Author: B. Sudhakara Reddy
Publisher: Springer
ISBN: 813222065X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
This volume provides a systematic framework for energy suppliers, policy makers, academics, students, and all others interested in energy security, and analyzes key issues concerning energy, security and sustainability with the help of a wealth of data. While sustainability is the broadest objective, energy security is an important part of it, at the global, national and societal levels. The development of a sustainable, long-term solution to meeting the world’s energy needs is a defining issue of our time, since central global challenges that the world faces—poverty alleviation, climate change, and environmental degradation—are directly linked to energy security. The contributions cover key issues in sustainable energy and illustrate that the insecurity of a majority of countries owes to internal factors which have more to do with market forces, inefficient technologies, lack of institutions, environmental insecurity, pricing mechanisms, etc., and less to do with the international situation. The links between energy and development are both direct and indirect. Directly, energy provides several services and utilities to maintain human well-being, and also does so indirectly through stakeholders. This volume addresses both the direct and indirect links and provides sustainable alternatives, helping readers to better grasp the resilience of both socio-economic and resource sub-systems in the process. The issues affecting energy supply and demand, including technology portfolios, environmental considerations and consumer attitudes are thoroughly discussed. One of the critical questions that arises is how to facilitate energy investment. The investment climate and the key issues involved are analyzed, including: the capital flows with reasonable and stable investment frameworks, timely decision-making by governments, and open markets. The broad objective of the volume is to foster a deeper understanding of the concept of energy security and to identify the methods of analysis, policy initiatives and future research needed to generate a balanced pattern of energy use and mitigate its impact on humanity and the environment.
Energy Security and Development
Author: B. Sudhakara Reddy
Publisher: Springer
ISBN: 813222065X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
This volume provides a systematic framework for energy suppliers, policy makers, academics, students, and all others interested in energy security, and analyzes key issues concerning energy, security and sustainability with the help of a wealth of data. While sustainability is the broadest objective, energy security is an important part of it, at the global, national and societal levels. The development of a sustainable, long-term solution to meeting the world’s energy needs is a defining issue of our time, since central global challenges that the world faces—poverty alleviation, climate change, and environmental degradation—are directly linked to energy security. The contributions cover key issues in sustainable energy and illustrate that the insecurity of a majority of countries owes to internal factors which have more to do with market forces, inefficient technologies, lack of institutions, environmental insecurity, pricing mechanisms, etc., and less to do with the international situation. The links between energy and development are both direct and indirect. Directly, energy provides several services and utilities to maintain human well-being, and also does so indirectly through stakeholders. This volume addresses both the direct and indirect links and provides sustainable alternatives, helping readers to better grasp the resilience of both socio-economic and resource sub-systems in the process. The issues affecting energy supply and demand, including technology portfolios, environmental considerations and consumer attitudes are thoroughly discussed. One of the critical questions that arises is how to facilitate energy investment. The investment climate and the key issues involved are analyzed, including: the capital flows with reasonable and stable investment frameworks, timely decision-making by governments, and open markets. The broad objective of the volume is to foster a deeper understanding of the concept of energy security and to identify the methods of analysis, policy initiatives and future research needed to generate a balanced pattern of energy use and mitigate its impact on humanity and the environment.
Publisher: Springer
ISBN: 813222065X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
This volume provides a systematic framework for energy suppliers, policy makers, academics, students, and all others interested in energy security, and analyzes key issues concerning energy, security and sustainability with the help of a wealth of data. While sustainability is the broadest objective, energy security is an important part of it, at the global, national and societal levels. The development of a sustainable, long-term solution to meeting the world’s energy needs is a defining issue of our time, since central global challenges that the world faces—poverty alleviation, climate change, and environmental degradation—are directly linked to energy security. The contributions cover key issues in sustainable energy and illustrate that the insecurity of a majority of countries owes to internal factors which have more to do with market forces, inefficient technologies, lack of institutions, environmental insecurity, pricing mechanisms, etc., and less to do with the international situation. The links between energy and development are both direct and indirect. Directly, energy provides several services and utilities to maintain human well-being, and also does so indirectly through stakeholders. This volume addresses both the direct and indirect links and provides sustainable alternatives, helping readers to better grasp the resilience of both socio-economic and resource sub-systems in the process. The issues affecting energy supply and demand, including technology portfolios, environmental considerations and consumer attitudes are thoroughly discussed. One of the critical questions that arises is how to facilitate energy investment. The investment climate and the key issues involved are analyzed, including: the capital flows with reasonable and stable investment frameworks, timely decision-making by governments, and open markets. The broad objective of the volume is to foster a deeper understanding of the concept of energy security and to identify the methods of analysis, policy initiatives and future research needed to generate a balanced pattern of energy use and mitigate its impact on humanity and the environment.
Energy Security
Author: Carlos Pascual
Publisher: Rowman & Littlefield
ISBN: 0815701918
Category : Political Science
Languages : en
Pages : 290
Book Description
Energy security has become a top priority issue for the United States and countries around the globe, but what does the term "energy security" really mean? For many it is assuring the safe supply and transport of energy as a matter of national security. For others it is developing and moving toward sustainable and low-carbon energy sources to avoid environmental catastrophe, while still others prioritize affordability and abundance of supply. The demand for energy has ramifications in every part of the globe—from growing demand in Asia, to the pursuit of reserves in Latin America and Africa, to the increased clout of energy-producing states such as Russia and Iran. Yet the fact remains that the vast majority of global energy production still comes from fossil fuels, and it will take a thorough understanding of the interrelationships of complex challenges—finite supply, environmental concerns, political and religious conflict, and economic volatility—to develop policies that will lead to true energy security. In E nergy Security, Brookings scholars present a realistic, cross-disciplinary look at the American and global quests for energy security within the context of these geopolitical, economic, and environmental challenges. For example, political analysts Pietro Nivola and Erin Carter wrap their arms around just what is means to be "energy independent" and whether that is an advisable or even feasible goal. Suzanne Maloney addresses "Energy Security in the Persian Gulf: Opportunities and Challenges," while economist Jason Bordoff and energy analyst Bryan Mignone trace the links between climate policies and energy-access policies. Carlos Pascual and his colleagues examine delicate geopolitical issues. Assuring long-term energy security remains one of the industrialized world's most pressing priorities, but steps in that direction have been controversial and often dangerous, and results thus far have been tenuous. In this insightful volume, Brookings
Publisher: Rowman & Littlefield
ISBN: 0815701918
Category : Political Science
Languages : en
Pages : 290
Book Description
Energy security has become a top priority issue for the United States and countries around the globe, but what does the term "energy security" really mean? For many it is assuring the safe supply and transport of energy as a matter of national security. For others it is developing and moving toward sustainable and low-carbon energy sources to avoid environmental catastrophe, while still others prioritize affordability and abundance of supply. The demand for energy has ramifications in every part of the globe—from growing demand in Asia, to the pursuit of reserves in Latin America and Africa, to the increased clout of energy-producing states such as Russia and Iran. Yet the fact remains that the vast majority of global energy production still comes from fossil fuels, and it will take a thorough understanding of the interrelationships of complex challenges—finite supply, environmental concerns, political and religious conflict, and economic volatility—to develop policies that will lead to true energy security. In E nergy Security, Brookings scholars present a realistic, cross-disciplinary look at the American and global quests for energy security within the context of these geopolitical, economic, and environmental challenges. For example, political analysts Pietro Nivola and Erin Carter wrap their arms around just what is means to be "energy independent" and whether that is an advisable or even feasible goal. Suzanne Maloney addresses "Energy Security in the Persian Gulf: Opportunities and Challenges," while economist Jason Bordoff and energy analyst Bryan Mignone trace the links between climate policies and energy-access policies. Carlos Pascual and his colleagues examine delicate geopolitical issues. Assuring long-term energy security remains one of the industrialized world's most pressing priorities, but steps in that direction have been controversial and often dangerous, and results thus far have been tenuous. In this insightful volume, Brookings
Energy and Security
Author: Jan H. Kalicki
Publisher: JHU Press
ISBN: 1421411865
Category : Nature
Languages : en
Pages : 663
Book Description
For more than a century, energy and its procurement have been central to the U.S. position as a world power. How can U.S. relations with established producer nations ensure the stability of energy supplies? How can non-OPEC resources best be brought to the international marketplace? And what are the risks to international security of growing global reliance on imported oil? n Energy and Security: Toward a New Foreign Policy Strategy, Jan H. Kalicki and David L. Goldwyn bring together the topmost foreign policy and energy experts and leaders to examine these issues, as well as how the U.S. can mitigate the risks and dangers of continued energy dependence through a new strategic approach to foreign policy that integrates both U.S. energy and national security interests. Contributors include Abdullah bin Hamad Al-Attiyah, Kevin A. Baumert, Michelle Billig, Loyola de Palacio, Jonathan Elkind, Michelle Michot Foss, Leon Fuerth, Lee H. Hamilton, Evan M. Harrje, John P. Holdren, Paul F. Hueper, Amy Myers Jaffe, J. Bennett Johnston, Donald A. Juckett, Viktor I. Kalyuzhny, Melanie A. Kenderdine, William F. Martin, Charles McPherson, Kenneth B. Medlock III, Ernest J. Moniz, Edward L. Morse, Julia Nanay, Shirley Neff, Willy H. Olsen, Bill Richardson, John Ryan, James R. Schlesinger, Gordon Shearer, Adam E. Sieminski, Alvaro Silva-Calderón, Luis Téllez Kuenzler, J. Robinson (Robin) West, Daniel Yergin, and Keiichi Yokobori.
Publisher: JHU Press
ISBN: 1421411865
Category : Nature
Languages : en
Pages : 663
Book Description
For more than a century, energy and its procurement have been central to the U.S. position as a world power. How can U.S. relations with established producer nations ensure the stability of energy supplies? How can non-OPEC resources best be brought to the international marketplace? And what are the risks to international security of growing global reliance on imported oil? n Energy and Security: Toward a New Foreign Policy Strategy, Jan H. Kalicki and David L. Goldwyn bring together the topmost foreign policy and energy experts and leaders to examine these issues, as well as how the U.S. can mitigate the risks and dangers of continued energy dependence through a new strategic approach to foreign policy that integrates both U.S. energy and national security interests. Contributors include Abdullah bin Hamad Al-Attiyah, Kevin A. Baumert, Michelle Billig, Loyola de Palacio, Jonathan Elkind, Michelle Michot Foss, Leon Fuerth, Lee H. Hamilton, Evan M. Harrje, John P. Holdren, Paul F. Hueper, Amy Myers Jaffe, J. Bennett Johnston, Donald A. Juckett, Viktor I. Kalyuzhny, Melanie A. Kenderdine, William F. Martin, Charles McPherson, Kenneth B. Medlock III, Ernest J. Moniz, Edward L. Morse, Julia Nanay, Shirley Neff, Willy H. Olsen, Bill Richardson, John Ryan, James R. Schlesinger, Gordon Shearer, Adam E. Sieminski, Alvaro Silva-Calderón, Luis Téllez Kuenzler, J. Robinson (Robin) West, Daniel Yergin, and Keiichi Yokobori.
Climate Change and Energy Insecurity
Author: Felix Dodds
Publisher: Earthscan
ISBN: 1849774404
Category : Law
Languages : en
Pages : 321
Book Description
Climate change is now recognised as one of the greatest challenges facing the international community and when coupled with energy production and use - the most significant contributor to climate change - and the related security problems the double threat to international security and human development is of the highest order. This wide-ranging book brings together leading thinkers from academia, government and civil society to examine and address the global insecurity and development challenges arising from the twin thrust of climate change and the energy supply crunch.Part one considers energy. It analyses the challenges of meeting future energy demands and the ongoing and future security-related conflicts over energy. Coverage includes security and development concerns related to the oil and gas, nuclear, bio-fuels and hydropower sectors, ensuring energy access for all and addressing sustainable consumption and production in both developed and rapidly industrializing countries such as India, China, Brazil and South Africa. Part two analyses how climate change contributes to global insecurity and presents a consolidated overview of the potential threats and challenges it poses to international peace and development. Coverage includes future water scenarios including a focus on scarcity in the Middle East, food security, biodiversity loss, land degradation, the changing economics of climate change, adaptation and the special case of small island states.The final part lays out the potential avenues and mechanisms available to the international community to address and avert climate and energy instability via the multilateral framework under the United Nations. It also addresses mechanisms for resource and knowledge transfer from industrialized to developing countries to ensure a low-carbon energy transition by focusing on the rapid deployment of clean energy technologies and ways to tackle income and employment insecurity created by the transition away from traditional energy sources. This book offers the most comprehensive international assessment of the challenges and solutions for tackling the global insecurity arising from climate change and energy provision and use. It is essential reading for students, researchers and professionals across international relations, security, climate change and the energy sectors.
Publisher: Earthscan
ISBN: 1849774404
Category : Law
Languages : en
Pages : 321
Book Description
Climate change is now recognised as one of the greatest challenges facing the international community and when coupled with energy production and use - the most significant contributor to climate change - and the related security problems the double threat to international security and human development is of the highest order. This wide-ranging book brings together leading thinkers from academia, government and civil society to examine and address the global insecurity and development challenges arising from the twin thrust of climate change and the energy supply crunch.Part one considers energy. It analyses the challenges of meeting future energy demands and the ongoing and future security-related conflicts over energy. Coverage includes security and development concerns related to the oil and gas, nuclear, bio-fuels and hydropower sectors, ensuring energy access for all and addressing sustainable consumption and production in both developed and rapidly industrializing countries such as India, China, Brazil and South Africa. Part two analyses how climate change contributes to global insecurity and presents a consolidated overview of the potential threats and challenges it poses to international peace and development. Coverage includes future water scenarios including a focus on scarcity in the Middle East, food security, biodiversity loss, land degradation, the changing economics of climate change, adaptation and the special case of small island states.The final part lays out the potential avenues and mechanisms available to the international community to address and avert climate and energy instability via the multilateral framework under the United Nations. It also addresses mechanisms for resource and knowledge transfer from industrialized to developing countries to ensure a low-carbon energy transition by focusing on the rapid deployment of clean energy technologies and ways to tackle income and employment insecurity created by the transition away from traditional energy sources. This book offers the most comprehensive international assessment of the challenges and solutions for tackling the global insecurity arising from climate change and energy provision and use. It is essential reading for students, researchers and professionals across international relations, security, climate change and the energy sectors.
Achieving Energy Security In Asia: Diversification, Integration And Policy Implications
Author: Farhad Taghizadeh-hesary
Publisher: World Scientific
ISBN: 9811204225
Category : Political Science
Languages : en
Pages : 349
Book Description
This book presents a critical review of the status of energy security in Asia and suggests how a country or a region collectively can achieve energy security in two broad aspects. First, it analyzes how regional cooperation and energy trade can enhance energy security in the region. Second, it reviews how energy security can be ensured in national and regional general contexts. From the reviews and analyses, this book asserts that diversification and integration are key to ensuring energy security. It presents policy implications for enhancing energy security, especially in resource-rich as well as resource-poor developing countries in Asia.
Publisher: World Scientific
ISBN: 9811204225
Category : Political Science
Languages : en
Pages : 349
Book Description
This book presents a critical review of the status of energy security in Asia and suggests how a country or a region collectively can achieve energy security in two broad aspects. First, it analyzes how regional cooperation and energy trade can enhance energy security in the region. Second, it reviews how energy security can be ensured in national and regional general contexts. From the reviews and analyses, this book asserts that diversification and integration are key to ensuring energy security. It presents policy implications for enhancing energy security, especially in resource-rich as well as resource-poor developing countries in Asia.
China's Energy Security: Analysis, Assessment And Improvement
Author: Jingzheng Ren
Publisher: World Scientific
ISBN: 178634923X
Category : Political Science
Languages : en
Pages : 246
Book Description
China is the second-largest economy in the world yet it faces serious energy security challenges due to the country's reliance on coal, a fuel with multiple environmental and social problems. Moreover, since 2017 China has become the world's largest crude oil importer, greatly increasing its reliance on imported energy.The International Energy Agency has defined energy security as 'the uninterrupted availability of energy sources at an affordable price,' employing metrics in various dimensions such as availability, affordability, accessibility and acceptability to measure the energy security of different nations. Accordingly, the assessment, analysis and improvement of energy security is a complex problem. China's Energy Security aims to resolve this problem by answering three important questions:
Publisher: World Scientific
ISBN: 178634923X
Category : Political Science
Languages : en
Pages : 246
Book Description
China is the second-largest economy in the world yet it faces serious energy security challenges due to the country's reliance on coal, a fuel with multiple environmental and social problems. Moreover, since 2017 China has become the world's largest crude oil importer, greatly increasing its reliance on imported energy.The International Energy Agency has defined energy security as 'the uninterrupted availability of energy sources at an affordable price,' employing metrics in various dimensions such as availability, affordability, accessibility and acceptability to measure the energy security of different nations. Accordingly, the assessment, analysis and improvement of energy security is a complex problem. China's Energy Security aims to resolve this problem by answering three important questions:
Energy Security and Economic Development in India
Author: Bala Bhaskar
Publisher: The Energy and Resources Institute (TERI)
ISBN: 8179934608
Category : Business & Economics
Languages : en
Pages : 376
Book Description
Energy is fundamental to the economic development of a society. Ensuring energy security is critical to the security, sovereignty, and well-being of any country. However, there is no consensus on the definition of energy security. Energy Security and Economic Development in India: a holistic approach attempts to construct an appropriate definition for the concept of energy security. The evolution of energy security is traced at both the global level and in the Indian context. This book elaborates on the concept of energy security, highlights its linkages, enumerates India's indigenous energy resources, examines the status of energy security in the country, and makes policy suggestions to ensure energy security in the country.
Publisher: The Energy and Resources Institute (TERI)
ISBN: 8179934608
Category : Business & Economics
Languages : en
Pages : 376
Book Description
Energy is fundamental to the economic development of a society. Ensuring energy security is critical to the security, sovereignty, and well-being of any country. However, there is no consensus on the definition of energy security. Energy Security and Economic Development in India: a holistic approach attempts to construct an appropriate definition for the concept of energy security. The evolution of energy security is traced at both the global level and in the Indian context. This book elaborates on the concept of energy security, highlights its linkages, enumerates India's indigenous energy resources, examines the status of energy security in the country, and makes policy suggestions to ensure energy security in the country.
Energy Security and Green Energy
Author: Angelica Rutherford
Publisher: Springer Nature
ISBN: 3030455556
Category : Business & Economics
Languages : en
Pages : 174
Book Description
This book shows how the links between energy security and national and international law and policies on green energy pose challenges to a transition towards a green energy system. Based on empirical work carried out in two very different country case studies – Great Britain and Brazil – this book attempts to foster a better understanding of the role played by energy security in constructing and deconstructing green energy policy initiatives. The broad range of views raised in national contexts leads to legal disputes in international forums when attempts are made to address the issues of this energy security/green energy interplay. As such, building on the findings of the case studies, this book then analyses the interplay between energy security and green energy development in international trade law as encapsulated in the law of the World Trade Organisation (WTO). Finally, the author proposes a way forward in creating the legal space in the law of the WTO for trade restrictive measures aimed at ensuring green energy security.
Publisher: Springer Nature
ISBN: 3030455556
Category : Business & Economics
Languages : en
Pages : 174
Book Description
This book shows how the links between energy security and national and international law and policies on green energy pose challenges to a transition towards a green energy system. Based on empirical work carried out in two very different country case studies – Great Britain and Brazil – this book attempts to foster a better understanding of the role played by energy security in constructing and deconstructing green energy policy initiatives. The broad range of views raised in national contexts leads to legal disputes in international forums when attempts are made to address the issues of this energy security/green energy interplay. As such, building on the findings of the case studies, this book then analyses the interplay between energy security and green energy development in international trade law as encapsulated in the law of the World Trade Organisation (WTO). Finally, the author proposes a way forward in creating the legal space in the law of the WTO for trade restrictive measures aimed at ensuring green energy security.
The Routledge Handbook of Energy Security
Author: Benjamin K. Sovacool
Publisher: Routledge
ISBN: 1136850635
Category : Business & Economics
Languages : en
Pages : 455
Book Description
This Handbook examines the subject of energy security: its definition, dimensions, ways to measure and index it, and the complicating factors that are often overlooked. The volume identifies varying definitions and dimensions of energy security, including those that prioritize security of supply and affordability alongside those that emphasize availability, energy efficiency, trade, environmental quality, and social and political stewardship. It also explores the various metrics that can be used to give energy security more coherence, and also to enable it to be measured, including recent attempts to measure energy security progress at the national level, with a special emphasis placed on countries within the Organization of Economic Cooperation and Development (OECD), countries within Asia, and industrialized countries worldwide. This Handbook: • Broadens existing discussions of energy security that center on access to fuels, including "oil security" and "coal security." • Focuses not only on the supply side of energy but also the demand, taking a hard look at energy services and politics along with technologies and infrastructure; • Investigates energy security issues such as energy poverty, equity and access, and development; • Analyzes ways to index and measure energy security progress at the national and international level. This book will be of much interest to students of energy security, energy policy, economics, environmental studies, and IR/Security Studies in general.
Publisher: Routledge
ISBN: 1136850635
Category : Business & Economics
Languages : en
Pages : 455
Book Description
This Handbook examines the subject of energy security: its definition, dimensions, ways to measure and index it, and the complicating factors that are often overlooked. The volume identifies varying definitions and dimensions of energy security, including those that prioritize security of supply and affordability alongside those that emphasize availability, energy efficiency, trade, environmental quality, and social and political stewardship. It also explores the various metrics that can be used to give energy security more coherence, and also to enable it to be measured, including recent attempts to measure energy security progress at the national level, with a special emphasis placed on countries within the Organization of Economic Cooperation and Development (OECD), countries within Asia, and industrialized countries worldwide. This Handbook: • Broadens existing discussions of energy security that center on access to fuels, including "oil security" and "coal security." • Focuses not only on the supply side of energy but also the demand, taking a hard look at energy services and politics along with technologies and infrastructure; • Investigates energy security issues such as energy poverty, equity and access, and development; • Analyzes ways to index and measure energy security progress at the national and international level. This book will be of much interest to students of energy security, energy policy, economics, environmental studies, and IR/Security Studies in general.
Handbook of Green Finance
Author: Jeffrey D. Sachs
Publisher: Springer
ISBN: 9789811302268
Category : Business & Economics
Languages : en
Pages : 0
Book Description
This handbook deals with various financial instruments, policies, and strategies in a policy-oriented approach for financing green energy projects. Recently, global investment in renewables and energy efficiency has declined, and there is a risk that it will slow further, Clearly, fossil fuels still dominate energy investments. This trend could threaten the expansion of green energy needed to meet energy security, climate, and clean-air goals. Several developed and developing economies are still following pro-coal energy policies. The extra CO2 generated from new coal-fired power plants could more than eliminate any reductions in emissions made by other nations. Finance is the engine of development of infrastructural projects, including energy projects. By providing several thematic and country chapters, this handbook explains that if we plan to achieve sustainable development goals, we need to create opportunities for new green projects and scale up the financing of investments that furnish environmental benefits. New financial instruments and policies such as green bonds, green banks, carbon market instruments, fiscal policy, green central banking, fintech, and community-based green funds are among the chief components that make up green finance. Naoyuki Yoshino is Dean, Asian Development Bank Institute and Professor Emeritus, Keio University. Jeffery Sachs is Director, Center for Sustainable Development at Columbia University. Wing Thye Woo is Professor of Economics, U.C. Davis. Farhad Taghizadeh-Hesary is Assistant Professor, Waseda University.
Publisher: Springer
ISBN: 9789811302268
Category : Business & Economics
Languages : en
Pages : 0
Book Description
This handbook deals with various financial instruments, policies, and strategies in a policy-oriented approach for financing green energy projects. Recently, global investment in renewables and energy efficiency has declined, and there is a risk that it will slow further, Clearly, fossil fuels still dominate energy investments. This trend could threaten the expansion of green energy needed to meet energy security, climate, and clean-air goals. Several developed and developing economies are still following pro-coal energy policies. The extra CO2 generated from new coal-fired power plants could more than eliminate any reductions in emissions made by other nations. Finance is the engine of development of infrastructural projects, including energy projects. By providing several thematic and country chapters, this handbook explains that if we plan to achieve sustainable development goals, we need to create opportunities for new green projects and scale up the financing of investments that furnish environmental benefits. New financial instruments and policies such as green bonds, green banks, carbon market instruments, fiscal policy, green central banking, fintech, and community-based green funds are among the chief components that make up green finance. Naoyuki Yoshino is Dean, Asian Development Bank Institute and Professor Emeritus, Keio University. Jeffery Sachs is Director, Center for Sustainable Development at Columbia University. Wing Thye Woo is Professor of Economics, U.C. Davis. Farhad Taghizadeh-Hesary is Assistant Professor, Waseda University.