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Exiting the crisis in the right direction: A sustainable and shared prosperity plan for Europe

Author Info

  • Spencer, Thomas
  • Lucas, Chancel
  • Emmanuel, Guerin

Abstract

This paper investigates the synergies between the policy response to the European crisis and the green economy. We begin by examining the causes of the European crisis, including the potential role played by resource constraints, in particular the rise in oil prices 2004-2008. Then we develop a matrix to assess the synergies between the crisis response and the green economy. We survey the literature on three green economy instruments, namely environmental fiscal reform, green investment and environmental innovation. We then assess their coherence with and potential contribution to the current crisis response.

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File URL: https://mpra.ub.uni-muenchen.de/38802/1/MPRA_paper_38802.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38802.

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Date of creation: 14 May 2012
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Handle: RePEc:pra:mprapa:38802
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Keywords: European crisis; green economy; european climate policy; environmental fiscal reform; green stimulus;

Find related papers by JEL classification:

  • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
  • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
  • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
  • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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  1. Pontus Rendahl, 2014. "Fiscal Policy in an Unemployment Crisis," Cambridge Working Papers in Economics 1456, Faculty of Economics, University of Cambridge.
  2. Stéphane Hallegatte & Geoffrey Heal & Marianne Fay & David Treguer, 2012. "From Growth to Green Growth - a Framework," NBER Working Papers 17841, National Bureau of Economic Research, Inc.
  3. Romain Ranciere & Michael Kumhof, 2010. "Inequality, Leverage and Crises," IMF Working Papers 10/268, International Monetary Fund.
  4. Zsolt Darvas & Jean Pisani-Ferry, 2011. "Europe’s Growth Emergency," Working Papers 1105, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  5. Álvarez, Luis J. & Hurtado, Samuel & Sánchez, Isabel & Thomas, Carlos, 2011. "The impact of oil price changes on Spanish and euro area consumer price inflation," Economic Modelling, Elsevier, vol. 28(1-2), pages 422-431, January.
  6. Kilian, Lutz, 2006. "Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market," CEPR Discussion Papers 5994, C.E.P.R. Discussion Papers.
  7. Julie Rozenberg & Stéphane Hallegatte & Adrien Vogt-Schilb & Olivier Sassi & Céline Guivarch & Henri Waisman & Jean Charles Hourcade, 2010. "Climate policies as a hedge against the uncertainty on future oil supply," Post-Print hal-00667118, HAL.
  8. G. Peersman & I. Van Robays & -, 2009. "Cross-Country Differences in the Effects of Oil Shocks," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/629, Ghent University, Faculty of Economics and Business Administration.
  9. G. Peersman & I. Van Robays, 2009. "Oil and the Euro Area Economy," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/582, Ghent University, Faculty of Economics and Business Administration.
  10. Costantini, Valeria & Crespi, Francesco, 2008. "Environmental regulation and the export dynamics of energy technologies," Ecological Economics, Elsevier, vol. 66(2-3), pages 447-460, June.
  11. Anil Markandya & Mikel González- Eguino & Marta Escapa, 2012. "Environmental fiscal reform and unemployment in Spain," Chapters, in: Carbon Pricing, Growth and the Environment, chapter 1, pages 3-16 Edward Elgar Publishing.
  12. Mark Huberty & Georg Zachmann, 2011. "Green exports and the global product space: Prospects for EU industrial policy," Working Papers 556, Bruegel.
  13. European Commission, 2011. "Taxation trends in the European Union: 2011 edition," Taxation trends 2011, Directorate General Taxation and Customs Union, European Commission.
  14. Ralf Martin & Laure B. de Preux & Ulrich J. Wagner, 2011. "The Impacts of the Climate Change Levy on Manufacturing: Evidence from Microdata," NBER Working Papers 17446, National Bureau of Economic Research, Inc.
  15. Raimund Bleischwitz, 2010. "International economics of resource productivity – Relevance, measurement, empirical trends, innovation, resource policies," International Economics and Economic Policy, Springer, vol. 7(2), pages 227-244, August.
  16. Benedicta Marzinotto, 2011. "A European fund for economic revival in crisis countries," Policy Contributions 504, Bruegel.
  17. Nick Johnstone & Ivan Hascic & David Popp, 2008. "Renewable Energy Policies And Technological Innovation: Evidence Based On Patent Counts," NBER Working Papers 13760, National Bureau of Economic Research, Inc.
  18. Costantini, Valeria & Mazzanti, Massimiliano, 2012. "On the green and innovative side of trade competitiveness? The impact of environmental policies and innovation on EU exports," Research Policy, Elsevier, vol. 41(1), pages 132-153.
  19. Baffes, John & Haniotis, Tassos, 2010. "Placing the 2006/08 commodity price boom into perspective," Policy Research Working Paper Series 5371, The World Bank.
  20. European Commission, 2013. "Taxation trends in the European Union: 2013 edition," Taxation trends 2013, Directorate General Taxation and Customs Union, European Commission.
  21. Quirion Philippe & Jean Charles Hourcade, 2004. "Does the CO2 emission trading directive threaten the competitiveness of European industry? Quantification and comparison to exchange rates fluctuations," Post-Print hal-00643411, HAL.
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Cited by:

  1. Michael Jacobs, 2012. "Green Growth: Economic Theory and Political Discourse," GRI Working Papers 92, Grantham Research Institute on Climate Change and the Environment.
  2. Creutzig, Felix & Goldschmidt, Jan Christoph & Lehmann, Paul & Schmid, Eva & von Blücher, Felix & Breyer, Christian & Fernandez, Blanca & Jakob, Michael & Knopf, Brigitte & Lohrey, Steffen & Susca, Ti, 2014. "Catching two European birds with one renewable stone: Mitigating climate change and Eurozone crisis by an energy transition," Renewable and Sustainable Energy Reviews, Elsevier, vol. 38(C), pages 1015-1028.

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