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Carraro, Carlo; Massetti, Emanuele - C.E.P.R. Discussion Papers - 2012

This paper examines future energy and emissions scenarios in China generated by the Integrated Assessment Model WITCH. A Business-as-Usual scenario is compared with five scenarios in which Greenhouse Gases emissions are taxed, at different levels. The elasticity of China’s emissions is...

Persistent link: https://www.econbiz.de/10011084331

The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios

Acharya, Viral V; Hasan, Iftekhar; Saunders, Anthony - C.E.P.R. Discussion Papers - 2002

We study empirically the effect of focus (specialization) versus diversification on the return and the risk of banks … deterioration in bank monitoring quality at high levels of risk and a deterioration in bank monitoring quality upon lending … endogenously producing riskier loans for all banks in our sample; this effect being most powerful for high-risk banks. Sectoral …

Persistent link: https://www.econbiz.de/10005136462

Competition for traders and risk

Bijlsma, Michiel; Boone, Jan; Zwart, Gijsbert - C.E.P.R. Discussion Papers - 2012

the labour market for traders intensifies, banks optimally offer top traders contracts inducing them to take more risk … to reduced risk-taking by their top traders. …

Persistent link: https://www.econbiz.de/10011084687

What is the Top Priority on Climate Change?

Klemperer, Paul - C.E.P.R. Discussion Papers - 2009

What should be the West's top priority for climate-change policy? This article is a revised and updated version of my talk to the Potsdam Global Sustainability Symposium (which drafted the Potsdam Declaration presented to the 2007 UN Climate Change Conference in Bali).

Persistent link: https://www.econbiz.de/10005123837

Are Compact Cities Environmentally Friendly?

Gaigné, Carl; Riou, Stéphane; Thisse, Jacques-François - C.E.P.R. Discussion Papers - 2011

There is a large consensus among international institutions and national governments to favor urban-containment policies - the compact city - as a way to improve the ecological performance of the urban system. This approach overlooks a fundamental fact: what matters for the ecological outcome of...

Persistent link: https://www.econbiz.de/10008867493

Second-Best Carbon Taxation in the Global Economy: The Green Paradox and Carbon Leakage Revisited

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2015

Unilateral second-best carbon taxes are analysed in a two-period, two-country model with international trade in final goods, oil and bonds. Acceleration of global warming resulting from a future carbon tax is large if the price elasticities of oil demand are large and that of oil supply is...

Persistent link: https://www.econbiz.de/10011262885

On the Design of Global Refunding and Climate Change

Gersbach, Hans; Winkler, Ralph - C.E.P.R. Discussion Papers - 2007

We design a global refunding scheme as a new international approach to address climate change. A global refunding system allows each country to set its carbon emission tax, while aggregate tax revenues are partially refunded to member countries in proportion to the relative emission reductions...

Persistent link: https://www.econbiz.de/10005067545

International Emission Permit Markets with Refunding

Gersbach, Hans; Winkler, Ralph - C.E.P.R. Discussion Papers - 2008

We propose a blueprint for an international emission permit market such as the EU trading scheme. Each country decides on the amount of permits it wants to offer. A fraction of these permits is grandfathered, the remainder is auctioned. Revenues from the auction are collected in a global fund...

Persistent link: https://www.econbiz.de/10005666487

Climate Policy and Developing Countries

Gersbach, Hans; Hummel, Noemi - C.E.P.R. Discussion Papers - 2011

We suggest a development-compatible refunding system designed to mitigate climate change. Industrial countries pay an initial fee into a global fund. Each country chooses its national carbon tax. Part of the global fund is refunded to developing and industrial countries, in proportion to the...

Persistent link: https://www.econbiz.de/10009365009

Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees

Kelly, Bryan; Lustig, Hanno; van Nieuwerburgh, Stijn - C.E.P.R. Discussion Papers - 2012

large amount of aggregate tail risk is missing from the price of financial sector crash insurance during the financial …

Persistent link: https://www.econbiz.de/10011083289