In this work, we employ an agent-based integrated assessment model to study the likelihood of transition to green, sustainable growth in presence of climate damages. The model comprises heterogeneous fossil-fuel and renewable plants, capital- and consumption-good firms and a climate box linking greenhouse gasses emission to temperature dynamics and microeconomic climate shocks affecting labour productivity […]
The diffusion of distributed energy producing systems relying on renewable sources poses a challenge to policy-makers, grid operators, and power generating companies in the electricity industry. One such case may be the diffusion of distributed storage systems integrated with photovoltaic units owned by households. On the one hand, they may act as a buffer and […]
ISIGrowth is a 3-year EC Horizon 2020 funded project aimed at offering comprehensive diagnostics on the relationship between innovation, employment dynamics and growth in an increasingly globalized and financialized world economy. The project will provide a coherent policy toolkit to achieve the Europe 2020 objectives of smart, sustainable and inclusive growth. The theoretical foundation is […]
In this paper we develop the first agent-based integrated assessment model, which offers an alternative to standard, computable general-equilibrium frameworks. The Dystopian Schumpeter meeting Keynes (DSK) model is composed of heterogeneous firms belonging to capital-good, consumption-good and energy sectors. Production and energy generation lead to greenhouse gas emissions, which affect temperature dynamics in a non-linear […]
Since the last decade, new Junior stock markets or second-tier stock markets have emerged in various countries, often influenced by the Alternative Investment Market, created by the London Stock Echange in 1995, and considered by numerous economic and political actors as a reference. Junior Markets are characterised by simplified listing processes and customised information standards. […]
This article aims at testing whether firm growth processes differ across countries characterized by different financial systems and varieties of capitalism, as well as across stock market segments with different listing requirements and information standards. We estimate Gibrat regressions of firm growth through dynamic panel methods on datasets of manufacturing firms listed on the stock […]
Financialization is persuading academics and policy-makers that the growth of SMEs can be unleashed by promoting their quotation on stock markets. Is that true? Answering this can give clues on the functions that stock markets actually perform in the financialized world. The market may allow collecting finance for productive investments, or mainly provide firms with […]
Stock markets perform a creation function if the inflow of financial capital in the birth of new privately-held firms is stimulated by the promise of stock market liquidity at a later point in time. Junior stock market segments, characterized by lighter listing procedures and costs, may be suited to perform a creation function, but their […]
