nonmonetary effects of the financial crisis in propagation of the great depression this paper examines the effects of the financial crisis of the 1930s onthe path of aggregate output during that period our approach is complementary to that of friedman and schwartz who emphasized the monetary impact of the bank failures we focus on non monetary primarily credit related aspects of the financial sector output link and consider the problems of debtors as well as those of the banking system we argue that the financial disruptions of 1930 33 reduced the efficiency of the credit allocation process and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand evidence suggests that effects of this type can help explain the unusual length and depth of the great depression this abstract was borrowed from another version of this item

income generating effects of biofuel policies a meta analysis of the cge literature abstract while the production of biofuels has expanded in recent years findings in the literature on its impact on economic growth and development remain contradictory this paper presents a meta analysis of computable general equilibrium cge studies published between 2006 and 2017 on the effect of biofuel production on economic development worldwide using 30 cge studies we found that biofuel supportive policies generated significant impacts on gdp and household incomes cge studies included in our database reported an average 0 25 percentage point increase in gdp and a 0 49 percentage point increase in household incomes we also found that results were driven by several key features of the cge studies included in our database we investigated features such as biofuel type geographic area and characteristics of the cge models employed we found that biofuel expansion has heterogeneous effects in developed versus emerging countries simulations on longer time periods and in multi country studies led to results that indicate higher impacts of biofuel expansion on gdp growth and household incomes moreover simulations with an increase in agricultural productivity indicate positive welfare impact gains unlike simulations with land expansion lastly we found that biodiesel development leads to higher welfare impact gains than that of bioethanol

financial contagion through capital connections a model of the origin and spread of bank panics financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks the equilibrium probability of bank failure is uniquely determined we explore how the cross holding of deposits motivated by imperfectly correlated regional liquidity shocks can lead to contagious eects conditional on the failure of a financial institution we show that contagion is possible in the unique equilibrium of the economy and characterize exactly when it may exist at the same time we identify a direction of flow for contagious eects which provides a rationale for localized financial panics simulations identify the optimal level of interbank deposit holdings in the presence of contagion risk our results suggest that when the probability of bank failure is low maximal levels of interbank holdings are optimal when cross holding of deposits is complete we demonstrate that the intensity of contagion is increasing in the size of regionally aggregate liquidity shocks

collective moral hazard maturity mismatch and systemic bailouts the paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy when everyone engages in maturity transformation authorities haver little choice but facilitating refinancing in turn refusing to adopt a risky balance sheet lowers the return on equity the key ingredient is that monetary policy is non targeted the ex post benefits from a monetary bailout accrue in proportion to the number amount of leverage while the distortion costs are to a large extent fixed this insight has important consequences first banks choose to correlate their risk exposures second private borrowers may deliberately choose to increase their interest rate sensitivity following bad news about future needs for liquidity third optimal monetary policy is time inconsistent fourth macro prudential supervision is called for we characterize the optimal regulation which takes the form of a minimum liquidity requirement coupled with monitoring of the quality of liquid assets we establish the robustness of our insights when the set of

the market for tradable ghg permits under the kyoto protocol a survey of model studies abstract this paper gathers results from 25 models of the market for tradable greenhouse gas ghg emission permits under the kyoto protocol due to diverging projections of emissions growth and different modeling approaches the model results differ substantially the average market volume is approximately 17 and 33 billion usd under global trading and annex b trading respectively including non carbon ghg lowers compliance costs and permit prices in the absence of the us permit demand roughly equals hot air from the former soviet union these countries can increase their revenues from selling permits by restricting supply which raises the permit price

institutional dynamics and technology legitimacy a framework and a case study on biogas technology legitimacy is central for both novel and established technologies to mobilize the resources necessary for growth and survival a loss of legitimacy in turn can have detrimental effects for an industry in this paper we study the rise and fall of technology legitimacy of agricultural biogas in germany over a period of more than 20 years 1990 2012 the field witnessed impressive growth and professionalization for many years and has become one of the key technologies in germany s energy transition in recent years however it has been confronted with major criticism which finally resulted in a substantial cut back of public and political support the aim of our study is twofold in empirical terms we will explain the technology s loss of legitimacy despite its compliance with original policy objectives growth and maturation in theoretical terms we work toward a more general framework to understand technology legitimacy and to explain the institutional dynamics of technological innovation systems

unique equilibrium in a model of self fulfilling currency attacks even though self fulfilling currency attacks lead to multiple equilibria when fundamentals are common knowledge we demonstrate the uniqueness of equilibrium when speculators face a small amount of noise in their signals about the fundamentals this unique equilibrium depends not only on the fundamentals but also on financial variables such as the quantity of hot money in circulation and the costs of speculative trading in contrast to multiple equilibrium models our model allows analysis of policy proposals directed at curtailing currency attacks

biomass price developments inhibit biofuel investments and research in germany the crucial future role of high yields abstract the competitiveness of conventional and advanced second generation biofuels is a critical issue for the implementation of a sustainable transport strategy we model biofuel competition under different feedstock cost development scenarios assessing what costs and cost developments can be expected for energy crops in germany and how these feedstock cost developments affect the competitiveness between biofuels perennial poplar was found to be the least cost energy crop with non perennial silage maize being strongly competitive at increasing feedstock price developments assuming increasing feedstock costs for the future neither conventional biodiesel from rape seed nor advanced biodiesel were found to be competitive in the long run feedstock costs were found to overshadow all other factors leading to costs for advanced biodiesel to be between 27 0 and 53 6 gj 1 in 2030 which is above most expectations of the advanced biofuels only synthetic natural gas was cost competitive under some circumstances but biomethane from silage maize and bioethanol from sugar beet were the strongest options as they combine high yields with high conversion efficiencies while avoiding the high upfront costs of advanced biofuels and the risk of switching to perennial crops however such a transition leads to less mobile feedstocks being used than presently and in the case of gaseous fuels requires stimulation of the demand side in order to function the high dependence on and increasing relevance of feedstock costs is characteristic for the biobased renewables only and is detrimental and inhibiting for investments and research and development efforts in contrast to for e g wind and solar photovoltaics and must be considered when designing policy for any sector of the bioeconomy

monitoring the monitor an incentive structure for a financial intermediary this paper studies financial intermediation i e delegated monitoring in a costly state verification model there are a finite number of agents thus the intermediary cannot fully diversify its portfolio and is subject to default risk the role of the intermediary is to satisfy simultaneously the different portfolio preferences of borrowers and lenders two questions arise when a delegated monitor is subject to non trivial default risk a what arrangement solves the problem of monitoring the monitor b what intermediary portfolio accomplishes optimal asset transformation between borrowers and lenders unlike previous delegated monitoring studies the law of large numbers is not sufficient to obtain our results instead we appeal to a stronger results the large deviation principle which establishes that convergence in the law of large numbers is exponential

the impact of different energy policy options on feedstock price and land demand for maize silage the case of biogas in lombardy abstract the growing demand of maize silage for biogas production in northern italy has triggered an intense debate concerning land rents maize prices and their possible negative consequences on important agri food chains the aim of this work is to quantify the extent to which the rapid spread of biogas raised the maize price at regional level increasing the demand of land for energy crops for this purpose we applied a partial equilibrium framework simulating the agricultural sector and the biogas industry in lombardy under two alternative schemes of subsidization policy results show that policy measures implemented in 2013 reducing the average subsidy per kwh may contribute to enforce the complementarity of the sector with agri food chains decreasing the competition between energy and non energy uses compared to the old scheme maize demand for biogas would decrease lessening the market clearing price as well as feed opportunity cost for livestock sector and reducing land demand for energy purposes

modeling linkages between climate policy and land use an overview agriculture and forestry play an important role in emitting and storing greenhouse gases for an efficient and cost effective climate policy it is therefore important to include land use land use change and forestry lulucf explicitly in economy climate models this article gives an overview and assessment of existing approaches to include lulucf into partial and general equilibrium economy climate models for each class of models we describe different examples their treatment of land and their potential for and applicability to policy analysis as well as their shortcomings we identify data requirements and conceptual problems and provide suggestions for future research

the regional economic impacts of biofuels a review of multisectoral modelling techniques and evaluation of applications allan g j the regional economic impacts of biofuels a review of multisectoral modelling techniques and evaluation of applications regional studies the regional economic impact of biofuel production depends upon a number of interrelated factors the specific biofuels feedstock and production technology employed the sector s embeddedness in the rest of the economy through its demand for local resources and the extent to which new activity is created these issues can be analysed using multisectoral economic models some studies use input output io and social accounting matrix sam modelling frameworks whilst a nascent computable general equilibrium cge literature has begun to examine the regional impact of biofuel development this paper reviews compares and evaluates these approaches for modelling the regional economic impacts of biofuels

causality and predictability in distribution the ethanol food price relation revisited abstract this paper examines the relationship between biofuels field crops and cattle prices in the u s from a new perspective we focus on predictability in distribution by asking whether ethanol returns can be used to forecast different parts of field crops and cattle returns distribution or vice versa density forecasts are constructed using conditional autoregressive expectile models estimated with asymmetric least squares forecast evaluation relies on quantile weighed scoring rules which identify regions of the distribution of interest to the analyst results show that both the centre and the left tail of the ethanol returns distribution can be predicted by using field crops returns on the contrary there is no evidence that ethanol can be used to forecast any region of the field crops or cattle returns distributions

biofuels and the poor global impact pathways of biofuels on agricultural markets this study seeks to assess the future impacts of biofuel production on regional agricultural and related sectors over the next decade with a specific focus on the vulnerable regions of developing nations using a modification of the gtap modeling platform to account for the global interactions of regional biofuel and food markets the analysis shows that biofuel production levels depend on the assumption about the future price of energy and the nature of the substitutability between biofuels and petroleum based transport fuels low energy prices reduce the demand for biofuels and thus require greater government support to meet the desired production targets at the other extreme when prices are high and there is scope for substituting biofuels for petroleum based fuels the volume of biofuels produced will exceed the mandates even when biofuels are being mainly produced in developed countries our results indicate that there are impact pathways that extend far beyond the borders of the us brazil and the eu prices of feedstock and non feedstock commodities rise in developing countries there is also a rise in value added from the agricultural sector a gain that is enjoyed by the owners of land and labor including unskilled hence to the extent that agriculture is a key sector in getting growth started and addressing poverty needs the emergence of biofuels can in this way at least be a positive force

the impact of german biogas production on european and global agricultural markets land use and the environment abstract as part of its climate policy germany promotes the production of biogas via its so called renewable energy act eeg the resulting boost in biogas output went along with a significant increase in production of green maize the dominant feedstock existing studies of the eeg have analysed its impacts on german agriculture without considering market feedback we thus expand existing quantitative analysis by also considering impacts on european and global agricultural markets land use and the environment by combining a detailed location model for biogas plants the regionalised location information system maize resi m2012 with a global partial equilibrium model for agriculture the common agricultural policy regional impact capri model our results indicate that the german biogas production is large enough to have sizeable impacts on global agricultural markets in prices and quantities causing significant land use change outside of germany while profits in the agricultural sector increase food consumer face higher prices and subsidies for biogas production are passed on to electricity consumers the german biogas program as long as it is almost entirely based on non waste feedstocks is probably not a promising avenue towards a ghg saving renewable energy production but a rather expensive one

financial intermediation and delegated monitoring this paper develops a theory of financial intermediation based on minimizing the cost of monitoring information which is useful for resolving incentive problems between borrowers and lenders it presents a characterization of the costs of providing incentives for delegated monitoring by a financial intermediary diversification within an intermediary serves to reduce these costs even in a risk neutral economy the paper presents some more general analysis of the effect of diversification on resolving incentive problems in the environment assumed in the model debt contracts with costly bankruptcy are shown to be optimal the analysis has implications for the portfolio structure and capital structure of intermediaries

tax policy and u s agriculture a general equilibrium analysis this article emloys a computable general equilibrium model to analyze the effects of eliminating farm and food tax preferences in 1977 tax differentials on capital income labor payments and production and sales taxes are each examined results indicate that these combined preferences lowered food costs by about 4 5 billion while enhancing after tax returns to farm land labor and capital the associated general equilibrium tax expenditure is estimated to have been between 5 5 and 6 6 billion

the indirect land use impacts of united states biofuel policies the importance of acreage yield and bilateral trade responses recent work has highlighted agricultural land conversion as a significant debit in the greenhouse gas accounting of ethanol as an alternative fuel this work has at the same time sparked considerable debate on the role of crop yield growth as a means of avoiding rapid land conversion we examine the agricultural land use impacts of mandate driven ethanol demand increases in the united states in a formal economic equilibrium framework which allows us to examine the importance of yield price relationships we find that the standard assumption of trend yield growth is likely restrictive for analysis of equilibrium response to significant demand increases for fuel feedstocks furthermore we identify both the acreage response and bilateral trade specification of a multi country model as important sources of variability in terms of parametric uncertainty in predicting global land use change from the biofuels boom

the impact of energy prices on the volatility of ethanol prices and the role of gasoline emissions abstract the contribution of renewable energy resources is vital for a country s economic growth by providing high efficiency in energy as well as an effective tool for the confrontation of climate change in particular concerning the eu an increase in the consumption of renewable energy resources as a proportion of the total energy consumption by its member states was set as an objective until 2020 ethanol has been widely used as a substitute to conventional energy like gasoline and oil the present paper surveys the role of alternative energy prices and gas emissions in the formation of the ethanol prices the results of the empirical survey confirmed the existence of a sole relationship among the variables employed according to the results obtained an increase in the volume of emissions or in gasoline prices results in an increase in ethanol prices while the opposite is confirmed in the case of crude oil he elasticity of ethanol prices to the increase of the emissions is another result worth mentioning indicative of the significant role of the emissions in the formation of ethanol prices

a matching model with endogenous skill requirements we consider a labor market in which workers differ in their abilities and jobs differ in their skill requirements the distribution of worker abilities is exogenous but we model the choice of skill requirements by firms high skill jobs produce more output than low skill jobs but high skill jobs require high skill workers and thus are more difficult to fill we use a matching model together with a nash bargaining approach to wage setting to determine the equilibrium mix of job types along with the equilibrium relationship between worker and job characteristics wages and unemployment

macro economic impact of large scale deployment of biomass resources for energy and materials on a national level a combined approach for the netherlands biomass is considered one of the most important options in the transition to a sustainable energy system with reduced greenhouse gas ghg emissions and increased security of enegry supply in order to facilitate this transition with targeted policies and implementation strategies it is of vital importance to understand the economic benefits uncertainties and risks of this transition this article presents a quantification of the economic impacts on value added employment shares and the trade balance as well as required biomass and avoided primary energy and greenhouse gases related to large scale biomass deployment on a country level the netherlands for different future scenarios to 2030 this is done by using the macro economic computable general equilibrium cge model leitap capable of quantifying direct and indirect effects of a bio based economy combined with a spread sheet tool to address underlying technological details although the combined approach has limitations the results of the projections show that substitution of fossil energy carriers by biomass could have positive economic effects as well as reducing ghg emissions and fossil energy requirement key factors to achieve these targets are enhanced technological development and the import of sustainable biomass resources to the netherlands

skill bias and employment frictions in the u s labor market 1970 1990 this article studies simultaneous changes in four labor market variables the unemployment rates for college and high school graduates the education wage premium and the level of college participation it develops an equilibrium search and matching model of the labor market where education is endogenously determined then the model is used to investigate quantitatively whether the change in the above labor market variables from 1970 to 1990 in the united states can be traced to changes in the environment a skill biased change in technology together with an increase in employment frictions can explain much of the observed variation in these variables

are the unemployed unemployable abstract this paper develops a matching model of the labor market under wage rigidity when hiring decisions are irreversible there are two types of workers the skilled and the unskilled the model is used to analyze whether technological advances may have increased unemployment it is shown that it is likely to be so if they are associated with an increase in the productivity and or the supply of skilled workers relative to unskilled workers these effects are stronger when hiring decisions are more irreversible

policy options for non grain bioethanol in china insights from an economy energy environment cge model abstract the chinese government has been issuing numerous incentive policies to promote non grain bioethanol development to address the problem of excessive energy consumption and environmental pollution in this study we divide the incentive policies into five categories subsidies on bioethanol production non grain feedstocks planting marginal land reclamation and utilization bioethanol consumption in more cities and consumption tax on gasoline use the objective of the paper is to evaluate and compare the economic energy and environmental effects of the incentive policies to help the government choose the optimal policies to promote bioethanol in china the results show that subsidies on bioethanol production and consumption can boost gdp and simultaneously decrease crude oil and gasoline consumption and reduce co2 emissions however the increase in bioethanol consumption is combined with the rise in coal and electricity consumption subsidies on bioethanol production can promote gdp and reduce energy consumption and co2 emission but have less effect on bioethanol development than that under the scenario of subsides on bioethanol consumption on the contrary although subsidies on non grain feedstocks planting and marginal land reclamation and utilization can improve macro economy but have a negative effect on energy saving and co2 emission reduction therefore appropriate subsidies on bioethanol production and consumption can promote bioethanol consumption with economic energy and environmental benefits the chinese government should further pay more attention to the coordination of different policy options by policy tools and intensities

impact of energy prices and cellulosic biomass supply on agriculture energy and the environment an integrated modeling approach abstract the accelerated growth in biofuel markets has both created and reinforced linkages between agriculture and energy the evolution of biofuel markets over the next 10 20 years and the implications for energy agriculture and the environment are uncertain building on an integrated agriculture energy modeling framework this study analyzes a baseline and three alternative scenarios two scenarios based on energy prices crude oil and natural gas and one based on assumptions regarding cellulosic biomass availability by examining the impact of scenarios driven by a changes in the energy sector and b changes in the agricultural sector we can compare the differential effects on biofuels markets commodity prices and quantities in each sector and co 2 emissions scenario comparisons show biofuel markets affected more by crude oil prices than natural gas prices however higher natural gas prices shift the biofuel production mix away from corn grain based to more cellulosic ethanol via multiple mechanisms alternatively the scenario with no cellulosic feedstock lowers total ethanol production and raises ethanol and corn prices in terms of environmental impacts higher ethanol levels driven by higher oil prices lead to lower co 2 emissions in comparison the no cellulosic scenario results in the highest co 2 trajectory relative to the baseline

banking crises and the lender of last resort how crucial is the role of information this article develops a model of bank runs and crises and analyses how the presence of a lender of last resort lolr affects the solvency of the banking system we obtain a one to one mapping from the depositors equilibrium strategy to an optimal contract prevailing in the economy the study finds that the difference between a perfectly informed and an imperfectly informed lolr can be crucial our results indicate that a perfectly informed lolr is a pareto improvement however if the supervisory process of the lolr is subject to noise then the gains from ex post efficiency may be outweighed by ex ante inefficiency induced by moral hazard which is conducive to lower lending rates in the economy

more than food or fuel stakeholder perceptions of anaerobic digestion and land use a case study from the united kingdom anaerobic digestion ad is of growing importance within the uk as it can make an important contribution to the countries energy and climate change targets with the growth of the sector discussions about competing land uses are likely to increase for a better understanding of the synergies between agricultural land its role and bioenergy the perception of the different stakeholders will play an important role the perception of stakeholders related to ad feedstock and energy crop production was investigated through interviews and a stakeholder workshop the results indicated that from an ad operator and feedstock producer perspective on farm ad is more an additional activity integrated into existing agricultural systems than a renewable energy technology the risk of a shift in agricultural practices and large areas to grow energy crops for ad is seen as low for the uk nonetheless land use and related challenges need to be considered as the demand for ad feedstocks increases with the fast growth of the sector considering the synergies between bioenergy and agriculture as well as the motivations and benefits perceived by stakeholders will play an important role in a successful policy design to provide the required emission reduction in both sectors without subverting sustainability

the concept of employability the concept of employability plays a crucial role in informing labour market policy in the uk the eu and beyond this paper analyses current and previous applications of the term and discusses its value as an exploratory concept and a framework for policy analysis it then traces the development of the concept discusses its role in current labour market and training strategies with particular reference to the uk and seeks to identify an approach to defining employability that can better inform labour market policy by transcending explanations of employment and unemployment that focus solely on either supply side or demand side factors although the literature offers a range of definitions of employability many policy makers have recently used the term as shorthand for the individual s employability skills and attributes it is argued that this narrow usage can lead to a hollowing out of the concept of employability the paper concludes by presenting a broad framework for analysing employability built around individual factors personal circumstances and external factors which acknowledges the importance of both supply and demand side factors

a framework for analyzing the political support for active labor market policy abstract we develop a general equilibrium analysis of the impact of active labor market policy on unemployment wages and the welfare of the employed this framework is used to assess the political support in favour of such policies and to relate it to the working of such policies and other parameters characterizing the economic environment the main finding is that if the employed have little exposure to unemployment and if the demand for unskilled labour is inelastic then there may be political support for policies which actually raise the equilibrium level of total unemployment

integrating bioenergy into computable general equilibrium models a survey in the past years biofuels have received increased attention since they were believed to contribute to rural development energy security and to fight global warming it became clear though that bioenergy cannot be evaluated independently of the rest of the economy and that national and international feedback effects are important computable general equilibrium cge models have been widely employed in order to study the effects of international climate policies the main characteristic of these models is their encompassing scope global models cover the whole world economy disaggregated into regions and countries as well as diverse sectors of economic activity such a modelling framework unveils direct and indirect feedback effects of certain policies or shocks across sectors and countries cge models are thus well suited for the study of bioenergy biofuel policies one can currently find various approaches in the literature of incorporating bioenergy into a cge framework this paper gives an overview of existing approaches critically assesses their respective power and discusses the advantages of cge models compared to partial equilibrium models grouping different approaches into categories and highlighting their advantages and disadvantages is important for giving a structure to this rather recent and rapidly growing research area and to provide a guidepost for future work

coordination failures and the lender of last resort was bagehot right after all the classical doctrine of the lender of last resort lolr elaborated by bagehot 1873 asserts that the central bank should lend to illiquid but solvent banks under certain conditions several authors have argued that this view is now obsolete in modern interbank markets a solvent bank cannot be illiquid this paper provides a possible theoretical foundation for rescuing bagehot s view our theory does not rely on the multiplicity of equilibria that arises in classical models of bank runs we built a model of banks liquidity crises that possesses a unique bayesian equilibrium in this equilibrium there is a positive probability that a solvent bank cannot find liquidity assistance in the market we derive policy implications about banking regulation solvency and liquidity ratios and interventions of the lender of last resort furthermore we find that public bailout and private bail in involvement are complementary in implementing the incentive efficient solution and that bagehot s lender of last resort facility must work together with institutions providing prompt corrective action and orderly failure resolution finally we derive similar implications for an international lender of last resort ilolr jel g21 g28

the lender of last resort abstract this paper develops a model of the lender of last resort lolr from a central bank cb viewpoint the model in a static setting suggests that the cb would only rescue banks which are above a threshold size consistent with the insight of too big to fail in a dynamic setting cb s optimal policy in liquidity support depends on the trade off between contagion and moral hazard effects our results show that contagion is the key factor affecting cb s incentives in providing lolr and they also provide a rationalization for constructive ambiguity

adaptability productivity and educational incentives in a matching model abstract we study the connections between the labour market and the education sector in a matching framework with ex post wage bargaining workers have multidimensional skills and the search market is segmented by technology education is a time consuming activity and determines jointly the scope or adaptability and intensity or productivity of individual skills we establish three main results first unemployment provides incentives to schooling by raising the need for adaptability second private returns to productivity are below social returns but no hold up phenomenon is involved third due to wage and congestion externalities private returns to adaptability exceed social returns as a consequence both over and under education may take place in equilibrium

modelling approaches for consequential life cycle assessment c lca of bioenergy critical review and proposed framework for biogas production abstract conventional life cycle inventories lcis are static models not considering any mechanism of revenue maximisation and price equilibrium under external constraints an additional demand of a given commodity irrespective of the amount can always be supplied by the average supplier under fully elastic market assumption this constitutes a recognised limitation for the application of lca to the assessment of the environmental consequences of changes applied to complex systems like agro systems in the so called consequential lci c lci the relationships between the activities and processes of a life cycle are no longer seen as essentially technical connections based on average data instead the determining socio economic mechanisms are considered via market information and eventually economic models partial or computable general equilibrium the practical implementation of c lci is however still obscure to many practitioners and the complementarities and overlaps between the different c lci modelling approaches have not been completely clarified so far this paper aims at filling this gap the first part of the paper provides a survey of a number of applications using different equilibrium models afterwards we critically review the main variables and parameters supporting the definition and implementation of the c lci modelling approaches in the last part of the paper we propose a methodology to integrate economic modelling and lca in order to perform a c lca of biogas production specifically addressing the indirect land use change iluc issue finally we describe the application of this methodology to a case study dealing with the production of biogas in luxembourg

catalytic finance when does it work in a model of debt crisis caused partly by creditor coordination failure we show that bailouts that reduce ex post inefficiency will sometimes enhance the incentives for governments to take costly adjustment effort this model helps us understand a debate about the role of the imf in catalyzing lending to developing countries

coordination risk and the price of debt abstract creditors of a distressed borrower face a coordination problem even if the fundamentals are sound fear of premature foreclosure by others may lead to pre emptive action undermining the project recognition of this problem lies behind corporate bankruptcy provisions across the world and it has been identified as a culprit in international financial crises but has received scant attention from the literature on debt pricing without common knowledge of fundamentals the incidence of failure is uniquely determined provided that private information is precise enough this affords a way to price the coordination failure comparative statics on the unique equilibrium provides several insights on the role of information and the incidence of inefficient liquidation

assessing non marginal variations with consequential lca application to european energy sector many policies are being designed to mitigate impacts of human activities on the environment an environmental evaluation of these policies should include assessments of their impacts according to all known environmental impacts moreover because policies may indirectly affect regions or economic sectors not initially targeted by these policies indirect environmental consequences should be included in environmental balances life cycle analysis lca is a holistic method made to assess environmental impacts caused by products or services according to various environmental damage categories however the ability of lca to model environmental consequences due to a change is restricted to marginal changes occurring in small life cycles new methodological developments are needed to study major changes and their environmental consequences as they may happen when a policy is applied at large scale for that purpose the economic general equilibrium model gtap has been used to predict global economic perturbation that would be caused by two different european energy policies bioenergy policy and business as usual policy lca was then used to assess environmental impacts due to european energy generation and perturbation of world economy despite the bioenergy policy involves more energy from renewable technologies which are expected to be less polluting results show that due to rebound effects bioenergy policy results in more environmental impacts combining both gtap and lca improves environmental assessment made with gtap because it allows computing environmental impacts according to products life cycles instead of using economic sector emission factors and because emissions and extractions from environment are related to impacts on environment regarding lca method this new approach allows studying significant changes affecting large systems with a global modeling of economy in a time dependent environment however more work is needed to evaluate this new approach especially uncertainty should be studied