• Energy Research

Given the global climate emergency and the complex financing problems facing developing countries, some economists are advocating the introduction of payments for environmental services. The question is whether payments for environmental services will enable developing countries to make the ecological transition compatible with the economic growth they need to develop. This study presents a theoretical analysis of the economic and ecological efficiency of such a mechanism, and aims to determine whether it has any recessionary or disincentive effects. In other words, it determines whether, from a theoretical point of view, the environmental services provided by developing countries are compatible with continued growth. The study introduces a “payments for environmental services” procedure into a general equilibrium model (with involuntary unemployment) composed of multinational firms in developed and developing economies. This theoretical model yields the following results. Firstly, higher ecological taxes can directly increase environmental services without any recessionary effect. The system of payments for environmental services means that green investment is not necessarily incompatible with growth and development in developing countries. On the other hand, services in return for environmental payments can lead to a rebound effect from polluting activities, which is why such programs need to be accompanied by more radical environmental policies. In conclusion, while payments for environmental services can promote both ecological transition and growth in developing countries, it is necessary to control the rebound effect arising from the development of economic activity.

L'objet de cet article est de mettre en lumière la valeur ajoutée de la théorie monétaire de Jean Cartelier telle qu'elle est exposée dans son ouvrage de 2018, dans la continuité de travaux qui ont débuté dès le début des années 80. L'intérêt de l'approche monétaire de Cartelier par rapport aux théories traditionnelles de la valeur se décline en trois thèmes : la coordination des décisions des agents économiques dans une société marchande par définition décentralisée ; la mise en évidence d'une pluralité de relations économiques, par l'introduction de relations asymétriques entre individus actifs et non-actifs ; la problématique de la viabilité qui semble plus pertinente pour analyser la dynamique économique. Mots-clés : coordination. monnaie. déséquilibre. The purpose of this article is to highlight the added value of Jean Cartelier's monetary theory as set out in his 2018 book, in the continuity of work that began in the early 1980s. The interest of Cartelier's monetary approach in relation to traditional theories of value can be broken down into three themes: the coordination of economic agents' decisions in a market society that is by definition decentralized; the highlighting of a plurality ofeconomic relations, through the introduction of asymmetric relations between active and non-active individuals; the problem of viability, which seems more relevant for analyzing economic dynamics.

The paper analyzes the effects of introducing a corporate carbon tax on GDP and the effectiveness of this macroeconomic policy. The study is based on constructing a simple Keynesian model with flexible prices. It shows that the carbon tax can have a double beneficial effect on the economy in addition to its favorable effect on the environment: i.e., an increase in GDP and employment. The initial values (y = 100; C = 60; I = 18; G = 16; g(A) = 6) was used to simulate a positive shock of the carbon tax T, increasing from 1.75 to 1.9. The paper considers three different cases depending on the low (Case 1), medium (Case 2), or high (Case 3) sensitivity of the marginal propensity to consume in response to an increase in the prices of goods. In addition, case 4 is considered: stimulus policy associated with climate policy; and case 5 is: policy to increase nominal wages. The results show that the carbon tax can lead to an increase in prices. Although the tax does not excessively negatively affect consumption, it has a positive effect on GDP via the increase in green investments and the induced increase in public spending. Households are, therefore, not necessarily penalized because they benefit from the multiplier effects of the increase in public spending due to the introduction of the ecological tax. Furthermore, stimulus policy is even more effective when combined with an emissions tax.

La macro��conomie keyn��sienne a connu depuis les ann��es 2000 des d��veloppements importants sur la th��matique du r��chauffement climatique et des contraintes environnementales pesant sur l�����conomie. L���objet de cet article est de r��aliser une synth��se des enseignements de ces principaux mod��les qui partent pour la plupart d���une critique radicale de l���approche n��oclassique sur la question ��cologique. Les post-keyn��siens mettent en ��vidence la n��cessit�� d���une intervention publique forte pour modifier notre mod��le de croissance actuel. Les autres keyn��siens soulignent la modification des effets des politiques ��conomiques lorsqu���elles sont coupl��es �� une politique climatique. Keynesian macroeconomics has known since the 2000s important developments on the theme of global warming and more broadly environmental constraints weighing on the economy. The purpose of this article is to synthesize the lessons learned from these main models which mostly start from a radical critique of the neoclassical approach on the ecological question. Post-Keynesians highlight the need for strong public intervention to modify our current growth model. The other Keynesians underline the modification of the effects of economic policies when they are coupled with a climate policy.

The carbon market reform is controversial because the modalities of carbon pricing foreseen risk reducing the performance of companies and negatively affecting the economy. The objective of this paper is to show that the carbon tax can be floating and adapt to the economic situation while maintaining its ecological efficiency. Herein, Tobin’s Q model, which has become a standard in the literature for explaining the investment decision, is applied to the green investment decision. A carbon tax is introduced into the firm’s maximization program to see how carbon pricing changes the outcome of the traditional model. The model shows that green investment depends on the sum of the stock price and the carbon price, which suggests the possibility of modulating this amount according to the upward or downward trend of the stock price to avoid permanently penalizing the competitiveness of firms. The study also demonstrates how the financial market is likely to value green investments and that such investments will likely generate shareholder value through several channels. Indeed, green investments impact the firm’s turnover and the minimum income required by the shareholder. Such a modulation of the carbon tax according to the economic cycle would make reconciling ecological and economic efficiency possible.

This article analyses the effects of a carbon emissions tax on consumers and firms and its impact on the effectiveness of a Keynesian stimulus plan. Previous research and empirical data have suggested that such a tax would have a depressive effect. Moreover, these studies argue that the effectiveness of a reflation policy would hampered by a climate policy or environmental constraints. In contrast, the present study demonstrates that an emissions tax can, in certain conditions, have a favorable impact on economic activity. Furthermore, stimulus policy is found to be even more effective when combined with an emissions tax.

Résumé : Cet article développe un modèle keynésien de croissance en situation de concurrence parfaite dans lequel nous introduisons une taxation écologique. Nous montrons qu’il est possible de mettre en évidence un triple dividende de la taxation écologique. Ce triple dividende se caractérise par un effet écologique et deux possibles effets économiques : un éventuel effet positif sur l’emploi, et un effet de réduction de l’instabilité de l’économie. Nous élargissons donc la problématique du double dividende à travers la mise en lumière d’une implication de la taxation écologique peu étudiée dans la littérature. Mots Clés : double-dividende, taxe carbone, croissance, instabilité, concurrence parfaite. Classification J.E.L : E12 - E60 - H32 – Q57. Carbon tax and stability of the economy: for an extension of the problem of the double dividend of ecological taxation Abstract: This paper develops a Keynesian model of growth under perfect competition in which we introduce ecological taxation. We show that it is possible to highlight a triple dividend of ecological taxation. This triple dividend is characterized by an ecological effect and two possible economic effects: a possible positive effect on employment, and an effect of reducing the instability of the economy. We therefore extend the issue of the double dividend by highlighting the implication of ecological taxation that has been little studied in the literature. Keywords: double-dividend, carbon tax, growth, instability, perfect competition. J.E.L Classification E12 - E60 - H32 - Q57.