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Pacini H.,KTH Royal Institute of Technology | Assuncao L.,United Nations Conference on Trade and Development UNCTAD | van Dam J.,Jinke van Dam Consultancy | Toneto R.,University of Sao Paulo
Energy Policy | Year: 2013

The production and usage of biofuels has increased worldwide, seeking goals of energy security, low-carbon energy and rural development. As biofuels trade increased, the European Union introduced sustainability regulations in an attempt to reduce the risks associated with biofuels. Producers were then confronted with costs of sustainability certification, in order to access the EU market. Hopes were that sustainably-produced biofuels would be rewarded with higher prices in the EU. Based on a review of recent literature, interviews with traders and price data from Platts, this paper explores whether sustainability premiums emerged and if so, did they represent an attracting feature in the market for sustainable biofuels. This article finds that premiums for ethanol and biodiesel evolved differently between 2011 and 2012, but have been in general very small or inexistent, with certified fuels becoming the new norm in the market. For different reasons, there has been an apparent convergence between biofuel policies in the EU and the US. As market operators perceive a long-term trend for full certification in the biofuels market, producers in developing countries are likely to face additional challenges in terms of finance and capacity to cope with the sustainability requirements. © 2013 Elsevier Ltd.


Chen S.,Fudan University | Santos-Paulino A.U.,United Nations Conference on Trade and Development UNCTAD
Energy Policy | Year: 2013

This paper investigates the impact of energy on China's industrial sustainability by using a novel approach to estimate real total factor productivity. The growth accounting indicates that the substantial industrial reforms in China have led to productivity growth. Energy and capital are also important factors driving China's industrial growth. Productivity growth in China's industry is mostly attributable to the high-tech light industrial sectors. © 2012 Elsevier Ltd.


Hamwey R.,United Nations Conference on Trade and Development UNCTAD | Pacini H.,KTH Royal Institute of Technology | Assuncao L.,United Nations Conference on Trade and Development UNCTAD
Journal of Environment and Development | Year: 2013

As countries transition to a green economy, they will need to identify profitable entry points in which they can favorably compete with other nations in emerging green markets. Identifying and building supply capacity for commercially viable, competitive green product exports can be seen as a fundamental part of supporting green growth and sustainable development. Building on the product space model initially advanced by Hidalgoet al.in 2007, this article proposes a green product space methodology to map the export strengths of countries for a specified set of green products. The methodology does so by identifying green products for which a country is likely to be competitive in the world market based on export performance of related products. Results for Brazil are presented to illustrate the green product space methodology followed by a discussion of its limitations and potential contribution to industrial policy formulation to support emerging green sectors. © The Author(s) 2013.


Gaule P.,Massachusetts Institute of Technology | Maystre N.,United Nations Conference on Trade and Development UNCTAD
Research Policy | Year: 2011

Abstract: Cross-sectional studies typically find positive correlations between free availability of scientific articles ('open access') and citations. Using a number of instruments as plausible sources of exogeneous variation, we find no evidence for a causal effect of open access on citations. We provide theory and evidence suggesting that authors of higher quality papers are more likely to choose open access in hybrid journals which offer an open access option. Self-selection mechanisms may thus explain the discrepancy between the positive correlation found in Eysenbach (2006) and other cross-sectional studies and the absence of such correlation in the field experiment of Davis et al. (2008). © 2011 Elsevier B.V. All rights reserved.


Kolodziej M.,Boston University | Kaufmann R.K.,Boston University | Kulatilaka N.,Boston University | Bicchetti D.,United Nations Conference on Trade and Development UNCTAD | Maystre N.,United Nations Conference on Trade and Development UNCTAD
Energy Economics | Year: 2014

We examine the relation among daily returns to crude oil prices, equity prices, and commodity markets by modifying previous efforts in two important ways; expanding the model to include the equity price for an oil-producing firm, ConocoPhillips, which ameliorates omitted variable bias and estimating the expanded model using the Kalman Filter, which reduces uncertainty associated with OLS estimates from rolling windows. Consistent with the notion of a commodity price beta for oil industry stocks, there is a positive correlation between returns to the spot price of WTI and ConocoPhillips. This correlation indicates not all price changes in crude oil are expected to persist; indeed, some of the price reductions associated with the Asian Financial crisis and the price increase associated with the 2008 price spike are not included in our estimate for long-run prices. In 2008:Q4, the correlations between daily returns to crude oil and equities flip from negative to positive. We hypothesize that this flip is triggered by a large reduction in interest rates in the fourth quarter of 2008, which is associated with a reduction in convenience yields and a change from backwardation to contango in futures markets. These changes increase the returns to holding crude oil as a financial asset relative to holding oil as a commodity. © 2014.

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