-based consumption taxes are set efficiently. This result holds not only in the context of symmetric countries, but under certain conditions carry over also to asymmetric countries. The non-cooperative equilibrium destination-based consumption taxes are inefficient. In the absence of public pollution abatement, the Nash equilibrium commodity taxes under either taxation principle are inefficient.

     
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    Weitere Identifier:
    hdl: 10419/149308
    Schriftenreihe: Array ; no. 6221
    Umfang: 1 Online-Ressource (circa 21 Seiten)
  10. Destination vs. origin-based commodity taxation in large open economies with unemployment
    Autor*in: Antoniou, Fabio; Hatzipanayotou, Panos; Tsakiris, Nikos
    Erschienen: 2015
    Verlag:  CESifo, München

    We construct a perfectly competitive general equilibrium model of two large and symmetric countries producing tradable commodities and a public consumption good. Destination or origin-based taxes are levied on the consumption of the tradable goods.... mehr

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    Staats- und Universitätsbibliothek Bremen
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    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63 (5585)
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    We construct a perfectly competitive general equilibrium model of two large and symmetric countries producing tradable commodities and a public consumption good. Destination or origin-based taxes are levied on the consumption of the tradable goods. In both countries, an institutional minimum wage leads to involuntary unemployment. We derive the Nash equilibrium consumption taxes under the two taxation principles and compare them to their cooperative rates and to their rates when countries are small. We demonstrate that terms of trade effects are absent in destination-based taxation, but they exist under origin-based taxation. Both taxation principles lead to ambiguous employment externalities. Nash equilibrium destination-based taxes are inefficiently low when the exporting sector in each country is non-labor intensive. The Nash equilibrium origin-based taxes can either be higher or lower that the corresponding cooperative rates.

     
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    hdl: 10419/123216
    Schriftenreihe: Array ; 5585
    Umfang: Online-Ressource (24 S.)
  11. Asymmetric price adjustments
    a supply side approach
    Autor*in: Antoniou, Fabio; Fiocco, Raffaele; Guo, Dongyu
    Erschienen: 2015
    Verlag:  Sonderforschungsbereich/Transregio 15, Mannheim [u.a.]

    Using a model of dynamic price competition, this paper provides an explanation from the supply side for the well-established observation that retail prices adjust faster when input costs rise than when they fall. The opportunity of profitable storing... mehr

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Using a model of dynamic price competition, this paper provides an explanation from the supply side for the well-established observation that retail prices adjust faster when input costs rise than when they fall. The opportunity of profitable storing for the next period induces competitive firms to immediately increase their prices in anticipation of higher future input costs. This relaxes competition and firms earn positive profits. Conversely, when input costs are expected to decline, firms adjust their prices only after a cost reduction materializes, and the firms' incentives for price undercutting lead to the standard Bertrand outcome.

     
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    hdl: 10419/110397
    Schriftenreihe: Discussion paper / Governance and the Efficiency of Economic Systems ; 493
    Umfang: Online-Ressource (25 S.), graph. Darst.
  12. On the strategic effect of international permits trading on local pollution
    the case of multiple pollutants
    Autor*in: Antoniou, Fabio; Kyriakopoulou, Efthymia
    Erschienen: 2015
    Verlag:  Dep. of Economics, Göteborg Univ., Göteborg

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    Weitere Identifier:
    hdl: 2077/38156
    Schriftenreihe: Working papers in economics / Department of Economics, Göteborg University ; 610
    Schlagworte: Umweltstandard; Umweltbelastung; Grenzüberschreitende Umweltbelastung; Wohlfahrtsanalyse; EU-Emissionshandel; EU-Staaten
    Umfang: Online-Ressource (31 S.)