期刊
ECONOMIC MODELLING
卷 95, 期 -, 页码 145-169出版社
ELSEVIER
DOI: 10.1016/j.econmod.2020.12.004
关键词
Saudi Arabia; Dynamic stochastic general equilibrium model; Vision 2030; Value added tax; Energy price reform; Renewable energy
类别
资金
- Spanish Government
- FEDER [RTI2018-093365-B-I00]
Energy price reforms generate the largest long-term welfare gains among the three policy measures, while introducing a VAT and deploying renewable energy also bring about certain welfare benefits. However, the welfare effects of renewable energy deployment are sensitive to the selected financing scheme.
Saudi Arabia?s Vision 2030 includes the creation of a value-added tax (VAT), the enactment of domestic energy price reforms, and the deployment of renewable energy. We assess these policy measures? effects on macroeconomic variables using a dynamic general equilibrium model of the Saudi economy. We find that energy price reforms deliver long-run welfare gains that are more than 20% of current consumption, the greatest among the three measures. Introducing a VAT generates welfare gains of up to 4.3% of current consumption. The welfare effects of renewable energy deployment are sensitive to the selected financing scheme. If financing for renewables comes from a reduction in government consumption or transfers to households, no welfare gains are realized. Jointly implementing all three policies increases real gross domestic product (GDP) by 5%, reduces real non-oil GDP by up to 1.8%, and increases welfare by 23.5%?32.4%.
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