European green transition: spillovers to the small open economy and welfare implications
欧州のグリーン移行：小規模開放経済への波及効果と厚生への含意 (AI 翻訳)
Langfeng Zhou
🤖 gxceed AI 要約
日本語
本論文は、欧州のグリーン移行がユーロ圏および小規模開放経済（SOE）に与えるマクロ経済的波及効果を、二地域ニューケインジアンモデルを用いて分析する。エネルギー価格チャネルと為替レートチャネルの役割を定量化し、移行のペースと強度が経済変数に及ぼす影響を評価。結果、エネルギー価格チャネルが支配的であり、両地域で金融政策が重要な仲介者となることが示された。厚生損失はユーロ圏がSOEの約3.5倍負担する一方、SOEはインフレ圧力に脆弱である。
English
This paper investigates the macroeconomic spillover effects of the European green transition on the Euro area (EA) and a small open economy (SOE) using a two-region New Keynesian model. It quantifies the roles of energy price and exchange rate channels, showing that the energy price channel dominates. The pace and intensity of the transition critically shape responses, with more ambitious transitions generating stronger effects. Welfare losses are uneven: the EA bears about 3.5 times the burden of the SOE, while the SOE is particularly vulnerable to inflationary pressures.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本稿は、欧州のグリーン移行が小規模開放経済に与える波及効果を分析したもので、日本にとっては、自国のGX政策が国際価格や為替を通じてどのように影響を受けるかを考える上で示唆に富む。特に、エネルギー価格チャネルの重要性は、日本のエネルギー輸入依存度の高さを考慮すると、政策的に注目すべき点である。
In the global GX context
This paper contributes to understanding the macroeconomic spillovers of climate transition policies, relevant for policymakers in both large and small economies. It highlights the importance of cross-border energy price channels and monetary policy coordination, adding to global discussions on the distributional effects of the green transition.
👥 読者別の含意
🔬研究者:This paper provides a New Keynesian modeling framework for analyzing cross-border spillovers of green transition, useful for researchers studying climate policy macroeconomics.
🏛政策担当者:For policymakers in small open economies, this paper highlights the vulnerability to inflationary pressures from foreign green transitions and the need for monetary policy coordination.
📄 Abstract（原文）
Abstract Background This paper investigates the macroeconomic and cross-border spillover effects of the European green transition on the Euro area (EA) and a representative small open economy (SOE). Methods A two-region New Keynesian model (EA–SOE model) is developed to quantify the roles of energy price and exchange rate channels in transmitting the transition shock. Results The results show that the cross-border energy price channel dominates the exchange rate channel in shaping SOE macroeconomic responses, while monetary policy in both economies acts as a key mediator. The pace and intensity of the transition critically affect these responses, with more ambitious transitions generating stronger and more persistent effects. Conclusions The transition produces measurable welfare losses, with the EA consistently bearing a larger share of the burden (approximately 3.5 times that of the SOE), while the SOE is particularly vulnerable to inflationary pressures.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1007/s10368-026-00772-1first seen 2026-07-10 05:05:37 · last seen 2026-07-10 05:28:39
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