DOI: 10.1016/j.enpol.2019.111195
论文题名: Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects
作者: Deleidi M. ; Mazzucato M. ; Semieniuk G.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 140 语种: 英语
中文关键词: Crowding out
; Externality
; Innovation financing
; Market creation
; Public direct investment
; Renewable electricity technology
英文关键词: Carbon
; Commerce
; Privatization
; Crowding out
; Direct investments
; Externality
; Market creation
; Renewable electricity
; Investments
; alternative energy
; capital flow
; electricity
; investment
; macroeconomics
英文摘要: Rapid structural change towards a low-carbon energy supply requires significant additional investments into innovative but high-risk low-carbon technologies. Mobilising greater private investments requires applying the right policy instruments, but while fiscal measures and regulation have been well researched, systematic quantitative evidence about the effect of public direct investment is lacking. Absent empirical evidence, contradictory theoretical arguments claim that such public (co-)investments either ‘crowd out’ or ‘crowd in’ private investors. In this paper we show that the macroeconomic concept of crowding out/in is inapplicable to sectoral studies such as of renewable electricity. Instead, both neoclassical microeconomics and evolutionary economics suggest public direct investment to have a positive effect due to either externalities or market creation effects. We also provide the first quantitative estimate of the effect of public direct investment on private investment into renewable electricity technologies for 17 countries in the period 2004–2014. Using FGLS and static and dynamic GMM estimators, we find that public investments not only have a positive but also consistently the largest effect on private investment flows relative to feed-in tariffs, taxes and renewable portfolio standards in general, and for wind and solar technologies separately. Implications for policy aimed at accelerating the low-carbon transition are discussed. © 2019 Elsevier Ltd Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167115
Appears in Collections: 气候变化与战略
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作者单位: Department of Economics, Roma Tre University, IT, United Kingdom; Institute of Innovation and Public Purpose, UCL, United Kingdom; Department of Economics, SOAS University of London, United Kingdom; Political Economy Research Institute and Department of Economics, University of Massachusetts Amherst, United States
Recommended Citation:
Deleidi M.,Mazzucato M.,Semieniuk G.. Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects[J]. Energy Policy,2020-01-01,140