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Ecological Modernization in Japan: The Role of Interest Rate Subsidies and Voluntary Pollution Control Agreements

Author

Listed:
  • Robert J. R. Elliott

    (University of Birmingham)

  • Toshihiro Okubo

    (Keio University)

Abstract

The need for developed countries to take a lead in the global fight against climate change is generally acknowledged and was intrinsic to the 2015 Paris climate change agreement. An understanding of the way in which environmental policy in advanced nations has developed and which policies have had a significant impact on the reduction in the emissions of various pollutants may yield important policy prescriptions relevant to the current climate change negotiations. In this paper we consider how Japan's little-known environmental interest rate policy and voluntary pollution control agreements contributed to Japan's ecological modernization and how these policies compare with the more traditional regulatory approach. Our results show that Japan's use of an environmental interest rate policy was an effective policy as a complement to the more traditional regulatory approach.

Suggested Citation

  • Robert J. R. Elliott & Toshihiro Okubo, 2016. "Ecological Modernization in Japan: The Role of Interest Rate Subsidies and Voluntary Pollution Control Agreements," Asian Economic Papers, MIT Press, vol. 15(3), pages 66-88, Fall.
    • Handle: RePEc:tpr:asiaec:v:15:y:2016:i:3:p:66-88
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    Cited by:

    1. Masashige HAMANO & Toshihiro OKUBO, 2021. "In Search of Lost Time: Firm Vintage and Macroeconomic Dynamics," Discussion papers 21015, Research Institute of Economy, Trade and Industry (RIETI).
    2. Matthew A. COLE & Robert R.J. ELLIOTT & Toshihiro OKUBO & Liyun ZHANG, 2017. "The Pollution Outsourcing Hypothesis: An empirical test for Japan," Discussion papers 17096, Research Institute of Economy, Trade and Industry (RIETI).

    More about this item

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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