Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Norway

You are looking at 1 - 10 of 17 items for :

  • Type: Journal Issue x
  • Environmental Economics x
Clear All Modify Search
Cover IMF Working Papers
Firms’ Response to Climate Regulations-Empirical Investigations Based on the European Emissions Trading System
Fotios Kalantzis
,
Salma Khalid
,
Alexandra Solovyeva
, and
Marcin Wolski
Using a novel cross-country dataset, which merges firm-level financials with information on firms’ participation in the European Unions’ Emissions Trading System (ETS), we investigate how firm performance is affected by tightening of environmental policies that put a price on pollution. We find that more stringent policies do not have a strong negative impact on the profitability of ETS-regulated or non-ETS firms. While firms report an increase in their input costs during periods of high carbon prices, their reported turnover is also higher. Among ETS-regulated firms which must purchase emission certificates under the EU ETS, tightening of climate policies in periods of high carbon prices results in increased investment, particularly in intangible assets. We establish robustness of our results using a quantile regression analysis, ensuring our key findings are not driven by distributional irregularities. Our findings provide support for the benefits of EU ETS on accelerating firms’ climate transition, while keeping firm-level financial costs at bay.
Keywords:
climate finance; climate change; decarbonization; firm-level analysis; Emissions Trading System (ETS); ETS firm; climate transition; EU Emissions Trading System; ETS-regulated firm; IMF working paper No. 24/135; Emissions trading; Climate policy; Environmental policy; Greenhouse gas emissions; Global
Cover IMF Staff Country Reports
Norway: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway
International Monetary Fund. European Dept.
The economy bounced back strongly from the first wave of Covid-19 pandemic, and the recovery is well entrenched in 2022. However, risks to the outlook are considerable, given the uncertainty over spillovers from the war in Ukraine, the intensity of the pandemic globally, and in Europe, in particular, and supply bottlenecks. Given the strong fundamentals, Norway is relatively shielded and there are both upside (higher energy prices and export volumes) and downside risks (lower demand from Europe for non-energy exports). The forecast is especially sensitive to where energy prices settle, whether energy supply to Europe will be disrupted, and Norway’s capacity to increase gas supplies to Europe.
Keywords:
liability positions vis-à-vis nonresident; money market rate; inflation pressure; normalising economy; core inflation; Inflation; Mortgages; Climate change; Global; Europe
Cover IMF Working Papers
Climate-Related Stress Testing: Transition Risk in Colombia
Can Sever
and
Manuel Perez-Archila
This paper builds a framework to quantify the financial stability implications of climate-related transition risk in Colombia. We explore risks imposed on the banking system based on scenarios of an increase in the domestic carbon tax by using bank- and firm-level data. Focusing on the deterioration of firms’ balance sheets and the exposure of banks to different sectors, we assess the extent to which such policy shock would transmit from nonfinancial firms to the banking system. We observe that sectors are affected unevenly by a higher carbon tax. Agriculture, manufacturing, electricity, wholesale and retail trade, and transportation sectors appear to be the most important in the transmission of the risk to the banking system. Results also suggest that a large increase in the carbon tax can generate significant but likely manageable financial stability risks, and that a gradual increase in the carbon tax to meet a higher target over several years could be preferable in terms of financial risks. A gradual increase would also have the benefit of allowing for a smoother adjustment to higher carbon tax for stakeholders.
Keywords:
Climate crisis; climate change; transition risk; carbon emission; carbon tax; green economy; environmental taxes; banking stress; stress testing; financial stability; Colombia; D. banking data; risk to the banking system; nonfinancial firm; Carbon tax; Greenhouse gas emissions; Commercial banks; Loans; Global; Caribbean
Cover Policy Papers
Implementation Plan in Response To The Board-Endorsed Recommendations From The IEO Evaluation Report On IMF Collaboration With The World Bank On Macro-Structural Issues
International Monetary Fund. Strategy, Policy, & Review Department
This Management Implementation Plan (MIP) focuses on further strengthening collaboration between the IMF and the World Bank on strategic macro-structural issues. In macro-structural areas, the Fund and the Bank have complementary roles. The Bank provides structural and development-focused assessments and recommendations, while the Fund focuses on integrating macro relevant structural issues in the macroeconomic frameworks and policies. In some areas, including financial sector and public debt sustainability assessments, Bank-Fund collaboration modalities are well established. In other areas, such as climate change, Fund staff is developing comprehensive strategies on how the IMF can step up its engagement and collaboration with external partners, including with the World Bank, to better serve its membership. This MIP proposes concrete steps aimed at further enhancing: • Bank-Fund collaboration on strategic macro-structural issues, with an initial focus on the climate workstream; • Fund staff’s incentives for collaboration with external partners, including the Bank • Access to and exchange of information and knowledge between Bank and Fund staff.
Keywords:
Bank-Fund collaboration; macro-structural policies; structural reforms; climate change; fund staff; climate strategy; transparency policy; IMF surveillance; Board paper; Climate change; Climate finance; Global
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
aggregate emission saving; D. cost effectiveness; copyright page; electric vehicle ownership; one-off registration tax; Tax incentives; VAT exemptions; Greenhouse gas emissions; Income; Global
Cover IMF Working Papers
Are Climate Change Policies Politically Costly?
Davide Furceri
,
Michael Ganslmeier
, and
Mr. Jonathan David Ostry
Are policies designed to avert climate change (Climate Change Policies, or CCPs) politically costly? Using data on governmental popular support and the OECD’s Environmental Stringency Index, we find that CCPs are not necessarily politically costly: policy design matters. First, only market-based CCPs (such as emission taxes) generate negative effects on popular support. Second, the effects are muted in countries where non-green (dirty) energy is a relatively small input into production. Third, political costs are not significant when CCPs are implemented during periods of low oil prices, generous social insurance and low inequality.
Keywords:
EPS change; policy design; Policy implication; popular support; baseline model; Climate change; Climate policy; Fuel prices; Environmental policy; Natural disasters; Global
Cover IMF Working Papers
Climate Mitigation Policy in Denmark: A Prototype for Other Countries
Nicoletta Batini
,
Ian W.H. Parry
, and
Mr. Philippe Wingender
Denmark has a highly ambitious goal of reducing greenhouse gas emissions 70 percent below 1990 levels by 2030. While there is general agreement that carbon pricing should be the centerpiece of Denmark’s mitigation strategy, pricing needs to be effective, address equity and leakage concerns, and be reinforced by additional measures at the sectoral level. The strategy Denmark develops can be a good prototype for others to follow. This paper discusses mechanisms to scale up domestic carbon pricing, compensate households, and possibly combine pricing with a border carbon adjustment. It also recommends the use of revenue-neutral feebate schemes to strengthen mitigation incentives, particularly for transportation and agriculture, fisheries and forestry, though these schemes could also be applied more widely.
Keywords:
Denmark climate mitigation; carbon pricing; feebate; revenue recycling; border carbon adjustment; transportation; agriculture.; WP; emission rate; EU ETS; emissions price; sliding scale; greenhouse gas; proxy emissions fee; Climate change; agriculture; energy price; mitigation target; nitrogen oxide emission; Carbon tax; Greenhouse gas emissions; Consumption; Global
Cover IMF Staff Country Reports
Kiribati: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper focuses on recent developments with Kiribati’s Revenue Equalization Reserve Fund (RERF). The paper also examines fiscal aspects of climate change, and considers options for improving fishing license fees, which remain an important source of revenue. It also analyzes recent developments and the outlook for remittances to Kiribati, which is another important source of external revenue and brings important economic benefits, such as reducing poverty and stabilizing national income.
Keywords:
ISCR; CR; Kiribati; cost; fee; RERF balance; fishing license fee; remittances to Kiribati; Kiribati's remittances come; remittance cost; Agroindustries; Remittances; Climate change; Income; Current spending; Pacific Islands; Global
Cover Who Will Pay? Coping with Aging Societies, Climate Change, and Other Long-Term Fiscal Challenges
Who Will Pay? Coping with Aging Societies, Climate Change, and Other Long-Term Fiscal Challenges
Mr. Peter S. Heller

Abstract

Aging populations. Weather shocks. Scarce water. Globalization. Security threats. Policymakers today confront a number of developments that threaten to burden public budgets for decades to come, or bankrupt some entirely. This book argues that governments need to make policy changes now to take account of the potential fiscal consequences of these developments. After describing how, if at all, analysts, national governments, and international organizations currently address these long-term issues, the book stresses the vital need for a multipronged approach, involving strengthened analyses, greater attention to long-term issues and risk factors in budgeting, and institutional reforms that address the myopic biases of politicians and the public.

Keywords:
BOOK; government; policy; country; policy commitment; government policy; policy reform; policy action; policy uncertainty; fiscal policy framework; Aging; Global; Western Europe; South Asia; Sub-Saharan Africa; Budget planning and preparation; Caribbean
Cover Control de la contaminación
Control de la contaminación
mediante el uso de impuestos y licencias negociables
Ms. Valerie Reppelin
and
Mr. John Norregaard

Abstract

Se examinan diferentes formas de controlar la contaminación a través de impuestos o licencias “verdes” y se evalúan sus ventajas y desventajas. Si bien muchos países utilizan impuestos ambientales, el interés en los permisos negociables va en aumento.

Keywords:
EI; tax; ecotax; green tax reform; tradable permit; ecotax leader