There's a global race to secure EV battery gigafactories & reduce reliance on China.
But not all clean-tech projects are created equal. Some generate good jobs & domestic capacities, others produce ecological harm & low value-added enclaves.
New paper & thread 👇
www.tandfonline.com/doi/full/10....
The article could be of interest to @70sbachchan.bsky.social chan.bsky.social, @katemac.bsky.social sky.social, @brettchristophers.bsky.social ers.bluesky.social, @afolkers.bsky.social luesky.social, @savannahcox.bsky.social?
Huge thanks to everyone who read and commented on previous versions, especially
@jvtk.bsky.social , @vapunkt.bsky.social, @nataschavanderzwan.bsky.social and @matthiasthiemann.bsky.social
The article argues that this strategy reflects rating agencies’ urge to offer insurance against short-term climate-related financial risks while avoiding committing to any one model of climate risks that might put them at odds with the markets.
6/n
…ratings coordinate market expectations around a “wait-and-see” approach to longer term risks, making a “climate Minsky-moment” more likely.
5/n
The upshot of this strategy is that ratings are lower (and thus funding is more expensive) for issuers that opt for mitigation, adaptation, and resiliency-building and forgo “dirty” sources of income and…
4/n
This is because rating agencies explicitly choose to
- discount longer-term threats;
- account only for the immediate costs (but not the benefits) of mitigation, adaptation, and resiliency-building measures;
- reward income-generation over proactiveness.
3/n
While the claim that financial markets could become the motor of the green transition has long been debunked, the article shows that ratings actively delay the repricing of unsustainable assets & make funding costlier to issuers with more sustainable behavior.
2/n
Publication alert! 🔔
My new article in @ripejournal.bsky.social shows that the way in which credit ratings assess climate risks is detrimental to chances of the green transition.
www.tandfonline.com/eprint/DEWKJ...
1/n 🧵
Can't wait to read it!
Pleased to finally publish this paper with Mareike Beck on the epistemic origins of the 2022 gilt market crisis in @jeppjournal.bsky.social
How can we explain the limited regulatory response to the increasing systemic risk of LDI strategies in UK pensions?
1/n 🧵
doi.org/10.1080/1350...
pleased to announce the merger of @erikpeinert.bsky.social (antitrust) and my (corporate organization / franchise) interests in a paper on what the end of regulation banning vertical restraints meant for the US political economy = not good !
academic.oup.com/ser/advance-...
@palmapolyak.bsky.social ’s work on EU battery policy is electrifying! No, seriously it is the best stuff you can read on this sector.
Thank you, Andreas!
What an honor to be included in such great company! I would love to take this course. (And thank you for making grad students read and discuss books, not just articles! We should all do it more.)
Yes, please! (Would be super interesting for a book chapter I am writing.)
Happy to listen and learn from Brian Greenhill on Trump's withdrawal from dozens of international organizations last week, @goodauth.bsky.social . Part of what Brian calls the liberal international order's "moment of crisis."
goodauthority.org/news/trump-p...
Incredibly instructive reporting on what appears well on its way to becoming the biggest, most concentrated, most energy- and resource-intensive, and most speculative wave of capital investment ever.
ig.ft.com/ai-data-cent...
The independence of the Bank of England was supposed to facilitate the application of economic reasoning to public policy. But if independence=taboo on discussing the interactions btw fiscal & monetary policy, then not even technocrats deliberate on one of the biggest economic policy issues!
I am immensely grateful to all who helped me think this issue through and commented on the various drafts, especially @mkblyth.bsky.social and @thunen.bsky.social.
This article has had a long and winding road to publication and it elaborates on the argument that I first made in this piece written for the Phenomenal World. www.phenomenalworld.org/analysis/sov...
Instead, it should be understood as a reflection of the systemic role that ratings play as a coordination mechanism providing an anchor for market participants’ expectations about ‘safe assets’.
In it, I argue that the recurrent failures and the resilient authority of the ‘Big Three’ rating agencies should not be understood in terms of credit assessment failure and regulatory permissiveness.
I am very happy to report that my article on the strange non-death of credit rating agencies has been published in New Political Economy.
www.tandfonline.com/doi/full/10.....
My book is out today! Read my stuff! academic.oup.com/book/60584?l...
…
The book looks at the long-run evolution of policy around monopoly and competition in the US and France over the 20th century, using extensive archival research to track the main policy actors who changed it at key moments.
Congratulations!
OK, I finally gave in. I'm here. Now to migrate a bunch of users.
We highlight three own goals of failed internationalization:
1. Non-existent euro value chains locked the EU into disastrous dollar denominated fossil fuel imports
2. Wavering and weak ECB swap line policies (limited, conditional, unattractive)
3. That rare beast “a euro denominated safe asset”
Fantastic piece on one of (the many) ways in which the EU has been punching well below its weight.
Yes, please! Thank you!