The Effects of Bailouts and Soft Budget Constraints on the Environment
Abstract
This paper investigates the effects of financial relief programs, commonly referred to as ‘bailouts’, on pollution. A partial equilibrium soft budget constraint model of the firm is developed to identify the effect of bailouts on the emission decisions of firms. The results from the model indicate that the expectation of bailouts increases ex ante emissions. A more stringent emissions tax is required to achieve the same level of emissions if...
Paper Details
Title
The Effects of Bailouts and Soft Budget Constraints on the Environment
Published Date
Aug 4, 2012
Volume
54
Issue
1
Pages
127 - 137
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