Suchergebnisse

In the last decade, as many other European countries, the Italian Government adopted several reforms in order to increase the use of Renewable Energy Sources (RES). The liberalization of the electricity market that represents one of these reforms aims to reach environmental benefits from the substitution of fossil fuel with renewable sources. The Italian Green Certificate market was introduced in 2002 in order to accomplish this objective and represents a mechanism where a quota of renewable electricity is imposed to suppliers in proportion to their sales. The electricity industries are obliged to meet this condition by producing the quantity of renewable electricity by means of a change in their production process, otherwise they must buy a number of certificates corresponding to the quota. This mechanism changes the importance of the electricity industry first in promoting climate protection, then in terms of the impact on the economy as a whole. A policy aimed to develop the market of green certificates may lead to environmental improvement by switching the energy production process to renewable resources. But above all an increase in demand for green certificates, resulting from a reform on the quota of renewable electricity, can generate positive change in all components of the industrial production. For this purpose, the paper aims to quantify the economic impact of a reform on Green Certificate market for the Italian system by means of the Macro Multiplier (MM) approach. The analysis is performed through the Hybrid Input-Output (I-O) model that allows expressing the energy ows in physical terms (GWh) while all other ows are expressed in monetary terms (€). Moreover, through the singular value decomposition of the inverse matrix of the model, which reveals the set of key structures of the exogenous change of final demand, we identify the appropriate key structure able to obtain both the expected positive total output change and the increase of electricity production from RES.

Much research has been devoted to examination of the financial easing policy of the European Central Bank (ECB). However, this study is one of the first to use a dynamic micro-founded model to investigate empirically the impact of the ECB's Quantitative Easing (QE) policy on consumption and investment by economic agents in Italy (households, government, firms, and the rest of the world). For this purpose, we constructed a Financial Social Accounting Matrix (FSAM) for the Italian economy for the year 2009 to calibrate a dynamic computable general equilibrium model (DCGE). This model allowed us to evaluate the direct and indirect impact of money flow on the behavior of consumption and investment. The findings of the study confirmed the positive impact of the ECB's monetary policy on the level of investment and consumption.

Dealing with the issue of poverty, food security and social disparities becomes an even more pressing prerogative for the policy maker during economic downturns. The debate among the economists focuses on what might be the major policy initiatives to be undertaken in order to produce complementarities between growth and income-redistribution. These would involve not only generating an inequality-reducing pattern of growth but also undertaking a growth-enhancing pattern of redistribution. Developing countries are the most sensitive to this issue and are committed to develop the policy measure able to both stimulate economic growth and reduce social disparities and food insecurity. The Al-Ghab region in Syria is considered the typical resource rich poor area in a developing country. The possibility to activate the economic growth in this area goes through the exigency of diversify the economic production to stimulate the value added generation and reduce the social and economic disparities between female and male labour employment. In this way the problem of food insecurity should be better address since it is strongly connected to the poverty level of households. To address this complex target an extended multi-sector model is considered the most suitable analysis instrument especially since it is developed by means of the Social Accounting Matrix (SAM) for the area of interest. In this paper, we develop a SAM for the Al-Ghab region and quantify the effects of selected policy scenarios in terms of economic diversification, female labour efficiency and food nutrition security for the Al-Ghab region, in order to identify the pillars able to sustain the economic growth of the area.