Gregor Schwerhoff's Books

Economic and Environmental Benefits from International Cooperation on Climate Policies

By: Jean Chateau,Ms. Florence Jaumotte,Gregor Schwerhoff

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Economic and Environmental Benefits from International Cooperation on Climate Policies

By: Jean Chateau,Ms. Florence Jaumotte,Gregor Schwerhoff

This paper discusses and analyzes various international mechanisms to scale up global action on climate mitigation and address the policy gap in this area. Despite the new commitments made at COP 26, there is still an ambition and a policy gap at the global level to keep temperature increases below the 2°C agreed in Paris. Avoiding the worst outcomes of climate change requires an urgent scaling up of climate policies. Recent policy proposals include the idea of common minimum carbon prices, which underlie the IMF’s international carbon price proposal (Parry, Black, and Roaf 2021) and the climate club proposal of the German government. While global carbon prices are not a new idea, the new elements are the use of carbon price floors—which allow countries to do more if they wish—and the differentiation of carbon price floors by level of development. In the absence of international coordination, countries with ambitious climate policies are considering introducing a border carbon adjustment mechanism to prevent domestic producers from being at a competitive disadvantage due to more ambitious domestic climate policies. An interesting question from the global perspective is whether border carbon adjustment would deliver substantial additional emissions reductions or incentivize other countries to join a carbon price floor agreement.

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International Monetary Fund

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ISBN 10

1616358300

ISBN 13

9781616358303

Green Innovation and Diffusion

Policies to Accelerate Them and Expected Impact on Macroeconomic and Firm-Level Performance

By: Ms. Zeina Hasna,Ms. Florence Jaumotte,Jaden Kim,Samuel Pienknagura,Gregor Schwerhoff

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Green Innovation and Diffusion

Policies to Accelerate Them and Expected Impact on Macroeconomic and Firm-Level Performance

By: Ms. Zeina Hasna,Ms. Florence Jaumotte,Jaden Kim,Samuel Pienknagura,Gregor Schwerhoff

Innovation in low-carbon technologies (LCTs), which is essential in the fight against climate change, has slowed in recent years. This Staff Discussion Note shows that a global climate policy strategy can bolster innovation in, and deployment of, LCTs. Countries that expand their climate policy portfolio exhibit higher (1) climate-change-mitigation-patent filings, (2) LCT trade flows, and (3) “green” foreign direct investment flows. Importantly, boosting innovation in, and deployment of, LCTs yields medium-term growth, which mitigates potential costs from climate policies. This note stresses the importance of international policy coordination and cooperation by showcasing evidence of potential climate policy spillovers.

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ISBN 13

9798400256950

Harnessing Renewables in Sub-Saharan Africa

Barriers, Reforms, and Economic Prospects

By: Kailhao Cai,Thibault Lemaire,Andrea Medici,Mr. Giovanni Melina,Gregor Schwerhoff,Sneha D Thube

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Harnessing Renewables in Sub-Saharan Africa

Barriers, Reforms, and Economic Prospects

By: Kailhao Cai,Thibault Lemaire,Andrea Medici,Mr. Giovanni Melina,Gregor Schwerhoff,Sneha D Thube

Sub-Saharan Africa needs to significantly accelerate its electricity generation. While hydropower is prominent in some countries, solar and wind power generation has lagged other world regions, even though sub-Saharan Africa has some of the most favorable conditions. A mix of domestic and external financing can increase both renewable electricity generation and GDP. In a scenario where about $25 bn in climate finance flows are allocated annually to renewable energy, renewable electricity production could be up to 24 percent higher than in a scenario excluding this financing, and annual GDP growth would be boosted by 0.8 percentage point on average over the next decade, accompanied by stronger labor demand in the electricity sector. Policies can help catalyze climate finance. An ambitious package of governance, business regulations, and external sector reforms is associated with a 20 percent increase in climate finance flows and a 7 percent increase in electricity generation over five years. In addition, implementing climate policies is linked to increases in green foreign direct investment announcements and green electricity production.

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International Monetary Fund

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ISBN 13

9798400290107

Policy Sequencing Towards Carbon Pricing - Empirical Evidence From G20 Economies and Other Major Emitters

By: Manuel Linsenmeier,Mr. Adil Mohommad,Gregor Schwerhoff

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Policy Sequencing Towards Carbon Pricing - Empirical Evidence From G20 Economies and Other Major Emitters

By: Manuel Linsenmeier,Mr. Adil Mohommad,Gregor Schwerhoff

Carbon pricing is considered the most efficient policy to reduce greenhouse gas emissions but it has also been conjectured that other policies need to be implemented first to remove certain economic and political barriers to stringent climate policy. Here, we examine empirical evidence on the the sequence of policy adoption and climate policy portfolios of G20 economies and other major emitters that eventually implemented a national carbon price. We find that all countries adopted carbon pricing late in their instrument sequence after the adoption of (almost) all other instrument types. Furthermore, we find that countries that adopted carbon pricing in a given year had significantly larger climate policy portfolios than those that did not. In the last part of the paper, we examine heterogeneity among countries that eventually adopted a carbon price. We find large variation in the size of policy portfolios of adopters of carbon pricing, with more recent adopters appearing to have introduced carbon pricing with smaller portfolios. Furthermore, countries that adopted carbon pricing with larger policy portfolios tended to implement a higher carbon price. Overall, our results thus suggest that policy sequencing played an important role in climate policy, specifically the adoption of carbon pricing, over the last 20 years.

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International Monetary Fund

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ISBN 13

9798400203763

Equity and Efficiency Effects of Land Value Taxation

By: Gregor Schwerhoff,Ottmar Edenhofer,Marc Fleurbaey

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Equity and Efficiency Effects of Land Value Taxation

By: Gregor Schwerhoff,Ottmar Edenhofer,Marc Fleurbaey

It is a well-known result in economics that land value taxation is efficient since it does not distort the supply of the tax base. Considering only efficiency, land value should thus be fully taxed. Using optimal taxation theory with heterogeneous households, we show that it may be optimal not to tax land value fully for distributional reasons. The decisive variable is the covariance of land value held by households and their social welfare weight. Empirical data from the US and France, however, indicates that ownership of land value (in absolute terms) is negatively correlated to the social welfare weight. Middle income households would pay relatively more land value taxes than high income households, but less in absolute terms. With reasonable revenue recycling, land value taxation would thus reduce the net tax burden of low and middle income earners, because they would benefit more from the recycling than they pay in additional taxes.

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ISBN 13

9798400227943

Energy Security and The Green Transition

By: Jaden Kim,Augustus J Panton,Gregor Schwerhoff

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Energy Security and The Green Transition

By: Jaden Kim,Augustus J Panton,Gregor Schwerhoff

The current energy crisis has raised important policy questions on how to strengthen short-term energy security while remaining firmly committed to the green transition, a challenge amplified by the recent consensus at COP28 to transition away from fossil fuels. This paper examines the historical determinants of the security of energy supply and analyzes the green transition implications for energy security. Looking back, we find that the diversification of energy trade partners, or the lack thereof, was the main factor that underpinned energy security dynamics within and across countries over the last two decades. Looking ahead, the green transition is expected to have a net positive effect on energy security provided investments are aligned to address new challenges posed by the increased reliance on renewables.

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ISBN 13

9798400263743

Climate Policy Options: A Comparison of Economic Performance

By: Jean Chateau,Ms. Florence Jaumotte,Gregor Schwerhoff

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Climate Policy Options: A Comparison of Economic Performance

By: Jean Chateau,Ms. Florence Jaumotte,Gregor Schwerhoff

We use a global computable general equilibrium model to compare the economic performance of alternative climate policies along multiple dimensions, including macroeconomic outcomes, energy prices, and trade competitiveness. Carbon pricing which keeps the aggregate cost lower and preserves better the overall competitiveness than across-the-board regulation is the first-best policy, especially in energy intensive and trade exposed industries. Regulations and feebates are good alternatives in the power sector, where technological substitution is possible. Feed-in subsidies, if used alone, are not cost effective.

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ISBN 13

9798400225239

Green Innovation and Diffusion

Policies to Accelerate Them and Expected Impact on Macroeconomic and Firm-Level Performance

By: Ms. Zeina Hasna,Ms. Florence Jaumotte,Jaden Kim,Samuel Pienknagura,Gregor Schwerhoff

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Green Innovation and Diffusion

Policies to Accelerate Them and Expected Impact on Macroeconomic and Firm-Level Performance

By: Ms. Zeina Hasna,Ms. Florence Jaumotte,Jaden Kim,Samuel Pienknagura,Gregor Schwerhoff

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ISBN 13

9798400256950

The International Diffusion of Policies for Climate Change Mitigation

By: Manuel Linsenmeier,Mr. Adil Mohommad,Gregor Schwerhoff

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The International Diffusion of Policies for Climate Change Mitigation

By: Manuel Linsenmeier,Mr. Adil Mohommad,Gregor Schwerhoff

In this paper, we study the international diffusion of carbon pricing policies. In the first part, we empirically examine to what extent the adoption of carbon pricing in a given country can explain the subsequent adoption of the same policy in other countries. In the second part, we quantify the global benefits of policy diffusion in terms of greenhouse gas emission reductions elsewhere. To do so, we combine a large international dataset on carbon pricing with several other datasets. For causal identification, we estimate semi-parametric Cox proportional hazard models. We find robust and statistically significant evidence for policy diffusion.

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