Spannende Antrittsvorlesungen der Wirtschaftswissenschaften
Aktuelle Forschungsimpulse
Mit den Antrittsvorlesungen von Harald Fadinger und Yuliyan Mitkov präsentiert die Fakultät für Wirtschaftswissenschaften am 9. Dezember aktuelle Forschungsimpulse aus der Umweltökonomik, Makroökonomie und Finanzwirtschaft. Ein kompakter Einblick in zwei spannende wissenschaftliche Profile.
Harald Fadinger - Universitätsprofessor: Designing Effective Carbon Border Adjustment with Minimal Information Requirements
Carbon leakage undermines the effectiveness of unilateral carbon pricing. Taxes on import-embedded emissions, like the EU’s CBAM, prevent leakage but their product coverage is limited due to strong information asymmetries. We propose an alternative policy (LBAM) that sterilizes carbon leakage without requiring information on foreign carbon intensities. In a quantitative trade model, LBAM tariffs significantly improve over the EU’s CBAM in terms of global emissions and EU welfare. Importantly, LBAM avoids large welfare losses among EU trading partners that would result if CBAM were extended to all sectors. Combining LBAM tariffs with equivalent export subsidies reinforces these advantages.
Yuliyan Mitkov - Ass.-Prof.: Optimal Financial Intermediation
Banks are intermediaries that issue deposits to finance loans, which exposes them to runs. Diamond and Rajan (2000, 2001) argue that this financial fragility is precisely why banks emerge as a solution to the hold-up problem identified by Hart and Moore (1994). We revisit this framework and characterize the optimal financial intermediation arrangement, which maintains the desirable properties of deposits while avoiding runs. Thus, in contrast to Diamond and Rajan, we find that fragility is not essential for but rather detrimental to the efficient flow of credit in the economy. Our arrangement accommodates asset risk while remaining safer than deposits and consistent with creditor monitoring incentives. It also has a natural implementation as an open-end fund and is consistent with empirical findings. Finally, we identify government guarantees as a rationale for deposit financing.
Foto: © Gebhard Sengmüller