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2 results

  • Fiscal decentralization and energy intensity: evidence from a quasi-natural experiment of VAT revenue-sharing reform in China

  • Yumeng Pang, Mengmeng Wang
  • Journal:
    Journal of Public Policy / Volume 45 / Issue 1 / March 2025
    Published online by Cambridge University Press:
    08 January 2025, pp. 23-44
    • Article
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  • The impact of fiscal decentralization on energy intensity has been a long-standing subject of interest and debate. However, to date, there has been a notable absence of studies delving into the effects of fiscal decentralization on energy intensity from the vantage point of tax sharing. This investigation explores the effects of China’s value-added tax (VAT) revenue-sharing reform on energy intensity using prefecture-level city data from 2006 to 2020. Results show a correlation between an increased proportion of VAT revenue sharing and higher regional energy intensity. Heightened competition among local governments amplifies this impact, while environmental regulations and technological innovation mitigate it. Our findings contribute to a more scientifically grounded formulation of the revenue-sharing ratio between central and local governments, aiming to reduce local energy intensity.

  • 5 - Climate Economics

  • from Section I - Climate Introduction
  • Wake Smith, Harvard University, Massachusetts
  • Book:
    Pandora's Toolbox
    Published online:
    24 February 2022
    Print publication:
    24 March 2022, pp 61-78

  • Summary

    Our review of climate economics begins with the Kaya identity, which portrays our emissions pathway not as a smooth glideslope to net zero but as a tug of war between opposing forces. We then review the stunning impact that continued compounded economic growth could have on the ability of future generations to adapt to climate change, particularly in the Global South. The concepts of externalities and market failures are considered, along with the widely held view that a significant element in any climate solution will need to be some form of carbon tax. The recognition that mitigation comes at a cost leads to the question of climate cost/benefit analysis and the notion that the economically optimal quantum of further climate change that rational actors might prefer would not necessarily be zero. We close by pivoting to fat tails and the extent to which opting for some economically optimal amount of climate change may expose the future to small probabilities of utterly unacceptable outcomes and therefore unjustifiable risks.