期刊
RESOURCE AND ENERGY ECONOMICS
卷 56, 期 -, 页码 71-95出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.reseneeco.2018.03.001
关键词
Control of externalities; Emissions trading; Economic performance; Manufacturing; Difference-in-differences; Nearest neighbor matching; Stochastic production frontier
资金
- Helmholtz Association through the Helmholtz Alliance ENERGY-TRANS
- Grants-in-Aid for Scientific Research [26000001] Funding Source: KAKEN
We investigate the effect of the European Union Emissions Trading System (EU ETS) on the economic performance of manufacturing firms in Germany. Our difference-in-differences framework relies on several parametric conditioning strategies and nearest neighbor matching. As a measure of economic performance, we use the firm specific distance to the stochastic production frontier recovered from official German production census data. None of our identification strategies provide evidence for a statistically significant negative effect of emissions trading on economic performance. On the contrary, the results of the nearest neighbor matching suggest that the EU ETS rather had a positive impact on the economic performance of the regulated firms, especially during the first compliance period. A subsample analysis confirms that EU ETS increased the efficiency of treated firms in at least some two-digit industries. (C) 2018 Elsevier B.V. All rights reserved.
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