TY  - JOUR
A1  - Lessmann, Kai
A1  - Kalkuhl, Matthias
T1  - Climate finance intermediation
BT  - interest spread effects in a climate policy model
JF  - Journal of the Association of Environmental and Resource Economists
N2  - Interest rates are central determinants of saving and investment decisions. Costly financial intermediation distorts these price signals by creating a spread between deposit and loan rates. This study investigates how bank spreads affect climate policy in its ambition to redirect capital. We identify various channels through which interest spreads affect carbon emissions in a dynamic general equilibrium model. Interest rate spreads increase abatement costs due to the higher relative price for capital-intensive carbon-free energy, but they also tend to reduce emissions due to lower overall economic growth. For the global average interest rate spread of 5.1 percentage points, global warming increases by 0.2°C compared to the frictionless economy. For a given temperature target to be achieved, interest rate spreads necessitate substantially higher carbon taxes. When spreads arise from imperfect competition in the intermediation sector, the associated welfare costs can be reduced by clean energy subsidies or even eliminated by economy-wide investment subsidies.
KW  - financial friction
KW  - banking
KW  - greenhouse gas mitigation
KW  - investment subsidy
Y1  - 2023
U6  - https://doi.org/10.1086/725920
SN  - 2333-5955
SN  - 2333-5963
VL  - 11
IS  - 1
SP  - 213
EP  - 251
PB  - University of Chicago Press
CY  - Chicago, IL
ER  - 
TY  - JOUR
A1  - Iro, Adrea
A1  - Patel, Urvaksh D.
T1  - Making Climate Finance Effective
JF  - Leidenschaft und Augenmaß : sozialwissenschaftliche Perspektiven auf Entwicklung, Verwaltung, Umwelt und Klima : Festschrift für Harald Fuhr
Y1  - 2020
SN  - 978-3-8487-5249-2
SP  - 181
EP  - 194
PB  - Nomos
CY  - Baden-Baden
ER  - 
TY  - RPRT
A1  - Marcus, Jan
A1  - Siedler, Thomas
A1  - Ziebarth, Nicolas R.
T1  - The Long-Run Effects of Sports Club Vouchers for Primary School Children
T2  - CEPA Discussion Papers
N2  - Starting in 2009, the German state of Saxony distributed sports club membership vouchers among all 33,000 third graders in the state. The policy’s objective was to encourage them to develop a long-term habit of exercising. In 2018, we carried out a large register-based survey among several cohorts in Saxony and two neighboring states. Our difference-in-differences estimations show that, even after a decade, awareness of the voucher program was significantly higher in the treatment group. We also find that youth received and redeemed the vouchers. However, we do not find significant short- or long-term effects on sports club membership, physical activity, overweightness, or motor skills.
T3  - CEPA Discussion Papers - 34 
KW  - physical activity
KW  - voucher
KW  - primary school
KW  - obesity
KW  - habit formation
KW  - objective health measures
KW  - school health examinations
KW  - windfall gains
KW  - crowding out
KW  - taxpayer subsidies
Y1  - 2021
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus4-508978
SN  - 2628-653X
IS  - 34
ER  -