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Energy Price Reform: A Guide for Policymakers

Author

Listed:
  • David Coady
  • Ian Parry
  • Baoping Shang

Abstract

This essay reviews the conceptual and quantitative literature on the efficient system of fossil fuel energy prices in different countries for reflecting supply and environmental costs, as well as the environmental, fiscal, and economic benefits from energy price reform. Drawing on recent experiences in numerous countries, the ingredients for successful reform are then discussed (e.g., the need for a comprehensive reform strategy and for compensating vulnerable groups). Low energy prices, fiscal pressures, and momentum for climate action provide an especially conducive environment for price reform and much is happening rapidly on the ground, however there is a long way to go to reap the enormous benefits at stake (e.g., at the global level, over a 20 percent reduction in carbon emissions and revenues gains of 4 percent of GDP).

Suggested Citation

  • David Coady & Ian Parry & Baoping Shang, 2017. "Energy Price Reform: A Guide for Policymakers," CESifo Working Paper Series 6342, CESifo Group Munich.
  • Handle: RePEc:ces:ceswps:_6342
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    File URL: http://www.cesifo-group.de/DocDL/cesifo1_wp6342.pdf
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    References listed on IDEAS

    as
    1. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
    2. Parry, Ian W. H. & Bento, Antonio M., 2000. "Tax Deductions, Environmental Policy, and the "Double Dividend" Hypothesis," Journal of Environmental Economics and Management, Elsevier, vol. 39(1), pages 67-96, January.
    3. David Coady & Ian W.H. Parry & Louis Sears & Baoping Shang, 2015. "How Large Are Global Energy Subsidies?," IMF Working Papers 15/105, International Monetary Fund.
    4. Vivien Foster & Cecilia Briceno-Garmendia, 2010. "Africa's Infrastructure : A Time for Transformation
      [Infrastructures africaines]
      ," World Bank Publications, The World Bank, number 2692.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. repec:wbk:wbpubs:29721 is not listed on IDEAS
    2. repec:eee:rensus:v:90:y:2018:i:c:p:969-981 is not listed on IDEAS

    More about this item

    Keywords

    energy price reform; efficient taxation; environmental externalities; reform experiences;

    JEL classification:

    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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