Faced with financial constraints, most African countries have adopted the recommendations of the Bretton Woods institutions by opening up power generation to private actors in order to meet the challenges of universal access to electricity. The participation of these private actors takes place notably through independent power producers (IPPs) or through public-private partnerships (PPPs). However, capital markets remain limited on the continent and most of the inputs (fixed or variable) required for power generation are imported. This situation exposes private actors to currency and inflation risks (increased foreign currency debt burden and cost of imported inputs), which would act as obstacles on private investment in the sector. Using the theoretical framework of Nucci and Pozzolo (2001), followed by an empirical method that combines the local projection (LP) à la Jordà (2005) and the impact evaluation methodology (AIPW doubly robust estimator) proposed by Lunceford and Davidian (2004), we show that the adoption by the regulator of measures such as the automatic tariff adjustment mechanism or cost reflectivity allows the mitigation of currency and inflation risks on the evolution of installed capacity in the 54 African countries over the period 1990-2019.
Understanding the mechanisms of deforestation is necessary in order to slow or arrest its progress. To accomplish this requires rigorously estimating the demand for deforestation. We contribute to this endeavor by estimating the effect of crop prices on the demand for conversion of land from forest to agriculture in the tropics during the 21st...
Initialement prévu le 6 avril, l'événement est reporté au mardi 6 juin.
Ce séminaire est consacré au thème de l’(in)efficience, des marchés financiers face à la transition écologique, dans ses dimensions informationnelle et allocationnelle. Il sera organisé autour de trois présentations développant des approches théoriques et empiriques