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This paper studies how oil owners can benefit from carbon taxation. We build a Hotelling-like model with three energy resources: oil (exhaustible, polluting), coal (non exhaustible, very polluting) and solar energy (non exhaustible, non polluting). The CO2 concentration must be kept under a carbon ceiling. The optimal extraction path is decentralized by a tax on emissions, and tax revenues are not redistributed. We characterize the different extraction paths. We focus on the case where both oil and coal are extracted and oil gets exhausted. When oil is cheaper to extract than coal, if oil is sufficiently scarce, or if the extraction cost of oil is close enough to the extraction cost of coal or if its pollution content is low enough, or if the demand elasticity is low enough, the profits of oil owners will increase when the carbon regulation is tightened. When oil is more expensive to extract than coal, and both resources are used and oil exhausted, tightening the carbon regulation increases the oil profits. ; Cet article théorique étudie comment les pétroliers peuvent bénéficier de la taxation du carbone. Nous construisons un modèle d'extraction à la Hotelling, avec trois sources d'énergie: le pétrole (épuisable, polluant), le charbon (non épuisable, très polluant) et le solaire (non épuisable, non polluant). Un plafond de CO2 est introduit sous lequel la concentration de CO2 doit être maintenue. L'extraction optimale des ressources énergétiques est décentralisée par une taxe sur les émissions, et les recettes fiscales ne sont pas redistribuées. Nous déterminons les conditions sur les paramètres pour obtenir les différents sentiers d'extraction. Nous nous intéressons aux sentiers où le pétrole et le charbon sont extraits et le pétrole épuisé. Quand le pétrole est moins cher à extraire que le charbon, si le pétrole est suffisamment rare, ou si le coût d'extraction du pétrole est suffisamment proche du coût d'extraction du charbon ou si son coefficient de pollution est assez faible, ou encore si l'élasticité de la ...

This paper studies how oil owners can benefit from carbon taxation. We build a Hotelling-like model with three energy resources: oil (exhaustible, polluting), coal (non exhaustible, very polluting) and solar energy (non exhaustible, non polluting). The CO2 concentration must be kept under a carbon ceiling. The optimal extraction path is decentralized by a tax on emissions, and tax revenues are not redistributed. We characterize the different extraction paths. We focus on the case where both oil and coal are extracted and oil gets exhausted. When oil is cheaper to extract than coal, if oil is sufficiently scarce, or if the extraction cost of oil is close enough to the extraction cost of coal or if its pollution content is low enough, or if the demand elasticity is low enough, the profits of oil owners will increase when the carbon regulation is tightened. When oil is more expensive to extract than coal, and both resources are used and oil exhausted, tightening the carbon regulation increases the oil profits. ; Cet article théorique étudie comment les pétroliers peuvent bénéficier de la taxation du carbone. Nous construisons un modèle d'extraction à la Hotelling, avec trois sources d'énergie: le pétrole (épuisable, polluant), le charbon (non épuisable, très polluant) et le solaire (non épuisable, non polluant). Un plafond de CO2 est introduit sous lequel la concentration de CO2 doit être maintenue. L'extraction optimale des ressources énergétiques est décentralisée par une taxe sur les émissions, et les recettes fiscales ne sont pas redistribuées. Nous déterminons les conditions sur les paramètres pour obtenir les différents sentiers d'extraction. Nous nous intéressons aux sentiers où le pétrole et le charbon sont extraits et le pétrole épuisé. Quand le pétrole est moins cher à extraire que le charbon, si le pétrole est suffisamment rare, ou si le coût d'extraction du pétrole est suffisamment proche du coût d'extraction du charbon ou si son coefficient de pollution est assez faible, ou encore si l'élasticité de la ...

This paper studies how oil owners can benefit from carbon taxation. We build a Hotelling-like model with three energy resources: oil (exhaustible, polluting), coal (non exhaustible, very polluting) and solar energy (non exhaustible, non polluting). The CO2 concentration must be kept under a carbon ceiling. The optimal extraction path is decentralized by a tax on emissions, and tax revenues are not redistributed. We characterize the different extraction paths. We focus on the case where both oil and coal are extracted and oil gets exhausted. When oil is cheaper to extract than coal, if oil is sufficiently scarce, or if the extraction cost of oil is close enough to the extraction cost of coal or if its pollution content is low enough, or if the demand elasticity is low enough, the profits of oil owners will increase when the carbon regulation is tightened. When oil is more expensive to extract than coal, and both resources are used and oil exhausted, tightening the carbon regulation increases the oil profits. ; Cet article théorique étudie comment les pétroliers peuvent bénéficier de la taxation du carbone. Nous construisons un modèle d'extraction à la Hotelling, avec trois sources d'énergie: le pétrole (épuisable, polluant), le charbon (non épuisable, très polluant) et le solaire (non épuisable, non polluant). Un plafond de CO2 est introduit sous lequel la concentration de CO2 doit être maintenue. L'extraction optimale des ressources énergétiques est décentralisée par une taxe sur les émissions, et les recettes fiscales ne sont pas redistribuées. Nous déterminons les conditions sur les paramètres pour obtenir les différents sentiers d'extraction. Nous nous intéressons aux sentiers où le pétrole et le charbon sont extraits et le pétrole épuisé. Quand le pétrole est moins cher à extraire que le charbon, si le pétrole est suffisamment rare, ou si le coût d'extraction du pétrole est suffisamment proche du coût d'extraction du charbon ou si son coefficient de pollution est assez faible, ou encore si l'élasticité de la demande est assez faible, les profits des pétroliers vont augmenter lorsque le plafond de CO2 est diminué. Quand le pétrole est plus coûteux à extraire que le charbon, et que ces deux ressources sont utilisées et le pétrole épuisé, resserrer la contrainte de plafond de CO2 augmente les profits des pétroliers.

For Afghanistan, the dual prospect of declining donor support and high ongoing security spending over the medium term keeps its government budget tight. This paper uses a general equilibrium model to capture the security–development trade-off facing the government in its effort to rehabilitate growth and fiscal sustainability. In particular, it considers strategic policy options for counteracting and minimizing the negative macroeconomic impact of possible aid and revenue shortfalls. We find that the mobilization of domestic revenues through changes in tax policy is the preferred policy response for the Afghan central government. Such a response helps to place its finances on a sustainable path in the near term and preserve most of the growth potential. Cutting expenditures balances public finances but causes the economy to permanently shrink. Debt financing helps to preserve much of the economy size but can quickly put the sustainability of public finances at risk.

The Asia SME Finance Monitor 2013 is the knowledge sharing product on SMEs in Asia and the Pacific, specially focusing on SME access to finance. The Monitor reviews various country aspects of SME finance covering the banking sector, nonbank sector, and capital markets. It is expected to support evidence-based policy making and regulations on SME finance in the region.

The Urban Operational Plan (UOP) 2012-2020 of the Asian Development Bank(ADB) supports ADB developing member countries in expanding their urban economies, improving environmental sustainability, and making pro-poor investments through a 3E approach (Economy, Environment, and Equity). This case study on the Philippines is based on thematic areas of the National Urban Sustainability Assessment framework for developing strategic policy options and targeted investments in the urban sector. This publication shows how the framework acts as a tool for conducting rapid urban assessments at both national and urban region levels for developing member countries.

The Asia SME Finance Monitor 2013 is the knowledge sharing product on SMEs in Asia and the Pacific, specially focusing on SME access to finance. The Monitor reviews various country aspects of SME finance covering the banking sector, nonbank sector, and capital markets. It is expected to support evidence-based policy making and regulations on SME finance in the region.

The Financial Inclusion Newsletter is a quarterly electronic publication for individuals from developing member countries of the Asian Development Bank (ADB), researchers, experts, professionals, and others who are interested in the financial inclusion sector. Each issue covers a variety of topics in the sector, with a focus on stories about ADB projects; experts' experiences and recommendations; ADB events, training programs, and conferences; and important events outside of ADB.

The Financial Inclusion Newsletter is a quarterly electronic publication for individuals from developing member countries of the Asian Development Bank (ADB), researchers, experts, professionals, and others who are interested in the financial inclusion sector. Each issue covers a variety of topics in the sector, with a focus on stories about ADB projects; experts' experiences and recommendations; ADB events, training programs, and conferences; and important events outside of ADB.

The Financial Inclusion Newsletter is a quarterly electronic publication for individuals from developing member countries of the Asian Development Bank (ADB), researchers, experts, professionals, and others who are interested in the financial inclusion sector. Each issue covers a variety of topics in the sector, with a focus on stories about ADB projects; experts' experiences and recommendations; ADB events, training programs, and conferences; and important events outside of ADB.

This paper examines the limitations of the Chiang Mai Initiative Multilateralization (CMIM) as a regional financial safety net in East Asia, and proposes a new regional financial arrangement. To overcome the drawbacks of the CMIM, which has never been activated so far, a new regional financial arrangement suggests that ASEAN+3 members establish a regional reserve system based on a supranational regional reserve asset. The new regional financial arrangement, so-called 'Reserve Liquidity Line' (RLL), guarantees a degree of automaticity in liquidity facility, based on upfront funding instead of pledge funding. As a backdrop of the regional reserve system, some market movements have been manifested to reduce excessive U.S. dollar dependency in East Asia and to enhance the use of local currencies. Establishing the RLL mechanism could find a way of making up for the weak points of the CMIM and responding to the regional needs for effective regional financial arrangements. The proposed operational mechanism of RLL comprises (i) institution building of 'ASEAN+3 Reserves System' (ARS) to manage the 'Regional Reserves Asset' (RRA), (ii) an Operations Account and a Substitution Account, and (iii) a sort of basket exchange rate for RRA valuation.

The Urban Operational Plan (UOP) 2012-2020 of the Asian Development Bank(ADB) supports ADB developing member countries in expanding their urban economies, improving environmental sustainability, and making pro-poor investments through a 3E approach (Economy, Environment, and Equity). This case study on the Philippines is based on thematic areas of the National Urban Sustainability Assessment framework for developing strategic policy options and targeted investments in the urban sector. This publication shows how the framework acts as a tool for conducting rapid urban assessments at both national and urban region levels for developing member countries.