Policy Shocks and Contract Renegotiation: Who Gets Raked Over the Coals?

Ian Lange and Lea-Rachel Kosnik

No 2009-06, SIRE Focus Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Changes in climate policy have large influence on businesses. Firms anticipate and respond to such changes, but what if they have already engaged in a longterm relationship with other firms or customers at the time of policy change? For example, coal supply to power stations is typically based on long-term contracts, while the nature of the buyer-supplier relationship may well be affected substantially by climate regulations. However, there has been little evidence on whether or how firms amend their contractual agreements in response to a change in policy.

Date: 2009
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