Climate Policy and Wealth Distribution

Material type: 文書・図像類

Author: Dao, Thang

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2021-08

Material Format: Paper

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Note (General)：: We set up a model with intergenerational bequest transfers and climate damage on the wealth of heterogeneous households. We show that, under credit ma...

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Paper

Material Type: 文書・図像類
Title: Climate Policy and Wealth Distribution
Author/Editor: Dao, Thang
Author Heading: Dao, Thang
https://nrid.nii.ac.jp/nrid/1000020871049
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2021-08
Publication Date (W3CDTF): 2021-08
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1139
Volume: 1139
Pages: 1-26
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Climate policy
balanced budget policy
credit market imperfections
intergenerational bequest transfer
wealth inequality
Target Audience: 一般
Note (General): We set up a model with intergenerational bequest transfers and climate damage on the wealth of heterogeneous households. We show that, under credit market imperfections and depending on wealth distribution across households, a balanced budget climate policy may widen the wealth inequality gap between the rich and poor. Climate policy may create positive e?ects on the wealth of households, but these e?ects are asymmetric across households in terms of both magnitude and the transmission of gains from a climate policy within households. The gains of the poor from a climate policy are mainly transmitted into improving living standards and the investment in human capital due to the higher marginal return to education investment. By contrast, the gains of the rich from a climate policy are transmitted biasedly into physical capital accumulation and thereby enhance their monopolistic position in the production of intermediate inputs. We show that, for any climate policy, there exists a corresponding threshold of aggregate physical capital. When the aggregate physical capital of the economy exceeds this threshold, the corresponding climate policy may widen the intergenerational bequest transfers among heterogeneous households, thereby contributing to widening the wealth inequality gap between the rich and poor in the long run.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2021/DP1139.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華