This article point out why current banking regulation is not adequate to face risks whose origin is grounded outside financial markets and offer avenues for reforming macroprudential regulation.
We investigate the real effects of mandatory climate-related disclosure by financial institutions on the funding of carbon-intensive industries.
Investments into wind generation may be hampered by revenues uncertainty caused by the natural variability of the resource, the impact of climate change on...
This paper investigates a case in which, on paper, the green lights were everywhere. Yet after more than 10 years of existence, the program remains in a stalemate status.The paper identifies three main organiszational barriers.
We propose an exploratory and theoretical study which introduces how and why a particular and innovative ecological accounting approach, the CARE model, currently called upon by a growing number of practitioners and researchers, is a relevant framework to re-conceptualise the issue of climate finance
Congestion and local air pollution continue to be a serious problem in many cities around the world, partly because of an increasing and ageing...
We assume that a project requires an initial outlay and may either succeed or fail. The probability of success depends on its type and...
This article aims to analyse the compliance of CAC 40 firms with the recommendations of the Task Force on Climate‐related Financial Disclosures.
This article conducts a bibliometric analysis of the academic publications on the financing of renewable energies referenced in Web of Science up to June 2018. Our analysis reveals 11 main clusters. We highlight the fact that a majority of the sample focuses on market-based policy instruments used to support renewable energy development.
This paper examines the cost competitiveness of an extra-large-scale (275,000 m3/d) solar-powered desalination, taking as a case study the Chtouka Ait Baha plant in Morocco.
In this article we use the recent Covid-19 crisis to investigate what motivates individuals in their decisions to deal with two externalities, namely disease transmission, in particular social distancing, and the willingness to undertake green expenditure.
In "Why environmental management may yield no-regret pollution abatement options", Ecological Economics, 2009, Bréchet and Jouvet claim to have theoretically shown that profits maximizing firms can reduce pollution compared to laissez-faire and increase their profits. We correct multiple errors in their paper, with the conclusion that their claim no longer stands.
Based on the 2018 Intergovernmental Panel on Climate Change scenarios, this article studies the credit risk sensitivity of 795 international companies to carbon prices.
The aim of this article is to identify the conditions under which teleworking leads to a net reduction in economy-wide energy consumption, and the circumstances where benefits may be outweighed by unintended impacts.
This note identifies the two major handicaps to be overcome by the hydrogen sector in transport and uses the example of buses to illustrate the public policies that can overcome these obstacles.
This article examines the role of sustainable finance and investment in Japan and how the Japanese financial sector can mitigate growing climate risks and support Japan's transition towards a zero-carbon, sustainable economy.
Find the program and the report of the international conference "Energy to Empower Emerging Africa" held in Morocco on 5 and 6 March 2020.
Article published in Industrial Relations (Avril 2020) This article examines the relationship between corporate governance and corporate sustainability by focusing on an essential component...
This study compares and quantifies the potentials of 5 drivers of transport CO2 emissions reductions within French prospective scenarios by 2050.
This paper investigates the potential benefit of coordinating local initiatives in Europe in the transport sector and provides an evaluation of the JIVE programs with respect to FCEB.
This article studies the contribution of information and communication technologies (ICTs) to a low carbon economy.
This working paper analyzes the impact of indirect network effects in the deployment of zero emission vehicles in a static partial equilibrium model.
To what extent can worldwide carbon pricing foster the transition towards a low-carbon economy and mitigate the effects of global warming? We address this question by assessing the financial impacts and macroeconomic implications of carbon pricing and public subsidies.
The article contributes to the literature on the Great Divergence by providing a review of all deep-rooted and proximate causes of economic growth.
Pioneer investigations of the economic consequences of ethnic diversity – a ubiquitous feature of African societies – found a strong and negative correlation. The...
This dissertation offers a transdisciplinary modeling approach to feed the debates raised by the long-run availability of mineral materials. It investigates the plausibility of a depletion threat posed to key metal resources within the current century.
The dynamics of copper production is modeled with a prey–predator approach linking the evolution of reserves to that of industrial wealth.
This paper analyses the drivers of French transport CO2 emissions over the period 1960-2017. A decomposition analysis is used to evaluate the relative contribution of five key drivers of passenger and freight transports emissions: transport demand, modal shift, vehicle load factor, energy efficiency and carbon intensity of the energy.
This paper aims to review the growing, though limited, body of literature that has emerged in the late 2000s to study the quantitative determinants of RE development at a country level.
Article published in Climatic Change (2019) The finance sector’s response to pressures around climate change has emphasized disclosure, notably through the recommendations of the...
the primary motivation for this dissertation is to explore the concepts of social capital, relational capabilities, subjective well-being and development, and especially the linkages between them.
The development of new technologies to address the challenges of decarbonized mobility in cities, such as hybrid, battery or fuel cell technologies, suffer from...
Implementation of big innovative projects is often subject to big financing problems. On the one hand, the possibly profitable project can require an outstanding...
Is electricity a vehicle of children and women empowerment in poor rural areas of the developing world? In this paper we approach the question...
Based on content analysis of firms’ reference documents over 2015-2017, this article examines CAC 40 firms’ compliance with the recommendations of TCFD by building a new index to measure the disclosure of environmental information.
This article analyzes the trade-off between yield and farmed area when a valuable species is affected by agricultural practices.
This paper is an introduction to climate change risk for the financial sector (banks and investors). It aims to provide financial professionals, researchers and policymakers in the area of banking and investment with a snapshot of the current state of the art and guidance on the relevant literature to go further.
This article provides a knowledge-based and energy-centred unified growth model of the transition from limited to sustained economic growth.
This paper studies whether and how a country's environmental, social, and governance (ESG) performance relates to its sovereign borrowing costs in international capital markets.
Using Brazil’s industrial structure and its interdependence, we evaluate the minimal changes in final demand that are needed to achieve their NDC and study the impacts that such changes could cause to the employment by industry in the country.
This paper follows van der Ploeg (1987)’s research program in testing both its extension of Goodwin (1967)’s predator-prey model and the Minsky Financial Instability Hypothesis (FIH) proposed by Keen (1995).
This article shows that several minimum exergy return ratios (ExRRs) can be computed in relation to different aggregate exergy conversion efficiencies.
This article analyzes the transition dynamics, what Hicks called the traverse, from one equilibrium toward another one—and the conditions for such a transfer—in a bi-sectoral economy under technological shocks.
In this article, we design a phenomenological model of the global human population dynamics by using the gross world product (GWP) as an exogenous input variable to determine the birth rate and death rates of each age group
In this paper, we estimate for the first time how production and emissions of manufacturing firms in one country respond to foreign demand shocks in trading partner markets.
In a stock-flow consistent macrodynamic model featuring two crucial endogenous destabilizing channels, namely debt accumulation and climate change, we perform a sensitivity analysis on four fundamental parameters of the climate and economic systems.
Based on the Norwegian experience with low-carbon vehicles, the authors analyse the hydrogen plan launched by Nicolas Hulot when he was Minister for Ecological and Solidarity Transition and make several recommendations.
The purpose of this article is to reformulate a clear and in-depth state of knowledge provided by a thermo-evolutionary perspective of the economic system. It is shown that during the entire human history, energy has been central to direct the successive phases of technological change and economic development.
In their response, experts associated with the Chair emphasize the predominance of accounting standards over non-financial information to guide corporate strategies. Accounting is not neutral, and the fact that it does not integrate human and natural capital is a major obstacle to achieving the EU's sustainability objectives.
This paper tries to fill this gap of research on the significance and evolution of renewable energy crowdfunding by providing a bibliometric analysis of academic work on renewable energy crowdfunding.
Article published in Volume 39, Special Issue 2 of The Quarterly Journal of the IAEE’s Energy Economics Education Foundation. This article empirically investigates the...
The aim of this paper is to explain why there is insufficient long-term capital investment despite the abundant savings collected by a booming financial sector. Special attention is given to understanding the role of today’s accounting and prudential requirements.
In this paper we test for the existence of equity market contagion, originating from oil price fluctuations, to regional and domestic stock markets.
This paper examines the relationships between corporate governance and corporate sustainability by focusing on two main components of companies’ governance structure: boards of directors and investor relations officers.
this article analyzes the effect of the re-assignement of the French hydropower concessions through a competitive public procedure. It is based on the exemple of the Aspe valley, where more than 100 MW of hydro capacity is installed.
We propose a continuous-time stock-flow consistent model for inventory dynamics in an economy with firms, banks, and households.
This article seeks to investigate whether the fair value accounting may have short-termist bias on the financing of long-term investment.
Under non-exponential discounting, we develop a dynamic theory for stopping problems in continuous time. Our framework covers discount functions that induce decreasing impatience. Due to the inherent time inconsistency, we look for equilibrium stopping policies, formulated as fixed points of an operator. Under appropriate conditions, fixed-point iterations converge to equilibrium stopping policies.
How could the burden of GHG emission reduction be shared among countries? The article address this arguably basic question by purely statistical methods that do not rely on any normative judgment about the criteria according to which it should be answered.
Interconnected systems are prone to propagation of disturbances, which can undermine their resilience to external perturbations. Propagation dynamics can clearly be affected by potential time delays in the underlying processes. We investigate how such delays influence the resilience of production networks facing disruption of supply.
This thesis' goal is to study the influence of New Classical economists on macroeconomics in the 1970s, by appealing to an historiographical framework which puts at the heart the role played by the stagflation, and by confronting the results of this work to the standard narrative.
The goal of this paper is to propose and test stochastic differential equations for Goodwin’s model and one of its extension by using an estimation technique based on simulated maximum likelihood developed by Durham and Gallant (2002)
The article studies the 1978 macroeconomics conference titled “After the Phillips Curve”, where Lucas and Sargent presented their fierce attack against structural macroeconometric models, “After Keynesian Macroeconomics”. It aims at enlarging the comprehension of changes in macroeconomics in the 1970s.
The paper studies pollution permit markets in which a fraction of permits are allocated to firms based on their output. Output-based allocations, which are receiving increasing attention in the design of carbon markets around the world are shown to be optimal under demand and supply volatility despite the output distortions they may create.
We examine to which extent the Keen model (Keen 1995) is a faithful modelling of Minsky's Finance. We conclude that the Keen crisis has few Minskian flavours.
The consumption of mineral resources and energy has increased exponentially over the last 100 years. Further growth is expected until at least the middle of the 21st century. In order to meet this demand, more metals will have to be produced by 2050 than over the last 100 years, which raises questions about the...
Realised with Jean-Pierre Ponssard, this "Cahier de l'ILB" is dedicated to sustainable mobility. It deals with various subjects : how driving restrictions affect urban pollution, carbon footprint of motor vehicles in the United States, hydrogen vehicles, the importance of strong regulation to reap the full benefits of innovation in mobility.
Social pressure can help overcome the free rider problem associated with public good provision. In the social norms literature concerned with the private provision of public goods there seems to be an implicit belief that it is best to have all agents adhere to the ‘good’ social norm. We challenge this view and study...
This study uses the global climate–economy–biosphere (CoCEB) model formulated in Part 1 to investigate economic aspects of deforestation control and carbon sequestration in forests, as well as the efficiency of carbon capture and storage (CCS) technologies as policy measures for climate change mitigation.
We consider the problem of stopping a diffusion process with a payoff functional involving probability distortion. We study stopping decisions of naïve agents who reoptimize continuously in time, as well as equilibrium strategies of sophisticated agents who anticipate but lack control over their future selves’ behaviors.
Article published in Environmental and Resource Economics – September 2017 Abstract. We consider a partial equilibrium model to study the optimal phasing out of...
Common dynamical properties of business cycle fluctuations are studied in a sample of more than 100 countries that represent economic regions from all around the world.
The CoCEB model is used to evaluate hypotheses on the long-term effect of investment in emission abatement, and on the comparative efficacy of different approaches to abatement. While many studies in the literature treat abatement costs as an unproductive loss of income, we show that mitigation costs do slow down economic growth over the...
Article published in Physica A: Statistical Mechanics and its Applications (August 2017). Abstract. In this paper we consider some elementary and fair zero-sum games...
This paper presents novel approach about ethnic polarization in a country and extends its relevance beyond social conflict and civil wars to subjective well-being (SWB) and relational capabilities construct.
This paper presents a family of multidimensional poverty indexes that measure poverty as a function of the extent and the intensity of poverty.
Published in Energy Policy June 2017. This paper studies merger incentives for polluting Cournot firms under a competitive tradable emission permits market.
Published in Energy Policy - Vol 104 - May 2017. We study the importance in terms of CO2 emissions the extra amount of energy necessary to cover losses. With this purpose we use Spanish market and system data with hourly frequency from 2011 to 2013. Our results show that indeed electricity losses significantly...
The article examines whether the extra-financial performance of countries on environmental, social and governance (ESG) factors matters for sovereign bonds markets. Using a panel regression model over a data set with 23 OECD countries from 2007 to 2012, it shows that ESG ratings significantly decrease government bond spreads.
Alena Kotelnikova – Doctoral thesis presented on Oct. 3 2016 – Université Paris Saclay and Ecole Polytechnique. What economic and policy framework would foster...
Paper published in Economic Theory (Vol. 62, June 2016). This paper examines quantity-targeting monetary policy in a twoperiod economy with fiat money, durable goods and default.
Abstract: The stagflation phenomenon is regarded as one of the cause of the Keynesian paradigm breakdown in the 1970s. The New Classical school took...
This paper is published in Papiers de Recherche AFD, n°2015-17, Décembre. Abstract : This paper, on the one hand, goes a step closer to...
Paper published in Energy Policy – November 2015. The economic implications of oil price shocks have been extensively studied since the 1970s’. Despite this...
In the last decade a growing articulation of the business strategy of the firms with some specific global societal challenge in line with its...
In Europe the transport sector contributes about 25% of total GHG emissions, 75% of which come from road transport. Contrarily to industrial emissions road...
Impact investments are emerging as a new asset class of social finance, sometimes driven by multinational enterprises as part of their strategic corporate social...
Impact investments are emerging as a new asset class of social finance. The article is based on on a three year action-research program conducted with Schneider Electric. It analyzes the perceptions of the Schneider Electric impact investing fund’s managers’ regarding emerging societal performance management procedures they were urged to adopt.
Abstract. The standard history of macroeconomics considers Lucas (1976)– “the Lucas Critique” –as a path-breaking innovation for the discipline. According to this view Lucas’s...
The effects of oil shocks in inflation and growth have been widely discussed in the literature, however few have focused on the impact of...
The recent literature on fossil energy has already stated that oil is not perfectly substitutable to other inputs, considering fossil fuel as a critical...
The Chair Energy and Prosperity Chair is organizing on Decembre 14, an international webconference on mobility challenges in partnership with the Chair Armand Peugeot Chair and Climate Economics Chair.
We conduct a survey about the perception of physical distancing and the individual motivations for applying it. Thank you for your participation !
Speach from Jean-Daniel KANT (Sorbonne Université Sciences, LIP6)at the Research Seminar of the Chair Energy and Prosperity on March 15.
Speech from Daniel Bastidas and Fatma Rostom about "The use of physical and monetary data in the GEMMES modele"
Intervention de Paul Brockway (University of Leeds, UK) pour un exposé intitulé: Could energetic constraints be slowing economic growth?
France Stratégie and the Chair Energy et Prosperity are teaming up to organize a workshop on the contribution of the financial system to the energy transition and climate stabilization. The
Le séminaire "Modélisation de la transition écologique" vise à favoriser les échanges entre membres de la Chaire appartenant à des institutions différentes. Michael Ghils interviendra sur le sujet "Coupled Climate–Economics Modeling and Data Analysis: Endogenous Business Cycles and Fluctuation–Dissipation Theory"
The Chair Energy and Prosperity is partner of the International Symposium on Money, Banking and Finance, annual meeting of the European Research Group on Money Banking and Finance.
The workshop will promote exchanges between research scientists with decision makers on the key issue of land transportation for mitigating climate change. Call for paper open untill June 30.
Agenda Welcome speech (Béatrice Jarrige) Presentation of the chair activities for the coming trimester coming on“The energetic transition in transports “ (Jean-Pierre Ponssard) Aurélien Bigo...