The environmental and macroeconomic effects of socially responsible investment
We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy in a continuous-time dynamic growth model featuring optimizing households and firms. Environmental quality is modelled as a renewable resource. Consumers can invest in government b...
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| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
Munich
Univ., Center for Economic Studies u.a.
2008
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| Schriftenreihe: | CESifo working paper series Public finance
2349 |
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Tag hinzufügen | Zusammenfassung: | We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy in a continuous-time dynamic growth model featuring optimizing households and firms. Environmental quality is modelled as a renewable resource. Consumers can invest in government bonds or firm equity. Since investors feel partly responsible for environmental pollution when holding firm equity, they require a premium on the return to equity. We show that socially responsible investment behaviour by households partially offsets the positive effects on environmental quality of public abatement policies. |
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| Beschreibung: | Literaturverz. S. 27 - 28 |
| Beschreibung: | 28 S. graph. Darst. |