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Jaraite, Jurate
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Publications (10 of 17) Show all publications
Coria, J. & Jaraite, J. (2019). Transaction Costs of Upstream Versus Downstream Pricing of CO2 Emissions. Environmental and Resource Economics, 72(4), 965-1001
Open this publication in new window or tab >>Transaction Costs of Upstream Versus Downstream Pricing of CO2 Emissions
2019 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 72, no 4, p. 965-1001Article in journal (Refereed) Published
Abstract [en]

To the best of our knowledge, this is the first paper comparing empirically the transaction costs of the monitoring, reporting and verification (MRV) required by two environmental regulations aimed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and an emissions trading system. We do this in the case of Sweden, where a set of firms are covered by both types of regulations—the Swedish CO2 tax and the European Union’s Emissions Trading System (EU ETS). Our results indicate that there is a significant degree of heterogeneity in the transaction costs of the firms in our sample. Moreover, for some of the firms, the transaction costs are high when compared with the actual cost of the CO2 tax and the price of the EU ETS. Furthermore, we find that the MRV costs are lower for CO2 taxation than for the EU ETS, which confirms the general view that regulating emissions upstream via a CO2 tax yields lower transaction costs vis-á-vis downstream regulation via emissions trading.

Place, publisher, year, edition, pages
Springer Netherlands, 2019
Keywords
Climate change, CO2 tax, Emissions trading, Firm-level data, EU ETS, Transaction costs, Sweden
National Category
Economics Environmental Sciences
Identifiers
urn:nbn:se:umu:diva-152789 (URN)10.1007/s10640-018-0235-y (DOI)000466316700004 ()2-s2.0-85043684700 (Scopus ID)
Available from: 2018-10-24 Created: 2018-10-24 Last updated: 2019-05-17Bibliographically approved
Jaraite, J., Karimu, A. & Kazukauskas, A. (2017). Policy-induced expansion of solar and wind power capacity: economic growth and employment in EU countries. Energy Journal, 38(5), 197-222
Open this publication in new window or tab >>Policy-induced expansion of solar and wind power capacity: economic growth and employment in EU countries
2017 (English)In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 38, no 5, p. 197-222Article in journal (Refereed) Published
Abstract [en]

Given the intensifying debates on whether governments should promote particular renewable energy technologies, the main objective of this study is to investigate the long-and short-run effects of policy-induced expansion of renewable solar and wind technologies on economic growth and employment in 15 European Union (EU) member states during 1990-2013 by using panel-data time-series econometric techniques. Instead of relying on renewable energy consumption or generation as commonly done in the literature, we focus on the capacity for solar and wind power generation, which is largely a consequence of the EU's renewable energy policies. In summary, we find that, to date, renewable energy policy-induced wind and solar power capacity promotes growth and/or employment in the short run, but these capacity increases do not stimulate economic growth in the long run in the EU-15 region. In fact, our results tend to support the opposite relationship: increases in wind and solar power capacity are associated with negative economic growth, at least at the total economy level.

Place, publisher, year, edition, pages
International Association for Energy Economics, 2017
Keywords
Economic growth, Employment, European Union, Granger causality, Panel cointegration, Policy, Renewable energy capacity, Solar energy, Wind energy
National Category
Economics Environmental Sciences
Identifiers
urn:nbn:se:umu:diva-131723 (URN)10.5547/01956574.38.5.jjar (DOI)000408059400010 ()
Available from: 2017-02-20 Created: 2017-02-20 Last updated: 2018-06-09Bibliographically approved
Kazukauskas, A., Broberg, T. & Jaraite, J. (2017). The peer comparison in real time: a field experiment of water and electricity consumption.
Open this publication in new window or tab >>The peer comparison in real time: a field experiment of water and electricity consumption
2017 (English)Report (Other academic)
Abstract [en]

A large body of literature shows that the provision of social comparisons can cause households to reduce residential energy and water use. In this paper, we carry out a field experiment that contributes to this literature in two important ways. First, we study a social comparison treatment that is continuous and communicated via pre-installed in-home displays, which are salient and updated in real time. Second, we estimate the effects of provision of social comparisons on two distinguished resources – electricity and water – in the same experimental setting. We find that, on average, our social comparison reduces daily residential energy consumption by 6.7 percent but has no effect on overall residential water use. The electricity savings are impersistent and occur in the evening hours, which only slightly overlap with peak hours. We argue that electricity conservation due to social comparisons is driven by short-run changes in households’ electricity saving behavior

Publisher
p. 40
Series
CERE Working Paper ; 2017:8
Keywords
Consumer economics, Electricity, Field experiment, Real-time displays, Comparison information, Water
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-152791 (URN)
Available from: 2018-10-24 Created: 2018-10-24 Last updated: 2018-11-09Bibliographically approved
Jaraite, J. & Di Maria, C. (2016). Did the EU ETS Make a Difference?: An Empirical Assessment Using Lithuanian Firm-Level Data. Energy Journal, 37(1), 1-23
Open this publication in new window or tab >>Did the EU ETS Make a Difference?: An Empirical Assessment Using Lithuanian Firm-Level Data
2016 (English)In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 37, no 1, p. 1-23Article in journal (Refereed) Published
Abstract [en]

We use a panel dataset of about 5,000 Lithuanian firms between 2003 and 2010, to assess the impact of the EU ETS on the environmental and economic perfor­mance of participating firms. Using a matching methodology, we are able to estimate the causal impact of EU ETS participation on C02 emissions, C02 in­tensity, investment behaviour and profitability of participating firms. Our results show that ETS participation did not lead to a reduction in C02 emissions, while we identify a slight improvement in C02 intensity. ETS participants are shown to have retired part of their less efficient capital stock, and to have made modest additional investments from 2010. We also show that the EU ETS did not rep­resent a drag on the profitability of participating firms.

Keywords
Cap and trade, C02 emissions, EU emissions trading system, Ex-post evaluation, Firm competitiveness. Investment, Matching, Panel data, Profits
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-104610 (URN)10.5547/01956574.37.2.jjar (DOI)000367634800001 ()
External cooperation:
Available from: 2015-06-12 Created: 2015-06-12 Last updated: 2018-06-07Bibliographically approved
Coria, J. & Jaraite, J. (2015). Carbon pricing: transaction costs of emissions trading vs. carbon taxes. Umeå
Open this publication in new window or tab >>Carbon pricing: transaction costs of emissions trading vs. carbon taxes
2015 (English)Report (Other academic)
Abstract [en]

In this paper we empirically compare the transaction costs from monitoring, reporting and verification (MRV) of two environmental regulations directed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and a tradable emissions system. We do this in the case of Sweden, where a set of firms are covered by both types of regulations, i.e., the Swedish CO2 tax and the European Union’s Emissions Trading System (EU ETS). This provides us with an excellent case study as it allows us to disentangle the costs of each regulation from other firm-specific variables that might affect the overall cost of MRV procedures. Our results indicate that the MRV costs of CO2 taxation do not depend on firms’ emissions, while they do in the case of the EU ETS. For firms of equivalent emissions’ size, the MRV costs are lower for CO2 taxation than for the EU ETS, which confirms the general view that regulating emissions upstream by means of a CO2 tax yields lower transaction costs vis-á-vis downstream regulation by means of emission trading.

Place, publisher, year, edition, pages
Umeå: , 2015. p. 32
Series
CERE Working Paper Series ; 2015:2
Keywords
Carbon dioxide emissions, Carbon tax, Emissions Trading, EU ETS, Firm-level data, Sweden
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-104612 (URN)
Available from: 2015-06-12 Created: 2015-06-12 Last updated: 2018-06-07Bibliographically approved
Jaraite-Kazukauske, J. & Kazukauskas, A. (2015). Do transaction costs influence firm trading behaviourin the European emissions trading system?. Environmental and Resource Economics, 62(3), 583-613
Open this publication in new window or tab >>Do transaction costs influence firm trading behaviourin the European emissions trading system?
2015 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 62, no 3, p. 583-613Article in journal (Refereed) Published
Abstract [en]

This study is one of the first to empirically investigate firm trading behaviour and the importance of permit trading transaction costs, such as information costs and search costs, in the first phase of the European Union’s Emissions Trading System (EU ETS). The signs and significance of our constructed transaction costs proxy variables indicate for a presence of these costs in the initial years of the EU ETS. In particular, this paper shows that ETS firms with the smaller number of installations and with less trading experience were less likely to participate in the European emissions trading market and traded the lower quantities of permits. Furthermore, these firms chose to trade permits indirectly via third parties. This study also supports the concerns that transaction costs could be excessive for smaller participants and firms operating in the new EU member states.

Place, publisher, year, edition, pages
Springer-Verlag New York, 2015
Keywords
Climate policy, Emissions trading, EU ETS, European Union, Firm-level data, Trading behaviour, Transaction costs
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-94625 (URN)10.1007/s10640-014-9831-7 (DOI)000364221800009 ()
Note

Published online 9 October 2014.

Available from: 2014-10-14 Created: 2014-10-14 Last updated: 2018-06-07Bibliographically approved
Jaraite, J., Karimu, A., Andrius, K. & Kazukauskas, P. (2015). Renewable energy policy, economic growth and employment in EU countries: gain without pain?. Umeå
Open this publication in new window or tab >>Renewable energy policy, economic growth and employment in EU countries: gain without pain?
2015 (English)Report (Other academic)
Abstract [en]

Given the intensifying debates whether governments should use industrial policies to promote particular renewable energy technologies, the main objective of this study is to investigate the long-run effects of renewable energy support policies on economic growth and employment in 15 European Union (EU) member states for the 1990-2012 time period by using panel-data time-series econometric techniques. The first hypothesis is that the EU’s renewable energy support policies lead to technological advancement, followed by economy growth, in the long-run. The second hypothesis states that these policies at least generate an increase in output and employment in the short-run. In summary, our results provide some evidence in support of the second hypothesis, but, in contrary to the similar studies, our findings do not support the first hypothesis that these policies promote growth in the long-run.

Place, publisher, year, edition, pages
Umeå: , 2015. p. 30
Series
CERE Working Paper Serries ; 2015:7
Keywords
economic growth, EU, Granger causality, panel cointegration, policy, renewable energy
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-104611 (URN)
Available from: 2015-06-12 Created: 2015-06-12 Last updated: 2018-06-07Bibliographically approved
Jaraite, J., Kazukauskas, A. & Lundgren, T. (2014). The effects of climate policy on environmental expenditure and investments: evidence from Sweden. Journal of Environmental Economics and Policy, 3(2), 148-166
Open this publication in new window or tab >>The effects of climate policy on environmental expenditure and investments: evidence from Sweden
2014 (English)In: Journal of Environmental Economics and Policy, ISSN 2160-6544, E-ISSN 2160-6552, Vol. 3, no 2, p. 148-166Article in journal (Refereed) Published
Abstract [en]

This study provides new evidence on the determinants of environmental expenditure and investment. In particular, it investigates how environmental expenditure and investment of Swedish industrial firms responded to climate policies, such as the European Union's Emission Trading System (EU ETS) and the Swedish CO2 tax, directed to mitigate air pollution. Overall, an important conclusion of this analysis is that climate policies, both on the national and international levels, were highly relevant motivations for firm environmental expenditure. However, the findings do not support the expectations that the EU ETS and the Swedish CO2 tax encouraged investment in air pollution abatement.

Place, publisher, year, edition, pages
Taylor & Francis, 2014
Keywords
climate policy, CO2 tax, environmental expenditure and investment, EU ETS, firm-level data, Sweden
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-88440 (URN)10.1080/21606544.2013.875948 (DOI)
Available from: 2014-05-06 Created: 2014-05-06 Last updated: 2018-06-07Bibliographically approved
Jaraite, J. & Andrius, K. (2013). The profitability of electricity generating firms and policies promoting renewable energy. Energy Economics, 40, 858-865
Open this publication in new window or tab >>The profitability of electricity generating firms and policies promoting renewable energy
2013 (English)In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 40, p. 858-865Article in journal (Refereed) Published
Abstract [en]

Using a cross-country firm-level dataset this study empirically analyses how the implemented renewable electricity promotion systems Tradable Green Certificates vs. Feed-in-Tariffs affected the profitability of the electricity production sector in Europe during the 2002-2010 period. In particular, it tests the hypothesis that due to market imperfections, namely because of higher investment risk, higher capital constraints and higher transaction costs, TGC schemes will be associated with excess profits for renewable electricity generating firms. The results somewhat support this hypothesis, showing that electricity generating firms, operating in EU countries that implemented TGC, were more profitable compared to FIT firms. 

Place, publisher, year, edition, pages
Elsevier, 2013
Keywords
electricity, European Union, emission trading, feed-in-tariff, renewable energy, tradable green certificates, EU-ETS
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-57805 (URN)10.1016/j.eneco.2013.10.001 (DOI)000329081300081 ()
External cooperation:
Available from: 2012-08-16 Created: 2012-08-16 Last updated: 2018-06-08Bibliographically approved
Jaraite, J. & Di Maria, C. (2012). Efficiency, productivity and environmental policy: A case study of power generation in the EU. Energy Economics, 34(5), 1557-1568
Open this publication in new window or tab >>Efficiency, productivity and environmental policy: A case study of power generation in the EU
2012 (English)In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 34, no 5, p. 1557-1568Article in journal (Refereed) Published
Abstract [en]

This study uses the EU public power generating sector as a case study to investigate the environmental efficiency and productivity enhancing performance of the European Union's CO2 Emissions Trading Scheme (EU ETS) in its first phase. Using Data Envelopment Analysis methods, we measure the environmental efficiency and the productivity growth registered in public power generation across the EU over the 1996–2007 period. In the second stage of our analysis we attempt to explain changes in productivity and efficiency over time using econometric techniques. Our analysis suggests two conclusions: carbon pricing led to an increase in environmental efficiency and to a shift outwards of the technological frontier; and, the overly generous allocation of emission permits had a negative impact on both measures. These results are shown to be robust to changes in controls and specifications.

Place, publisher, year, edition, pages
Elsevier, 2012
Keywords
Emissions trading, EU ETS, Environmental efficiency, Productivity growth, Data envelopment analysis
National Category
Economics
Identifiers
urn:nbn:se:umu:diva-57803 (URN)10.1016/j.eneco.2011.11.017 (DOI)
Available from: 2012-08-16 Created: 2012-08-16 Last updated: 2018-06-08Bibliographically approved
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