Lowering carbon intensity in manufacturing is necessary to transform current production technologies. We test if local agents’ preferences, revealed by vote shares for the Green party during local elections in Germany, relate to the carbon intensity of investments in production technologies. Our sample comprises all investment choices made by manufacturing establishments from 2005-2017. Our results suggest that ecological preferences correlate with significantly fewer carbon-intensive investment projects while investments stimulating growth and reducing carbon emissions increase by 14 percentage points. Both results are more distinct in federal states where the Green Party enjoys political power and local ecological preferences are high.

Die Weltwirtschaft wächst derzeit langsamer als vor der Pandemie, wobei sich die Unterschiede zwischen den Regionen verringern. Während die konjunkturelle Dynamik in den USA nachgibt, wird die Wirtschaft in China durch strukturelle Probleme gebremst. Europa zeigt nach einer Stagnationsphase erste Anzeichen einer Erholung. Der Dienstleistungssektor treibt die weltwirtschaftliche Expansion an, und auch die Industrieproduktion, insbesondere in Schwellenländern, erholt sich teilweise. Dies zeigt sich im gestiegenen Warenhandel im ersten Halbjahr 2024, doch seit Sommer 2024 lässt die Dynamik wieder nach.

This paper examines the effect of CoCo bonds that qualify as additional tier 1 capital on bank stability and reporting. The results reveal a significant reduction in the distance to insolvency following the hybrid bond issuance due to increased earnings volatility. Banks report less stable net income due to more volatile loss provisions, which increases earnings opacity rather than reflects changes in asset quality. The findings are consistent with the premise that persistent uncertainty and misconceptions among investors about bail-in likelihoods limit their monitoring engagement, which results in banks becoming less transparent.

In a multi-sector and multi-region framework, this paper employs a dynamic general equilibrium model to analyze climate-resilient economic development (DGE-CRED) in Vietnam. We calibrate sector and region-specific damage functions and quantify climate variable impacts on productivity and capital formation for various shared socioeconomic pathways (SSPs 119, 245, and 585). Our results based on simulations and cost-benefit analyses reveal a projected 5 percent reduction in annual GDP by 2050 in the SSP 245 scenario. Adaptation measures for the dyke system are crucial to mitigate the consumption gap, but they alone cannot sufficiently address it. Climate-induced damages to agriculture and labor productivity are the primary drivers of consumption reductions, underscoring the need for focused adaptation measures in the agricultural sector and strategies to reduce labor intensity as vital policy considerations for Vietnam’s response to climate change.