题目: Allocative Efficiency of Green Finance Instruments， joint with Kai Li (Peking U) and  Chenjie Xu (SUFE) 

时间：2024年12月5日 下午14:00 – 15:30

地点：承泽园344

主讲人：汪意成 

摘要：This paper investigates the allocative efficiency of green finance instruments through a general equilibrium model with heterogeneous firms and financial frictions. We emphasize the impact of the timing of financial instruments—'ex-post', such as carbon taxes, versus 'ex-ante', like green credit schemes—on the distribution of dirty capital and its environmental implications. Our study reveals that ex-post instruments inadvertently direct dirty capital towards financially constrained firms with higher utilization, potentially exacerbating economy-wide emission intensity. Such theoretical prediction explains empirical observations of  Hartzmark and Shue (2023), indicating such strategies may be counterproductive. Conversely, ex-ante instruments yield beneficial redistributions. The study emphasizes the significance of incorporating the distributive effects of green finance tools into their design and advocates for a general equilibrium viewpoint to evaluate their effectiveness comprehensively, highlighting the pivotal role of instrument timing. 

主讲人简介：汪意成，北京大学汇丰商学院助理教授，美国罗切斯特大学经济学博士，曾任教于挪威奥斯陆大学。主要研究领域为实证和数量宏观经济学，异质性经济主体，企业家行为和厂商动态分析等，在Management Science, Review of Economic Dynamics、Journal of Economic Dynamics and Control等国际一流期刊发表多篇论文，参与多项国家和地方自然科学基金项目的研究。