Three Essays In Public Finance And Environmental Economics
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Three Essays At The Intersection Of Public Finance And Environmental Economics
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Author : Antung Anthony Liu
language : en
Publisher:
Release Date : 2012
Three Essays At The Intersection Of Public Finance And Environmental Economics written by Antung Anthony Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Carbon taxes categories.
This dissertation is comprised of three essays which explore environmental economics topics using public finance tools. The first and third essays are applied theory papers examining two overlooked factors -- tax evasion and the shadow economy -- which sharply alter the calculus of carbon tax reform. The basic finding is that carbon taxes are much less costly than has previously been found, particularly in developing countries. The second essay is an empirical paper studying how China's tax system has impacted its rollout of sewage treatment plants.
Three Essays In Public Finance And Environmental Economics
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Author : Sanghyun Hwang
language : en
Publisher:
Release Date : 2009
Three Essays In Public Finance And Environmental Economics written by Sanghyun Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The first essay studies the Marginal Cost of Funds in the existence of tax evasion. We develop a general equilibrium model of tax evasion, including the expected utility of taxpayers and three different revenue-raising government policies. In this rich model environment, we analytically derive the marginal cost of funds (MCF) for the alternative policy instruments. We consider two main fiscal reforms: the revision in the nonlinear tax scheme and the changes in enforcement mechanism (the audit and penalty rates). First, we derive the MCF for the tax reform and find its key determinants. The derived MCF is greater than the previous ones since it includes a "risk-bearing cost" as well as tax distortion. The reform in enforcement mechanism generates MCFs in different forms. Two more MCFs with respect to audit and penalty rates are presented. Finally, we compare these three different MCFs in numerical example and provide some policy implications. The second essay explores optimal tax structure in the presence of status effect. When the consumption of certain goods affects one's social status, this externality creates two opposite effects in a society. Seeking higher status through "positional goods" gives individuals much incentive to supply labor but still allocates income for less "nonpositional goods" as well. In this case, differential taxes on positional goods work as corrective instruments to internalize the social cost stemming from status seeking. Furthermore, the differential taxes generate revenue that can be used to alleviate preexisting income tax distortion. Thus, the differential taxes on positional goods could give so called "double dividend." I develop a game-theoretic model in which each individual with a different labor productivity unknown to the others engages in a status-seeking game, and the government has a revenue requirement. Then I show that, under a condition in which utility is separable between positional goods and leisure, a revenue-neutral shift in the tax mix away from nonlinear income taxes towards positional-good taxes enhances welfare. Hence, the differential taxes on positional goods are necessary together with the nonlinear income taxes for an optimal tax structure. The third essay explores the impact of increasing capital mobility on regional growth and environment. I develop an endogenous growth model in which each local government competes against the others, to induce imperfectly mobile stock of capital into its region. Then I show that an increase in capital mobility generates "tax importing" due to which each locality experiences a higher growth rate and more degraded environment. That is, the increasing mobility dampens the capital tax and transfers the burden of pollution abatement to the locality. This finding supports the hypothesis of "race to the bottom" in environmental standards. Identifying a reduction in overall welfare of residents, I consider two alternative federal interventions in the model: uniform environmental standard and requirement of lump sum transfer or tax. Both of these federal instruments enhance the residents' welfare.
Essays In Public Finance And Environmental Economics
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Author : Radhika Goyal
language : en
Publisher:
Release Date : 2023
Essays In Public Finance And Environmental Economics written by Radhika Goyal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This dissertation focuses on topics concerning public finance, state capacity, and the environment. In the first chapter, we study the role of proximity to administrative power in explaining spatial inequality in access to public goods. Using a natural experiment in India that quadrupled the number of sub-districts (the lowest level of administrative jurisdiction), we explore the impact of redistribution of political power on spatial inequality of public good investment. By analyzing digitized high-resolution data encompassing approximately 10,000 villages spanning over 55 years, we demonstrate that reducing the distance to local government headquarters helps in bridging the gap in the provision of essential public amenities for remote villages, and furthermore, yields evidence of long-term improvements in state capacity. In the second chapter, we focus on turning points in tax collection. Our method detects both sustained accelerations and decelerations of tax collection (relative to GDP) in a global and historical sample of 150 countries since 1965. Turning points are prevalent (238 events in total), persistent for at least 15 years in many cases, and occur more frequently at lower levels of the country's development. We show that changes in the political environment are strong statistical predictors of accelerations, tax reforms, and economic changes less so. Decelerations appear more unpredictable than accelerations. In the third chapter, we study the ecological gains of place-based environmental measures to ramp up conservation efforts. By combining geo-referenced Indian village maps overlaid with digitized protected area maps and a fuzzy regression discontinuity design, we find that protected areas help improve forest cover. Villages located within protected areas also experienced improved economic activity, attributed in part to the growth of the tourism sector, particularly in wildlife sanctuaries. Moreover, our findings suggest that states which allocate a higher share of expenditure to the forestry sector exhibit stronger forest conservation outcomes.
Environmental And Public Economics
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Author : Wallace E. Oates
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
Environmental And Public Economics written by Wallace E. Oates and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
In this collection of essays honoring the work of Wallace E. Oates, contributors apply his ideas and insights to a range of problems. Chapters on environmental economics assess environmental policy in today's conservative era and analyze environmental taxes, environmental federalism, and policy instruments. Chapters on public economics investigate vouchers for private schools, capitalization, and urban growth controls. Other subjects examined include intergovernmental grants in South Africa, and public pensions in the EU. The editors are affiliated with the University of Maryland-College Park, and Resources for the Future in Washington, DC. Annotation copyrighted by Book News, Inc., Portland, OR
Three Essays In Environmental Economics
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Author : Koji Kotani
language : en
Publisher:
Release Date : 2005
Three Essays In Environmental Economics written by Koji Kotani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Three Essays In Environmental Economics
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Author : Antonia Isabel Laurie Schwarz
language : en
Publisher:
Release Date : 2020
Three Essays In Environmental Economics written by Antonia Isabel Laurie Schwarz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays In Environmental Economics
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Author : Joshua Okeyo Anyangah
language : en
Publisher:
Release Date : 2005
Three Essays In Environmental Economics written by Joshua Okeyo Anyangah and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Environmental economics categories.
Environmental Policy And Fiscal Federalism
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Author : Wallace E. Oates
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004
Environmental Policy And Fiscal Federalism written by Wallace E. Oates and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Environmental policy categories.
Wally Oates is one of the most important scholars in both environmental economics and public finance and this new volume of his essays collects together his best recent research in both these areas, covering theory, research and policy. The first half of the book includes papers on the political economy of environmental policy, the analysis of environmental regulation and environmental federalism. The second half deals with fiscal and regulatory competition, state and local government finance and fiscal federalism. This new collection will be essential reading for scholars and students in both environmental economics and public finance.
Essays In Public Finance And Environmental Policy
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Author : Patrick Andre Schwarz
language : en
Publisher:
Release Date : 2022
Essays In Public Finance And Environmental Policy written by Patrick Andre Schwarz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This thesis consists of three chapters in environmental economics and public finance. The first chapter tests for adverse selection on private information in the market for flood insurance. Using detailed flood insurance policy microdata and newly available estimates of flood risk, I develop a measure of excess flood risk not used by the insurer to price insurance policies. I then use this measure as the basis for an unused observables test described in Finkelstein and Poterba (2014) and find that the market in certain areas that FEMA categorizes as low-risk, which together make up 40% of all flood insurance policies, is adversely selected. My results hold even after conditioning on a rich set of demographic and housing characteristics and measures of flood risk information and salience, suggesting that at least part of the selection is directly risk-based. The second chapter studies the distributional properties of federal disaster aid and how barriers to take-up vary across the income distribution. Using applicant-level microdata from FEMA's primary emergency relief program from 2002-2019, I find that lower-income households receive more aid in expectation, both conditional on applying and conditional on receiving aid. This is consistent with the idea that lower-income households experience relatively greater uninsured necessary expenses following disasters. Despite this, I also find suggestive evidence that the non-monetary costs of applying for aid are highest among lower-income households, and estimate that program take-up sharply declines among the poorest households. Access to disaster recovery field offices, which provide assistance with filing disaster aid applications, significantly increases take-up among lower-income households but not higher-income households, implying that they increase the targeting efficiency of aid along the income distribution. The third chapter, written with Faraz Hayat, investigates whether firms' input decisions are sensitive to the value-added tax (VAT) they pay on purchases. The study uses rich VAT return data from Pakistan combined with variation in VAT rates on electricity from a quasi-experiment. In contrast to the standard theory that intermediate VATs have no impact on production decisions, we find that electricity demand is responsive to VAT rates. Our results are not driven by changes in tax evasion in response to changing VAT rates. Rather, we provide evidence that frictions in the VAT refund system explain our results, as many of the firms we study collect no VAT on their output and therefore rely on the government to reimburse their VAT credits.
Essays In Finance And Environmental Economics
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Author : Thomas A. Becker
language : en
Publisher:
Release Date : 2010
Essays In Finance And Environmental Economics written by Thomas A. Becker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This dissertation is comprised of three chapters, each of which contributes to the field of behavioral finance. Two of the chapters focus on topics in environmental economics and the third on U.S. household finance. All of the papers analyze the incentives and behavior of individuals (or firms in the case of the first chapter) to provide insight into macro phenomena. "The Effects of Carbon Markets on Equity Prices and Volatility" uses a firm-level dataset of carbon assets and liabilities between 2005 and 2007 to examine the impact of volatile carbon prices on equity prices. I find that the changes to firms' market capitalizations during a period of falling carbon prices are explained by the change in the net present value of emission permit holdings. Equity prices respond to changes in the mark-to-market value of firms' carbon permit shortfalls or surpluses and carbon price volatility increases the volatility of equity prices. I also document considerable delays in the equity and options markets responses to developments in carbon markets and attribute these lagged responses to information constraints and the novelty of carbon markets. "Outstanding Debt and the Household Portfolio," co-written with my classmate Reza Shabani, alters a simple portfolio choice model to allow households to retire outstanding debt and realize a risk-free rate of return equal to the interest rate on that debt. Using the Survey of Consumer Finances we find that households with mortgage debt are 10 percent less likely to own stocks and 37 percent less likely to own bonds compared to similar households with no outstanding mortgage debt. To show that our results are not driven by irrational behavior amongst a subset of households, we construct two proxy variables for financial naivete. Finally we calculate the costs of non-optimal investment decisions in the presence of various forms of household debt including mortgages, home equity loans and credit card debt. We find that 26 percent of households should forego equity market participation on account of the high interest rates that they pay on their debt. "Crude Drilling: An Analysis of Incentives and Behavior in the Oil Industry During the 1860s" explains why rates of oil extraction in the nascent oil industry far exceeded the profit maximizing levels predicted by the economic theory of non-renewable resources. The analysis combines historical narrative accounts with property sale and lease data and information on oil well owners to explain how individual incentives led to aggregate over-drilling. In particular, I focus on the incentives of under-capitalized wildcat drillers as an explanation for the excessive waste and under-investment that characterized the early oil market. I find that these poorer prospectors were incentivized to extract oil at higher than optimal rates because of the characteristics of their property lease contracts and the low-cost drilling technology they used to bore exploratory wells. Low barriers to entry in the early oil drilling business led to an influx of wildcat drillers into the nascent oil market and delayed the entry of additional well-capitalized drillers. The result was a market characterized by cyclical supply shocks, low levels of investment in storage and conservation, and corresponding price instability.