Financing the alternative: renewable energy in developing and transition countries
AbstractThis paper examines the determinants of credit allocation to renewable energy firms in developing and transition countries. Using a simple en- dogenous growth model, we show that the development of the renewable energy sector, i.e. the diversification of renewable energy resources used in primary energy production, depends on the quality of financial intermedia- tion, debtor information costs to banks, and financing needs of renewable energy firms. Policies should aim at increasing financial sector perfor- mance through better institutional frameworks and improving financing conditions for new energy firms. The empirical analysis confirms the pos- itive effect of financial intermediary development on the renewable energy sector.
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Bibliographic InfoPaper provided by CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich in its series CER-ETH Economics working paper series with number 06/49.
Length: 25 pages
Date of creation: Mar 2006
Date of revision:
Financial intermediation; banks; renewable energy; economic growth;
Find related papers by JEL classification:
- Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-09-11 (All new papers)
- NEP-BAN-2006-09-11 (Banking)
- NEP-ENE-2006-09-11 (Energy Economics)
- NEP-ENV-2006-09-11 (Environmental Economics)
- NEP-FMK-2006-09-11 (Financial Markets)
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