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  Climate finance intermediation: interest spread effects in a climate policy model

Lessmann, K., Kalkuhl, M. (2024): Climate finance intermediation: interest spread effects in a climate policy model. - Journal of the Association of Environmental and Resource Economists, 11, 1, 213-251.
https://doi.org/10.1086/725920

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Datensatz-Permalink: https://publications.pik-potsdam.de/pubman/item/item_28444 Versions-Permalink: https://publications.pik-potsdam.de/pubman/item/item_28444_6
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 Urheber:
Lessmann, Kai1, Autor              
Kalkuhl, Matthias1, Autor              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              

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 Zusammenfassung: Interest rates are central determinants of saving and investment decisions. Costly financial intermediation distorts these price signals by creating a spread between deposit and loan rates. This study investigates how bank spreads affect climate policy in its ambition to redirect capital. We identify various channels through which interest spreads affect carbon emissions in a dynamic general equilibrium model. Interest rate spreads increase abatement costs due to the higher relative price for capital-intensive carbon-free energy but they also tend to reduce emissions due to lower overall economic growth. For the global average interest rate spread of 5.1pp, global warming increases by 0.2°C compared to the frictionless economy. For a given temperature target to be achieved, interest rate spreads necessitate substantially higher carbon taxes. When spreads arise from imperfect competition in the intermediation sector, the associated welfare costs can be reduced by clean energy subsidies or even eliminated by economy-wide investment subsidies.

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Sprache(n): eng - Englisch
 Datum: 2023-04-072023-05-162024-01-01
 Publikationsstatus: Final veröffentlicht
 Seiten: 39
 Ort, Verlag, Ausgabe: -
 Inhaltsverzeichnis: -
 Art der Begutachtung: Expertenbegutachtung
 Identifikatoren: DOI: 10.1086/725920
Organisational keyword: RD3 - Transformation Pathways
PIKDOMAIN: RD3 - Transformation Pathways
Organisational keyword: FutureLab - Public Economics and Climate Finance
MDB-ID: No MDB - stored outside PIK (see DOI)
Model / method: PRIDE
Regional keyword: Global
Research topic keyword: Carbon Pricing
Research topic keyword: Climate impacts
Research topic keyword: Economics
OATYPE: Green Open Access
Organisational keyword: RD5 - Climate Economics and Policy - MCC Berlin
PIKDOMAIN: RD5 - Climate Economics and Policy - MCC Berlin
Working Group: Welfare and Policy Design
 Art des Abschluß: -

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Titel: Journal of the Association of Environmental and Resource Economists
Genre der Quelle: Zeitschrift, SSCI, Scopus
 Urheber:
Affiliations:
Ort, Verlag, Ausgabe: -
Seiten: - Band / Heft: 11 (1) Artikelnummer: - Start- / Endseite: 213 - 251 Identifikator: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/2333-5963
Publisher: University of Chicago Press