論文

査読有り
2012年10月

Natural disasters in a two-sector model of endogenous growth

JOURNAL OF PUBLIC ECONOMICS
  • Masako Ikefuji
  • ,
  • Ryo Horii

96
9-10
開始ページ
784
終了ページ
796
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1016/j.jpubeco.2012.05.005
出版者・発行元
ELSEVIER SCIENCE SA

Using an endogenous growth model with physical and human capital accumulation, this paper considers the sustainability of economic growth when the use of a polluting input (e.g., fossil fuels) intensifies the risk of capital destruction through natural disasters. We find that growth is sustainable only if the tax rate on the polluting input increases over time. The long-term rate of economic growth follows an inverted V-shaped curve relative to the growth rate of the environmental tax, and it is maximized by the least aggressive tax policy of those that asymptotically eliminate the use of polluting inputs. Unavailability of insurance can accelerate or decelerate the growth-maximizing speed of the tax increase depending on the relative significance of the risk premium and precautionary savings effects. Welfare is maximized under a milder environmental tax policy, especially when the pollutants accumulate gradually. (C) 2012 Elsevier B.V. All rights reserved.

リンク情報
DOI
https://doi.org/10.1016/j.jpubeco.2012.05.005
Web of Science
https://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=JSTA_CEL&SrcApp=J_Gate_JST&DestLinkType=FullRecord&KeyUT=WOS:000308381700013&DestApp=WOS_CPL
ID情報
  • DOI : 10.1016/j.jpubeco.2012.05.005
  • ISSN : 0047-2727
  • Web of Science ID : WOS:000308381700013

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