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Author: Sujan Lamichhane
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
Climate mitigation policies are being introduced around the world to limit global warming, generating new risks to the economy. This paper develops a continuous time heterogeneous agents model to study the impact of carbon pricing policy shocks on corporate default risk and the consequent transition dynamics. We derive a closed-form solution to corporate default probability based on firms' intertemporal optimization decisions and explicitly characterize the transition speed. This allows for studying policy implications in an analytically tractable way. The model is calibrated to different US corporate sectors to quantify the heterogeneous effects of carbon price shocks. While carbon-intensive sectors face increased default risks, there are notable asymmetric effects within sectors. Higher carbon prices increase default risk but also induce faster transition towards the new post-shock steady state with a highly non-linear impact. Our results suggest that once a range of possible price shocks are accounted for, the increase in the cost of capital/risk premiums might be sharply different across sectors.
Author: Sujan Lamichhane
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
Climate mitigation policies are being introduced around the world to limit global warming, generating new risks to the economy. This paper develops a continuous time heterogeneous agents model to study the impact of carbon pricing policy shocks on corporate default risk and the consequent transition dynamics. We derive a closed-form solution to corporate default probability based on firms' intertemporal optimization decisions and explicitly characterize the transition speed. This allows for studying policy implications in an analytically tractable way. The model is calibrated to different US corporate sectors to quantify the heterogeneous effects of carbon price shocks. While carbon-intensive sectors face increased default risks, there are notable asymmetric effects within sectors. Higher carbon prices increase default risk but also induce faster transition towards the new post-shock steady state with a highly non-linear impact. Our results suggest that once a range of possible price shocks are accounted for, the increase in the cost of capital/risk premiums might be sharply different across sectors.
Author: Craig D. Simcox
Publisher:
ISBN:
Category : Aerodynamics, Hypersonic
Languages : en
Pages : 142
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Book Description
Author: Gernot Wagner
Publisher: Princeton University Press
ISBN: 1400880769
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
How knowing the extreme risks of climate change can help us prepare for an uncertain future If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain future—why not our planet? In Climate Shock, Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a hotter planet, drawing on and expanding from work previously unavailable to general audiences. They show that the longer we wait to act, the more likely an extreme event will happen. A city might go underwater. A rogue nation might shoot particles into the Earth's atmosphere, geoengineering cooler temperatures. Zeroing in on the unknown extreme risks that may yet dwarf all else, the authors look at how economic forces that make sensible climate policies difficult to enact, make radical would-be fixes like geoengineering all the more probable. What we know about climate change is alarming enough. What we don't know about the extreme risks could be far more dangerous. Wagner and Weitzman help readers understand that we need to think about climate change in the same way that we think about insurance—as a risk management problem, only here on a global scale. With a new preface addressing recent developments Wagner and Weitzman demonstrate that climate change can and should be dealt with—and what could happen if we don't do so—tackling the defining environmental and public policy issue of our time.
Author: S.C. Schmidt
Publisher: Elsevier
ISBN: 1483291456
Category : Science
Languages : en
Pages : 1103
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Book Description
The papers collected together in this volume constitute a review of recent research on the response of condensed matter to dynamic high pressures and temperatures. Inlcuded are sections on equations of state, phase transitions, material properties, explosive behavior, measurement techniques, and optical and laser studies. Recent developments in this area such as studies of impact and penetration phenomenology, the development of materials, especially ceramics and molecular dynamics and Monte Carlo simulations are also covered. These latest advances, in addition to the many other results and topics covered by the authors, serve to make this volume the most authoritative source for the shock wave physics community.
Author: Martina Hengge
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon policies on stock returns. After extracting the surprise component of regulatory actions, we show that events resulting in higher carbon prices lead to negative abnormal returns which increase with a firm's carbon intensity. This negative relationship is even stronger for firms in sectors which do not participate in the EU ETS suggesting that investors price in transition risk stemming from the shift towards a low-carbon economy. We conclude that policies which increase carbon prices are effective in raising the cost of capital for emission-intensive firms.
Author:
Publisher:
ISBN:
Category : Aeronautics
Languages : en
Pages : 256
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Book Description
Author: Yasuhiko Syono
Publisher: American Geophysical Union
ISBN: 0875900348
Category : Earth (Planet)
Languages : en
Pages : 501
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Book Description
Author: Ben McNeil
Publisher: ReadHowYouWant.com
ISBN: 1459603699
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
Summary: There is now a race among nations to develop and export clean energy solutions, and a race to find ways to reduce our impact on the environment. Ben McNeil argues Australians must join this race and shows us how we can make the most of our natural advantages, for the sake our future economic prosperity.
Author: Mark Van Clieaf
Publisher: John Wiley & Sons
ISBN: 1119895065
Category : Business & Economics
Languages : en
Pages : 423
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Book Description
Future-proof your business with net-zero emissions strategies that align with new economic realities In Net Zero Business Models: Winning in the Global Net Zero Economy, two accomplished business transformation thought leaders deliver a revolutionary new take on how to transition from business models that are contributing to worldwide climate disaster to net zero models consistent with long-term sustainability. In the book, you’ll discover what net zero emissions means, how to implement net zero emission business models, what the overall transition to a net zero emissions economy looks like, and, ultimately, how civilization itself will transition to net zero. The authors offer new processes and tools for diagnosing current business models and designing a viable transition to net zero. They establish a universal language for conversations about decarbonizing the economy by synthesizing business model design terminology and new integrated measurement and reporting statistics. Readers will also find: Accessible and comprehensible presentations of net zero emissions concepts, business models, and economies Concrete strategies for transforming existing business models into net zero-compatible models Frameworks for analyzing the consequences of conforming existing business models to a net zero emissions economy An indispensable resource for executives, directors, and other business leaders, Net Zero Business Models is a one-stop, incisive discussion of how to successfully adapt to a new environmental and economic reality that is already here.
Author: International Astronomical Union. Symposium
Publisher: Springer Science & Business Media
ISBN: 9780792363460
Category : Medical
Languages : en
Pages : 672
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Book Description
Proceedings of the 177th Symposium of the International Astronomical Union, held in Antalya, Turkey, May 27-31, 1996
