| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28595 |
| 来源ID | Working Paper 28595 |
| Welfare Consequences of Sustainable Finance | |
| Harrison Hong; Neng Wang; Jinqiang Yang | |
| 发表日期 | 2021-04-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Shareholders face restrictions to hold firms that have net-zero carbon emissions. These mandates address the global-warming externality by rewarding corporations that invest in decarbonization like direct air capture with a lower cost of capital. We quantify their welfare consequences by developing a model where a higher aggregate decarbonization-to-productive capital ratio delays a climate tipping point — an absorbing state with frequent weather disasters. We compare the market economy with a welfare-maximizing mandate to the planner’s solution. Welfare increases along with endogenous mandate standards over time. A cost-of-capital wedge formula for sustainable versus unsustain-able firms summarizes shareholders’ decarbonization costs. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w28595 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586301 |
| 推荐引用方式 GB/T 7714 | Harrison Hong,Neng Wang,Jinqiang Yang. Welfare Consequences of Sustainable Finance. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28595.pdf（600KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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