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Environmental Financing in European Economies in Transition

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  • Grzegorz Peszko
  • Tomasz Żylicz*

Abstract

The paper offers a perspective on environmental predicament of economies in transition. Emphasis is put on how these economies finance their environmental needs. It is observed that the demand for environmental financing can be affected both by environmental policy measures (such as internalization of externalities) and by other factors (such as the softness of budget constraints faced by firms). The role of subsidies – in many countries of the Central and Eastern European region provided through special purpose ‘environmental funds’ – is then scrutinized. In particular the question is asked whether such funds crowd out commercial capital from the market. Conditions are discussed that would allow the funds to play their constructive environmental roles without crowding out private financing. Copyright Kluwer Academic Publishers 1998

Suggested Citation

  • Grzegorz Peszko & Tomasz Żylicz*, 1998. "Environmental Financing in European Economies in Transition," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 521-538, April.
    • Handle: RePEc:kap:enreec:v:11:y:1998:i:3:p:521-538
    DOI: 10.1023/A:1008220017910
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    References listed on IDEAS

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    1. Markowska, Agnieszka & Zylicz, Tomasz, 1999. "Costing an international public good: the case of the Baltic Sea," Ecological Economics, Elsevier, vol. 30(2), pages 301-316, August.
    2. Christoph Böhringer, 1996. "Fossil fuel subsidies and environmental constraints," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 8(3), pages 331-349, October.
    3. Hughes, Gordon, 1991. "Are the Costs of Cleaning Up Eastern Europe Exaggerated? Economic Reform and the Environment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 7(4), pages 106-136, Winter.
    4. Randall Bluffstone & Bruce A. Larson (ed.), 1997. "Controlling Pollution in Transition Economies," Books, Edward Elgar Publishing, number 1123.
    5. János Kornai, 2014. "The soft budget constraint," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 64(supplemen), pages 25-79, November.
    6. Tomasz Żylicz, 1995. "Cost-effectiveness of air pollution abatement in Poland," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 5(2), pages 131-149, March.
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    Cited by:

    1. Tokunaga, Masahiro, 2020. "Regime Change and Environmental Reform: A Systematic Review of Research on Central and Eastern Europe," CEI Working Paper Series 2019-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Stavins, Robert N., 2003. "Experience with market-based environmental policy instruments," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 9, pages 355-435, Elsevier.
    3. Milkana Mochurova, 2008. "Market-Based Instruments for the Protection of Water Resources in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 112-147.
    4. B. Sudhkara Reddy & Hippu Salk Kristle Nathan, 2010. "Energy infrastructure for a high humane and low corbon future," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2010-007, Indira Gandhi Institute of Development Research, Mumbai, India.
    5. Stepanenko, Bohdana, 2011. "Теоретичні Основи Формування Фінансового Механізму Розвитку Зеленого Бізнесу [Theoretical Basis Of The Formation Of Green Business’ Financial Mechanism]," MPRA Paper 41127, University Library of Munich, Germany.

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