| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15986 |
| DP15986 Real Effects of Climate Policy: Financial Constraints and Spillovers | |
| Söhnke Bartram; Kewei Hou; Sehoon Kim | |
| 发表日期 | 2021-03-31 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document that localized policies aimed at mitigating climate risk can have unintended consequences due to regulatory arbitrage by firms. Using a difference-in-differences framework to study the impact of the California cap-and-trade program with US plant level data, we show that financially constrained firms shift emissions and output from California to other states where they have similar plants that are underutilized. In contrast, unconstrained firms do not make such adjustments. Overall, unconstrained firms do not reduce their total emissions while constrained firms increase total emissions after the cap-and-trade rule, undermining the effectiveness of the policy. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Climate policy California cap-and-trade Financial constraints Internal resource allocation Regulatory arbitrage Spillover effects |
| URL | https://cepr.org/publications/dp15986 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544972 |
| 推荐引用方式 GB/T 7714 | Söhnke Bartram,Kewei Hou,Sehoon Kim. DP15986 Real Effects of Climate Policy: Financial Constraints and Spillovers. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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