Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2017.07.029 |
The EIRIN Flow-of-funds Behavioural Model of Green Fiscal Policies and Green Sovereign Bonds | |
Monasterolo, Irene1,2; Raberto, Marco3 | |
2018-02-01 | |
发表期刊 | ECOLOGICAL ECONOMICS |
ISSN | 0921-8009 |
EISSN | 1873-6106 |
出版年 | 2018 |
卷号 | 144页码:228-243 |
文章类型 | Article |
语种 | 英语 |
国家 | Austria; USA; Italy |
英文摘要 | Fiscal and monetary policies, as well as new financial instruments, could play a key role to meet the Paris Agreement. However, deep uncertainty characterizes their design and their potential effects on growth, financial and credit market stability, and inequality. We develop the EIRIN flow-of-funds behavioural model to simulate the introduction of green fiscal policies and green sovereign bonds, and we display their effects on firms' investments in the brown and green sector, on unemployment, on the credit and bonds market. EIRIN is Stock Flow Consistent and is rooted on a balance sheet approach. It adopts a Leontief production function with no substitution of the production factors, i.e., Labour, Capital, and Raw Materials. Its sectors are endowed with adaptive behaviours and expectations, and interact with the others and the foreign sector through a set of markets. Simulations show that green public policies can promote green growth by influencing firms' expectations and the credit market. Green sovereign bonds represent a short-term win-win solution, while green fiscal measures have higher immediate distributive effects that induce negative feedbacks on the economy. These results are influenced by the conditions (fiscal, budgetary and public debt/GDP) in which both measures are implemented. |
英文关键词 | Flow-of-funds Stock-flow consistency Green fiscal policies Green sovereign bonds Endogenous money Distributive effects |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000418108500020 |
WOS关键词 | CLIMATE-CHANGE ; LIQUIDITY CONSTRAINTS ; COMPLEX-SYSTEMS ; ECONOMICS ; ENVIRONMENT |
WOS类目 | Ecology ; Economics ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Environmental Sciences & Ecology ; Business & Economics |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/15710 |
专题 | 资源环境科学 |
作者单位 | 1.Vienna Univ Econ & Business WU, Vienna, Austria; 2.Boston Univ, Frederick S Pardee Ctr Study Longer Range Future, Boston, MA 02215 USA; 3.Univ Genoa UNIGE, DIME, Genoa, Italy |
推荐引用方式 GB/T 7714 | Monasterolo, Irene,Raberto, Marco. The EIRIN Flow-of-funds Behavioural Model of Green Fiscal Policies and Green Sovereign Bonds[J]. ECOLOGICAL ECONOMICS,2018,144:228-243. |
APA | Monasterolo, Irene,&Raberto, Marco.(2018).The EIRIN Flow-of-funds Behavioural Model of Green Fiscal Policies and Green Sovereign Bonds.ECOLOGICAL ECONOMICS,144,228-243. |
MLA | Monasterolo, Irene,et al."The EIRIN Flow-of-funds Behavioural Model of Green Fiscal Policies and Green Sovereign Bonds".ECOLOGICAL ECONOMICS 144(2018):228-243. |
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