Suchergebnisse

This study is an experimental study that examines the effects of the oil export price increase in both theoretical and empirical contexts considering the Kazakhstani economy as a particular case, and discusses the effects of different macro closure rules. This study has been motivated by several factors. First, the theoretical literature on the effects of the oil export price increase is to some extent limited as it uses the Salter-Swan framework that does not incorporate two-way trade or it assumes the oil sector an enclave. Second, the empirical literature on the effects of the oil export price increase on Kazakhstan using an economy-wide framework is limited as well. To the best of my knowledge there are no studies available that quantify these effects on Kazakhstani economy in isolation, which, however, are necessary to study since the oil prices have been soaring in the recent decade and since Kazakhstan has large oil resources. Third, although macro closure rules lie at the core of the static CGE models and different macro closure rules might trigger different results, there is hardly anything in the literature that tests the effects of different macro closure rules in detailed theoretical models. The theoretical literature on macro closure rules remains limited, as it primarily considers only one-sector models, which obviously fail to incorporate fully the intricacies of real-life multisector planning models. As a result, most of the CGE modelers conventionally do not explain the rationale behind their choice of macro closure rules, although the results might be different under different macro closure rules. To overcome these limitations and test the effects of alternative macro closure rules, this study develops several stylized models and applies Lofgren et al.'s (2002) model to the Kazakhstani economy.

Private green finance is imperative for climate change mitigation and adaptation, but the share of private green finance remains small, and the studies that have tackled the efficacy of policy instruments in promoting green finance are limited. Many economies, especially in Asia, have implemented different policies to incentivize the private sector to issue green bonds. However, there is a lack of empirical evidence on the effectiveness of such policies. To date, this is the first study to provide empirical evidence on the effectiveness of a broad range of green bond policies on the issuance of green bonds. Given the nascent nature of green bonds, this paper documents the effects of several policy instruments supporting green bonds on the private sector's issuance of green bonds in 58 green-bond-issuing economies, including 11 economies in Asia, over the period January 2010−June 2020. Using the difference-in-difference specification within the multilevel longitudinal model, the paper finds that some green bond policies, such as green bond grants and tax incentives, as well as cooperation and policy signals, are effective in promoting the issuance of green bonds in the private sector in Asia. Regional cooperation and standardization have incentivized private green bond issuance in the European Union but not in the Association of Southeast Asian Nations region. Global cooperation and international standardization have had a positive impact on the issuance of private green bonds.