International Journal of Management and Network Economics (4 papers in press)
CLIMATE CHANGE MITIGATION: EVIDENCES FROM THE EUROPEAN SCENARIO
by Michela Miliacca, Idiano D'Adamo, Domenico Schettini
Abstract: The European Union (EU) Member States fight climate change through the greenhouse gas emissions reduction (mitigation measures) and prepare for the unavoidable effects which have already been triggered (adaptation measures). By 2050, the EU aims to reduce its greenhouse gas emissions by 80 95% compared with 1990 levels. New objectives up to 2030 provide for a 40% reduction of GHG emissions and an increase of 27% for renewables and energy efficiency. rnThe aim of this work is twofold. Firstly, we present the inventory data of the greenhouse gas emissions, final energy consumption, share of renewable energy, ISO 14001, EMAS and ISO 50001 certifications in 2015 for the EU-28 Member States. Then, we identify the current level achieved by the EU and by individual countries compared to the 2020 targets. Secondly, we find a correspondence between the increasing number of certified companies and the good results relating to the mitigation measures. The regulatory obligations and the growing awareness about climate change led companies to voluntarily adopting systems of environmental management and/or energy management, because they generate a series of benefits such as the improving of image return, revenues and levels of competitiveness.
Keywords: Climate change; Greenhouse gas emission; Energy consumption; Environmental management; Energy management.
Systemic risk ranking of US financial institutions
by Abdelkader Derbali
Abstract: The purpose of this paper is to measure systemic risk of US financial institutions during and following the period of the subprime crisis. So, we estimated the systemic risk of a sample composed by 90 US financial institutions during the period from 2 January 2007 to 31 December 2014. We employ the SRISK as a measure of systemic risk. We estimate the systemic risk for each year. Based on the SRISK estimated, we try to present a classification of US financial institutions and we present the decomposition of systemic risk. The empirical results found that the total systemic risk supported by the US financial institutions is very high. In addition, the contribution of each institution in the risk of the financial system in the USA is very important. After the decomposition of systemic risk, we show that the institutions that take on more debt, contribute positively and highly to systemic risk.
Keywords: systemic risk; SRISK; risk management; US financial institutions; DCC-GARCH.
Technological innovation of green energy
by Giacomo Morabito
Abstract: Technological changes in green energy technologies play an important role in the context of climate change as they contribute to a reduction of technology costs and lead to an increasing market penetration of emission reducing technologies. This paper highlights numerous motivations and necessities related to the introduction of green energy policies. Policy intervention has been an effective tool to incentivise innovation, in particular of the renewable energy technologies: the policy instruments are decisive for the development and innovation of renewable energies, as has been demonstrated by the German case. Germany's renewable energy industry is among the most innovative in the world: the renewable energy sector was aided especially by the Renewable Energy Sources Act that promotes renewable energy mainly by stipulating feed-in tariffs that grid operators must pay for renewable energy fed into the power grid. This law has created a surge in the investments in renewable energy technologies, particularly wind power. For other countries, Germany can be an example to follow.
Keywords: innovation; renewable energy; research and development; R&D; technology.
The link among economic growth, CO2 emissions, financial development, and trade openness nexus
by Lamia Jamel, Samir Maktouf
Abstract: In this paper, we empirically investigate the causal nexus between economic growth (GDP), CO2 emissions (environmental degradation), financial development and trade openness by using the ordinary least squares technique for a yearly panel data of 40 European economies, during the period of study from 1985 to 2014. To examine this causal link, we utilise the Cobb-Douglas production function. The empirical findings point to a bidirectional Granger causal linkage among GDP and pollution, GDP and financial sector development, GDP and trade openness, financial sector development and trade openness and trade openness and pollution in the case of European economies. From the causal link between GDP and environmental pollutants, we validate the existence of the environmental Kuznets curve hypothesis. Also, we confirm the feedback suggestion of the bidirectional causality among trade openness and financial sector development. Besides, we find the neutrality hypothesis linking carbon emissions and financial sector development inflows. Finally, we find the presence of the bidirectional nexus between GDP and financial sector development and amongst GDP and trade openness in the European economies.
Keywords: economic growth; CO2 emissions; financial development; trade openness; European economies.