Suchergebnisse

The latest reform of European Union Emission Trading System (EU ETS) enables overlapping policies, such as national coal phase-outs, to affect total emissions. For evaluatingoverlapping policies, this paper applies a detailed partial equilibrium model of the EU ETS.Under perfect foresight, overlapping policies decrease total emissions if implemented earlyon. Though, endogenous cancellation within the EU ETS mitigates the waterbed effecthardly by more than 50%. In contrast, overlapping policies mostly do not affect total emissions significantly or even increase them via the new green paradox effect if implementedlate and firms anticipate their long-term impact. If overlapping policies focus on low-costabatement options, they become more effective in mitigating the waterbed effect, with aneffectiveness of up to 60%. The effectiveness of overlapping policies decreases if firms aremyopic. Myopia also increases the danger of the new green paradox effect for early implemented overlapping policies. However, the absolute increase in total emissions via thenew green paradox remains below a third of today's yearly emissions if overlapping policiespermanently reduce allowance demand by 10%.

This thesis studies market designs of carbon and power markets to efficiently reduce GHG emissions. It focuses on the world's largest emissions trading system, namely the European Union Emission Trading System (EU ETS) and its interactions with European power markets. The second chapter sets up an accurate model of the recent EU ETS regulation to evaluate the cost-effectiveness of the latest EU ETS reforms, namely introducing the Market Stability Reserve with the Cancellation Mechanism and the increase in the Linear Reduction Factor. In particular, the reduced allowance supply due to the change in the LRF raises carbon prices. The third chapter discusses overlapping policies within the EU ETS, e.g., coal phase-outs in the power sector. Overlapping policies mostly do not reduce total emissions under the EU ETS, particularly not if firms are myopic. In contrast, total emissions can even increase slightly due to the new green paradox effect. The fourth chapter challenges the common assumption of time-independent marginal abatement cost (MAC) curves. MAC curves flatten in time, primarily driven by loosening investment restrictions and technological learning. Time-dependent MAC curves reduce incentives for banking and might drive carbon prices up if firms are myopic. Finally, the fifth chapter evaluates the expansion of wind power in Germany considering transmission network constraints. With nodal pricing as an efficient instrument to coordinate investments and network congestion, it quantifies the distorted investment signals of uniform prices for the siting of wind power plants. Further, the chapter finds that locational investment restrictions are more promising to counteract distorted investment incentives of uniform pricing than latitude-dependent generator components in network tariffs.

Das grenzüberschreitende Insolvenzrecht hat stark an theoretischer und praktischer Bedeutung gewonnen. Dies äußert sich nicht zuletzt durch harmonisierende Sekundärrechtsakte der Europäischen Union, insbesondere in Gestalt der Europäischen Insolvenzverordnung und ihrer Neufassung. Eine wesentliche Neuerung ist die Einführung der »Zusicherung« nach Art. 36 EuInsVO. In Anlehnung an eine im englischen Recht für komplexe grenzüberschreitende Konzerninsolvenzen entwickelte Praxis dient die Zusicherung des Hauptinsolvenzverwalters, die betreffenden Gläubiger innerhalb des Hauptinsolvenzverfahrens so zu behandeln, als ob ein Sekundärinsolvenzverfahren eröffnet worden wäre, der Vermeidung der Eröffnung von Sekundärinsolvenzverfahren. Unter der Prämisse, das viel kritisierte und zum Teil abgelehnte Instrument möglichst operabel zu machen, setzt sich Lukas Schmidt umfassend mit dem Regelungskomplex der Zusicherung auseinander.

This paper deals with the question of to what extent recent developments in Latin America can be described by using the concept of neoextractivism. Based on a regulationist perspective, different modes of development are distinguished. Comparative case studies for Brazil, Chile and Venezuela show clearly that neo-extractivism is not, in all cases, the key-element with which to understand the processes of development. On the contrary, in the case of Brazil it is mainly strategies of industrialisation which play a key role. In a nutshell, the authors argue for a more differentiated understanding of Latin American developments. Adapted from the source document.