Financial impacts of climate change mitigation policies and their macroeconomic implications: a stock-flow consistent approach
Emmanuel Bovari (),
Gaël Giraud () and
Florent Mc Isaac ()
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Gaël Giraud: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Florent Mc Isaac: AFD - Agence française de développement
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
To what extent can worldwide carbon pricing foster the transition towards a low-carbon economy and mitigate the effects of global warming? We address this question by assessing the financial impacts and macroeconomic implications of carbon pricing and public subsidies. More specifically, we evaluate the extent to which such policies are sustainable by computing the probability of remaining below two thresholds that we argue to be indicative of the stability of our current economy and climate: (1) a temperature anomaly above +2°C (a commonly acknowledged target, including in the 2015 Paris Agreement, to potentially avoid nonlinearities in the climate system) and (2) a large global debt-to-output ratio of 270%.
Keywords: Ecological macroeconomics; carbon pricing; stock-flow consistency; credit rationing; integrated assessment (search for similar items in EconPapers)
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Published in Climate Policy, Taylor & Francis, 2020, 20 (2), pp.179-198. ⟨10.1080/14693062.2019.1698406⟩
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Journal Article: Financial impacts of climate change mitigation policies and their macroeconomic implications: a stock-flow consistent approach (2020)
Working Paper: Financial impacts of climate change mitigation policies and their macroeconomic implications: a stock-flow consistent approach (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-02800491
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