WIFO Working Papers

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Die WIFO Working Papers beruhen nicht notwendigerweise auf einer abgestimmten Position des WIFO. Die Autorinnen und Autoren wurden über die Richtlinien der Österreichischen Agentur für wissenschaftliche Integrität (ÖAWI) zur Guten Wissenschaftlichen Praxis informiert, insbesondere bezüglich der Dokumentation aller Elemente, die für eine Nachvollziehbarkeit der Ergebnisse notwendig sind.

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Aktuelle Ausgaben (640 Treffer)

WIFO Working Papers, 2022, (641), 35 Seiten
Mit finanzieller Unterstützung von: Jubiläumsfonds der Oesterreichischen Nationalbank
Online seit: 11.01.2022 0:00
Emission trading has been the key instrument in the EU's climate policy since its introduction in 2005. According to economic literature, emissions trading should ensure the achievement of a given reduction target at the lowest possible costs, by equalising marginal abatement costs of the installations covered. According to previous studies, however, only a limited number of companies have engaged in trading pointing at a limited economic efficiency of the scheme. This paper contributes to the growing body of empirical literature on allowance transactions by providing an analysis for Austria. For this purpose, two approaches are combined – a quantitative analysis of data on allowance transactions from the EUTL and a survey among Austrian firms in the EU ETS on their trading behaviour, motivations, and strategies. Our results show that allowance transactions have increased over time and that Austrian companies in the EU ETS tend to mainly acquire allowances in the market. The majority of Austrian companies reported compliance as the main motive for purchasing allowances. However, they stated that the time horizon of buying allowances for compliance purposes has been rather short so far, but some Austrian ETS participants intend to emphasise earlier purchases and consider a longer period in their purchasing strategy. Moreover, our analysis shows that it is a limited number of large companies (trading companies and large energy suppliers) that is very active in the market. Market actors have gotten accustomed to this new market for emissions over the past 16 years which is illustrated by increasing quantities and volumes traded. Nevertheless, for Austrian companies there is some potential for adapting their trading strategies in order to incorporate the future challenges, primarily for those companies not used to trading on international energy or resource markets.
WIFO Working Papers, 2021, (640), 30 Seiten
Auftraggeber: Klima- und Energiefonds
Studie von: Österreichisches Institut für Wirtschaftsforschung – Internationales Institut für Angewandte Systemanalyse – Wirtschaftsuniversität Wien
Online seit: 17.12.2021 13:00
A comprehensive restructuring of economies and a massive increase of investments in climate-friendly technologies, infrastructures, and R&D is needed for reaching the Paris targets. The EU has launched a process for greening the financial sector emphasising the need for new instruments and financial market regulation for aligning investments to sustainability. This chapter summarises research on two topics: firstly, what are the main political strategies, especially at EU level, to support green finance, and secondly, which are the key supporting factors, barriers and actors for an upscaling of green investments? To assess the relevance of green finance in the financial market and climate policy (with focus on Austria) an expert survey was conducted. It delivers insights on promising policies and strategies for fostering the growth of green finance. Conclusions can be drawn on instruments (like carbon pricing) that should be integrated in post-COVID-19 stimulus packages to ensure a Paris-aligned recovery.
WIFO Working Papers, 2021, (639), 51 Seiten
Online seit: 09.12.2021 0:00
In a seminal paper Graetz and Michaels (2018) find that robots increase labor productivity and TFP, lower output prices and adversely affect the employment share of low-skilled labor. We demonstrate that these effects are heavily influenced by the sample composition and argue that focusing on manufacturing and mining sectors mitigates unobserved heterogeneity and is more coherent with an identification strategy that rests on instruments that do not vary by industries. In sum, this leads to more plausible results regarding the overall economic effects of robotization, whereby the focus on robotizing industries leads to a sizable drop of the productivity effects, halving the effect size for labor productivity and insignificant price effects. The most pronounced consequences from the sample choice occur for labor market outcomes, where significant negative employment effects become insignificant and positive wage effects are reversed into the opposite. We show that controlling for demographic workforce characteristics is essential for obtaining significant labor productivity effects and leads to the negative effects of robots on wages. Additionally, investigating only robotizing sectors does not corroborate skill-biased technological change due to robotization, but rather, indicates towards labor market polarization. Finally, we document a non-monotonicity in one of the instruments, which calls for caution in the use of that instrument.
WIFO Working Papers, 2021, (638), 26 Seiten
Online seit: 14.10.2021 0:00
Many studies with different methods (CGE models, DSGE models, structural gravity equations) have recently evaluated EU's Single Market. The problem with all these studies is that they use complex models with data sets which are not replicable. The aim of this paper is to develop a simple EU model which uses readily accessible data, and which is replicable in EViews. First the 10 equations macro model is used to evaluate Austria's EU membership since 1995. Then the same prototype model is applied to make a comparison of the integration effects of a selected number of EU Member States. Our simple EU model covers the essential economic effects of EU integration of EU's Single Market, the introduction of the Euro, and the following EU enlargements: increase in intra-EU trade, price reduction because of more competition, the impact of the net budget position vis à vis the EU budget, and lastly that on growth.
WIFO Working Papers, 2021, (637), 41 Seiten
Auftraggeber: European Commission-Framework Programme
Studie von: Österreichisches Institut für Wirtschaftsforschung – Centraal Bureau voor de Statistiek – Istituto Nazionale di Statistica – Lunaria Associazione di Promozione Sociale e Impresa Sociale – United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology – Fondation Nationale des Sciences Politiques – Scuola superiore Sant'Anna – Statistik Österreich – University College London – Universität Bielefeld – Universität Ljubljana – Universität Tartu – Zentrum für Europäische Wirtschaftsforschung – Katholieke Universiteit Leuven (Belgium)
Online seit: 04.08.2021 0:00
We use the supply tables that underlie WIOT data to explore the provision of services by manufacturing sectors. The value-added shares generated by services differ substantially across countries and sectors, while they remain largely stable over time. A Bayesian classification assigns broadly defined manufacturing sectors to economy-wide growth models. It differentiates between service- and manufacturing driven models in catching up and developed economies. Servitization increase with labour productivity. The service intensities in the sectoral production mix are lower in countries with higher manufacturing shares. This holds for both catching up and developed economies. However, servitization is largely unrelated to productivity and employment growth. Hence, we argue that the degree of servitization is contingent on and an attribute of the respective economic model in which a sector operates.
WIFO Working Papers, 2021, (636), 93 Seiten
Auftraggeber: Klima- und Energiefonds
Studie von: Österreichisches Institut für Wirtschaftsforschung – Internationales Institut für Angewandte Systemanalyse – Universität Graz, Wegener Center für Klima und Globalen Wandel
Online seit: 09.07.2021 0:00
In order to meet the climate targets as set out in the Paris agreement – i.e., to stay "well below 2 °C" of global warming – a transformation of the socio-economic system towards climate neutrality is required. This transformation is connected to radical changes in most aspects of our daily lives, especially with respect to mobility and housing. This poses the questions of how well-being might change due to these changes and ultimately how to quantitatively measure such changes. In the present paper we make a first steps towards answering these fundamental questions. We do so by making use of the concept of energy services, or "functionalities", which take a demand and sufficiency perspective. To quantify effects, we operationalise this concept by using and extending existing macroeconomic models (Input-Output and Computable General Equilibrium). In terms of results we provide standard economic indicators but contrast them with – in our view – more relevant indicators, such as a more comprehensive measure for well-being, as well as distributional effects and co-benefits. Our results clearly show increases in well-being emerging from the climate neutral transformation, whereas conventional indicators such as GDP are declining. We thus demonstrate the importance of looking at the "right" indicators, when assessing socio-economic effects of climate policy and at the same time provide a concrete alternative to state-of-the-art modelling approaches.
WIFO Working Papers, 2021, (635), 41 Seiten
Auftraggeber: Klima- und Energiefonds
Studie von: Österreichisches Institut für Wirtschaftsforschung – Internationales Institut für Angewandte Systemanalyse – Universität Graz, Wegener Center für Klima und Globalen Wandel
Online seit: 09.07.2021 0:00
In this paper we take up the challenge to integrate new aspects into macroeconomic modelling and to consider economic activities from an outcome-oriented perspective, so called functionalities. The basic idea is, that functionalities lie behind the demand for commodities and services and therefore are the actual reason for economic activities. Functionalities describe (basic) human needs, such as housing, nutrition, or mobility, and are determinants of human well-being. A crucial aspect of functionalities is the interaction between stocks and flows. The paper presents the operationalisation of functionalities within the framework of an Input-Output (IO) model. Three extensions of the IOT are performed: Firstly, an appropriate allocation of energy supply, transformation and demand to sectors is made. This allows linking the monetary structure with physical units of the total energy and useful energy balances. Secondly, greenhouse gas emissions and other material consumption were additionally allocated to sectoral production. Thirdly, groups of goods of private and public consumption as well as exports were allocated to specific functionalities.
WIFO Working Papers, 2021, (634), 43 Seiten
Auftraggeber: Klima- und Energiefonds
Studie von: Österreichisches Institut für Wirtschaftsforschung – Internationales Institut für Angewandte Systemanalyse – Universität Graz, Wegener Center für Klima und Globalen Wandel
Online seit: 09.07.2021 0:00
In this working paper we place scenarios of Austria's transition to a green economy in a global context of efforts of international community to limit global warming to the levels outlined in the Paris Agreement. To this end we propose a method of deriving robust and physically grounded budgets of Austria's cumulative GHG emissions that are consistent with the 1.5 °C and the 2 °C warming targets of Paris agreement, respectively. These budgets are based on the most recent estimates of carbon budgets for the 1.5 °C and 2 °C warming targets and delineate a "space for manoeuvre" within which Austria's green transformation must take place if it is to make a desired contribution to humanity's climate-change mitigation efforts. We also derive reference pathways for Austria's GHG emissions that are in line with the 1.5 °C and the 2 °C warming targets, and which inform us about the necessary emission reductions in any given year, e.g., in 2050. We also demonstrate how budgets of cumulative national GHG emissions and corresponding reference emission pathways can be downscaled to provide boundary conditions for a novel approach to modelling economic transformations based on the concept of functionalities. First, we establish how much of GHG emissions is currently caused by providing functionalities Access, Shelter and Other Life Support in Austria. Next, with help of existing EU-wide scenarios of green transition that resolve multiple economic sectors, we assess expected cumulative emissions from sectors not covered by these functionalities. Finally, we subtract these cumulative emissions from the budget of Austria's total GHG emissions and distribute the remainder between the considered functionalities.
WIFO Working Papers, 2021, (633), 35 Seiten
Auftraggeber: Klima- und Energiefonds
Studie von: Österreichisches Institut für Wirtschaftsforschung – Internationales Institut für Angewandte Systemanalyse – Universität Graz, Wegener Center für Klima und Globalen Wandel
Online seit: 09.07.2021 0:00
In the context of research on long-run transformations, such as the low-carbon energy transformation, research interest is growing on how to define and measure human well-being meaningfully. The working paper provides a thorough discussion of the literature on well-being and human needs in the context of energy consumption and confronts this scientific discourse with the concept of energy services, or functionalities. Based on a thorough literature review and a comprehensive stakeholder consultation process, we show, that energy services represent the crucial link between energy use (and related GHG emissions) and human need satisfaction.
WIFO Working Papers, 2021, (632), 29 Seiten
Auftraggeber: European Commission-Framework Programme
Studie von: Österreichisches Institut für Wirtschaftsforschung – Centraal Bureau voor de Statistiek – Istituto Nazionale di Statistica – Lunaria Associazione di Promozione Sociale e Impresa Sociale – United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology – Fondation Nationale des Sciences Politiques – Scuola superiore Sant'Anna – Statistik Österreich – University College London – Universität Bielefeld – Universität Ljubljana – Universität Tartu – Zentrum für Europäische Wirtschaftsforschung – Katholieke Universiteit Leuven (Belgium)
Online seit: 05.07.2021 0:00
This paper examines the association between participation in global value chains and financial globalisation measured by international net and capital flows. The results show that financial globalisation and the rise of global value chains are related but not two sides of the same coin. In fact, we find that GVC participation is positively associated with equity capital flows but negatively associated with debt capital flows. We also study the association of GVC participation and capital flows with aggregate economic outcomes. The findings show that both GVC participation and equity flows affect the share of mortgage and business credit. But we uncover also important differences in the impact of capital flows between advanced and emerging countries. Regarding changes in the economic structure our results suggest a positive association of both GVC participation and equity inflows on the manufacturing share, while debt inflows are primarily associated with a growth of the service sector in advanced economies, but not in emerging and developing countries. The finding that there is no strong association between the globalisation indicators and innovation suggests that the fragmentation of value chains leads to functional specialisation in tasks and tends to weaken the link between innovation and production at country level. We find in addition that a higher GVC participation is weakly associated with a higher growth of government revenue, as are debt flows but only in advances countries. This finding suggests also that debt flows were redirected primarily into safe countries in advanced countries.
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