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Piet Eeckhout and Virginia Mantouvalou

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Mark Freedland and Lucy Vickers

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Christian de Perthuis and Raphael Trotignon

The European emissions trading scheme (EU ETS) is the centrepiece of Europe’s climate policy. The system has been undermined variously by the weakness of its regulation, an undesirable overlap with other public policies and the far-reaching economic and financial crisis that caused the market price of allowances to plunge. This chapter attempts to identify the conditions for making the coming years of the EU ETS a success. It draws historical lessons from the eight years the scheme has been in operation, and then presents the various interventions by the public authorities currently under discussion in order to revive the market. Finally, the chapter proposes to draw lessons from monetary policy by outlining what might be the mandate of an Independent Carbon Market Authority, with responsibility for the dynamic management of the supply of allowances, and whose main mission would be to ensure the optimal linkage between the different temporal horizons of the climate strategy.

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Claudia Kettner

The idea of emissions trading reflects the fact that the costs of reducing emissions differ between regulated entities. Differences in marginal abatement costs will hence spur permit trading, leading to their equalization across market participants and aggregate cost efficiency in equilibrium. In view of the broad range of activities covered by the EU ETS, one can expect significant differences in emission reduction costs and hence strong incentives for trade. This chapter presents empirical evidence on trading in the EU ETS: EUA trade is analysed and discussed and the use of international credits for compliance under the EU ETS is addressed on country and sector level. In addition, trading flows on installation and company level are assessed. The empirical analysis of the EU ETS shows that the assumptions of the theory of emissions trading are not matched by the real-world setting. Allowance imports and exports showed only a very limited correlation with allowance surpluses and allowance deficits. This phenomenon cannot only be observed at country and sector level, where differences between installations and intra-firm transfers could have been a possible explanation for these discrepancies, but first analyses of trading in the EU ETS show that several companies have bought additional allowances on the market in Phase 1 despite being endowed with surplus allocation and the absence of banking between Phases 1 and 2. While the EU ETS is far from being a perfect market, empirical evidence shows an increase in trading activity since 2005 as agents became accustomed to the new market. A higher stringency of the cap in the EU ETS and the possibility of banking allowances might help stabilise carbon prices and hence mitigate inefficiencies.

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Christophe Paulussen

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Gabrielle Appleby and Suzanne Le Mire

In Australia, the judiciary is a powerful and well-respected institution. The values of institutional integrity and independence of both state and federal courts are constitutionally protected through implications derived from the separation of powers. Despite agreement on core values, there are tensions and debates about the optimal ways to preserve these values. This has fed into a wider debate about how best to design and regulate judicial institutions and processes in order to safeguard these traditional judicial values while also reflecting more contemporary values: accountability, representativeness, transparency and efficiency. Despite these tensions, the Australian judiciary has remained resistant to substantive reform, particularly around appointments and discipline. The regulation of the Australian judiciary is characterized by limited and formalistic legislative reform and jealously guarded self-regulation. This chapter explores the areas of contention in order to understand why more substantive and meaningful reform to embed contemporary values thoroughly has not yet been achieved.

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Tony George Puthucherril

Right from the time that the Supreme Court of India was established, there has been a phenomenal surge in litigation at all levels of the judiciary and, presently, the justice delivery system is reeling under the impact of a pendency of gargantuan proportions. Clearly, this does not bode well for the sustenance of the rule of law, democracy and sustainable economic growth. The chapter identifies some of the critical issues that plague the Indian judiciary and examines recent initiatives adopted to reform the system. Specifically, the chapter argues that given the pre-eminent position that the judiciary has created for itself, it is essential that this institution place considerable emphasis on self-regulation to ensure that its unique position and independence are not compromised.

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Maria Angela Jardim de Santa Cruz Oliveira

This chapter provides an assessment of the specific realities of judicial regulation in Brazil by using the construct of the regulatory pyramid as the conceptual framework. After situating the political backdrop, it introduces the main values and institutional mechanisms that influence the court system in Brazil, along with the resources that support it. Then, it addresses the societal outcomes that the judiciary intends to achieve, namely confidence in access to justice and satisfaction with timeliness in the resolution of disputes. Finally, it concludes by arguing that the Brazilian ways of privileging higher and federal courts should be reconsidered.

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Erich Vranes

Climate change is an example of a worldwide tragedy of the commons. The option of introducing carbon taxes has increasingly been discussed as a possible remedy, namely as an economic solution that may be both efficient and effective. However, carbon taxes tend to encounter strong opposition by domestic industries for competitiveness concerns. Therefore, and for reasons of effectiveness and equity, carbon taxes arguably need to be accompanied by border measures that apply to imported products. One type of border measure that is usually discussed in connection with carbon taxes is the instrument of border tax adjustments (BTAs). While BTAs are a classic instrument of trade policy, so far it has rarely been used in relation to environmental taxes. This contribution, therefore, concentrates on the question of the WTO consistency of carbon taxes and related-BTA schemes. Due to the lack of international cooperation, the legality of such unilateral climate measures will arguably remain topical for many years.