公正な移行、再分配、そして資産リターン
Just Transition, Redistribution, and Asset Returns (原題)
Sen Batu Yang, Maxime Sauzet
🤖 gxceed AI 要約
日本語
本論文は、異質な投資家と労働者を含む一般均衡資産価格モデルを用いて、公正な移行における財政政策の効果と公平性を分析。配当課税が資本再配分に最も効果的で、労働者への負担も軽減されることを示す。再分配とグリーン資産選好の相互作用も考察し、効果的で公正な移行政策への示唆を提供。
English
This paper develops a general equilibrium asset-pricing model with heterogeneous investors and workers to analyze fiscal policy for a just transition. It finds dividend taxation is most effective for reallocating capital to green firms while limiting burden on workers, and explores interactions with redistribution and green preferences, offering insights for effective and fair transition policies.
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
日本では、GX移行に伴う雇用・地域への影響が議論されており、本論文の「公正な移行」の経済分析は、政策設計や投資家対応に示唆を与える。特に、配当課税の効果や労働者保護のトレードオフは、日本のGX政策や企業の資本コストに影響する可能性がある。
In the global GX context
Globally, this paper contributes to the growing literature on just transition and climate finance, informing policy debates on carbon pricing and redistribution. Its asset-pricing framework is relevant for investors and policymakers addressing transition risks and opportunities, complementing TCFD/ISSB disclosure with economic modeling.
👥 読者別の含意
🔬研究者:Provides a rigorous framework linking fiscal policy, asset prices, and just transition, useful for further research on climate finance and inequality.
🏢実務担当者:Highlights how dividend taxation and green preferences affect capital costs, informing corporate strategy and investor relations in transition sectors.
🏛政策担当者:Offers evidence on the effectiveness and fairness of fiscal instruments for a just transition, guiding policy design on carbon pricing and redistribution.
📄 Abstract（原文）
We study the just transition in a general equilibrium asset-pricing model that combines fiscal policy and redistribution with heterogeneous investors, labor-income exposure, portfolio restrictions, and green asset preferences. Workers earn labor income primarily from brown activities and can invest only in a market index, while capital owners earn no labor income but trade green and brown equity directly. We show that fiscal instruments differ sharply in their effectiveness in supporting the transition, and in their fairness. Dividend taxation is the most effective instrument for lowering the relative cost of capital of green firms and redirecting capital toward them; in our framework, it captures much of the effect of a broad carbon tax while placing a much more limited direct burden on workers. Consumption and labor-income taxes instead have smaller effects on capital reallocation and expose workers to a larger share of transition costs. Redistribution also points to a more nuanced side of the fairness-effectiveness tradeoff as rebating more revenues to workers insures them against transition costs, but attenuates incentives to reallocate capital. Portfolios play an important underlying role: workers cannot directly hedge their brown labor-income risk or fully participate in the financial gains from the transition, which in turn affects equilibrium premia. Lastly, fiscal policy and sustainable finance can reinforce one another, as green asset preferences may amplify the effect of taxation. Together, our findings have important implications for designing a green transition that is both effective and just, and highlight the importance of developing greener jobs in the longer run.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.7023658first seen 2026-09-01 04:55:55 · last seen 2026-09-21 04:29:45
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