Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the curre...Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the current level of emissions.Therefore,it is necessary to estimate how much the policy affects the current level of CO_(2) emissions.This makes sure the policy doesn’t increase the level of CO_(2) emis-sions.This study aims to analyze the effect of the One Bil-lion Trees program on CO_(2) emissions in New Zealand by employing the 2020 input–output table analysis.This inves-tigation examines the direct and indirect effects of policy on both the demand and supply sides across six regions of New Zealand.The results of this study for the first year of plantation suggest that the policy increases the level of CO_(2) emissions in all regions,especially in the Waikato region.The direct and indirect impact of the policy leads to 64 kt of CO_(2) emissions on the demand side and 270 kt of CO_(2) emis-sions on the supply side.These lead to 0.19 and 0.74%of total CO_(2) emissions being attributed to investment shocks.Continuing the policy is recommended,as it has a low effect on CO_(2) emissions.However,it is crucial to prioritize the use of low-carbon machinery that uses fossil fuels during the plantation process.展开更多
This paper studies an investment and consumption problem with stochastic interest rate,where interest rate is governed by the Vasicek model.The financial market is composed of one riskfree asset and one risky asset,in...This paper studies an investment and consumption problem with stochastic interest rate,where interest rate is governed by the Vasicek model.The financial market is composed of one riskfree asset and one risky asset,in which stock price dynamics is assumed to be generally correlated with interest rate dynamics.The aim is to maximize expected utility of consumption and terminal wealth in the finite horizon.Legendre transform is used to deal with this investment and consumption problem and the explicit solutions of the optimal investment and consumption strategies with power and logarithm preference are achieved.Finally,the authors add a numerical example to analyze the effect of market parameters on the optimal investment and consumption strategy and provide some economic implications.展开更多
Weak capacity to enforce regulations and sanction violators, and an emphasis on economic growth in developing countries has led to concerns about worsening environmental conditions and the potential for these countrie...Weak capacity to enforce regulations and sanction violators, and an emphasis on economic growth in developing countries has led to concerns about worsening environmental conditions and the potential for these countries becoming pollution havens for multinational corporations. International environmental standards, voluntary programs, and public disclosure programs have gained popularity because they engage market participants in providing incentives for self-regulation and have the potential to substitute for the lack of domestic regulatory capacity. This paper analyzes the motivations for firms to undertake voluntary environmental management and reviews the empirical evidence on the type of firms participating in such initiatives and their effectiveness in improving environmental performance. We also consider the special case of China that has witnessed dramatic globalization following its acceptance into the World Trade Organization and participation by its firms in global supply chains. We conclude with a discussion of the effectiveness of these efforts as a substitute for weak regulatory and civic society pressures in these countries.展开更多
基金Open Access funding enabled and organized by CAUL and its Member Institutions
文摘Investing in projects that support environmental benefits,such as tree harvesting,has the potential to reduce air pollution levels in the atmosphere in the future.However,this kind of investment may increase the current level of emissions.Therefore,it is necessary to estimate how much the policy affects the current level of CO_(2) emissions.This makes sure the policy doesn’t increase the level of CO_(2) emis-sions.This study aims to analyze the effect of the One Bil-lion Trees program on CO_(2) emissions in New Zealand by employing the 2020 input–output table analysis.This inves-tigation examines the direct and indirect effects of policy on both the demand and supply sides across six regions of New Zealand.The results of this study for the first year of plantation suggest that the policy increases the level of CO_(2) emissions in all regions,especially in the Waikato region.The direct and indirect impact of the policy leads to 64 kt of CO_(2) emissions on the demand side and 270 kt of CO_(2) emis-sions on the supply side.These lead to 0.19 and 0.74%of total CO_(2) emissions being attributed to investment shocks.Continuing the policy is recommended,as it has a low effect on CO_(2) emissions.However,it is crucial to prioritize the use of low-carbon machinery that uses fossil fuels during the plantation process.
基金supported by the Humanities and Social Science Research Youth Foundation of Ministry of Education of China under Grant No.11YJC790006Center for Research of Regulation and Policy of Zhejiang Province of China under Grant No.13JDGZ03YB+1 种基金the project of National Statistical Science of China under Grant No.2013LY125the Higher School Science and Technology Development Foundation of Tianjin of China under Grant No.20100821
文摘This paper studies an investment and consumption problem with stochastic interest rate,where interest rate is governed by the Vasicek model.The financial market is composed of one riskfree asset and one risky asset,in which stock price dynamics is assumed to be generally correlated with interest rate dynamics.The aim is to maximize expected utility of consumption and terminal wealth in the finite horizon.Legendre transform is used to deal with this investment and consumption problem and the explicit solutions of the optimal investment and consumption strategies with power and logarithm preference are achieved.Finally,the authors add a numerical example to analyze the effect of market parameters on the optimal investment and consumption strategy and provide some economic implications.
文摘Weak capacity to enforce regulations and sanction violators, and an emphasis on economic growth in developing countries has led to concerns about worsening environmental conditions and the potential for these countries becoming pollution havens for multinational corporations. International environmental standards, voluntary programs, and public disclosure programs have gained popularity because they engage market participants in providing incentives for self-regulation and have the potential to substitute for the lack of domestic regulatory capacity. This paper analyzes the motivations for firms to undertake voluntary environmental management and reviews the empirical evidence on the type of firms participating in such initiatives and their effectiveness in improving environmental performance. We also consider the special case of China that has witnessed dramatic globalization following its acceptance into the World Trade Organization and participation by its firms in global supply chains. We conclude with a discussion of the effectiveness of these efforts as a substitute for weak regulatory and civic society pressures in these countries.
