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Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital (2024)
Journal Article
Marsiliani, L., Renström, T. I., & Yaisawang, N. (2024). Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital. Theoretical Economics Letters, 14(1), 321-349. https://doi.org/10.4236/tel.2024.141018

We investigate the optimum lending arrangements when there is the possibility of partial default, in addition to full default, when physical capital is unobservable. In a model calibrated on Argentina, we find an optimal debt reduction of 39%, and op... Read More about Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital.

Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK (2023)
Journal Article
Raeesi, R., Searle, C., Balta-Ozkan, N., Marsiliani, L., Tian, M., & Greening, P. (2024). Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK. International Journal of Hydrogen Energy, 52(Part B), 667-687. https://doi.org/10.1016/j.ijhydene.2023.03.474

Shifting from fossil fuels to clean alternative fuel options such as hydrogen is an essential step in decarbonising the road freight transport sector and facilitating an efficient transition towards zero-emissions goods distribution of the future. De... Read More about Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK.

Decarbonisation Policies and Energy Price Reforms in Bangladesh (2022)
Journal Article
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renström, T. (2022). Decarbonisation Policies and Energy Price Reforms in Bangladesh. Energy Policy, 170, Article 113224. https://doi.org/10.1016/j.enpol.2022.113224

Bangladesh electricity sector suffers from heavy subsidization of fossil fuels and regulated electricity prices. These interventions distort the fuel mix in electricity production, promote overconsumption of fossil fuels and slow down the low-carbon... Read More about Decarbonisation Policies and Energy Price Reforms in Bangladesh.

Captive Power, Market Access and Macroeconomic Performance: Reforming the Bangladesh Electricity Sector (2021)
Journal Article
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., Renström, T., & Sarkar, A. (2021). Captive Power, Market Access and Macroeconomic Performance: Reforming the Bangladesh Electricity Sector. Energy Economics, 102, Article 105468. https://doi.org/10.1016/j.eneco.2021.105468

Integrating the captive capacity with the on-grid supply has been advocated as a way to improve resource utilization in the electricity market in developing and emerging countries. Despite many countries granting Captive Power Plants (CPPs) access to... Read More about Captive Power, Market Access and Macroeconomic Performance: Reforming the Bangladesh Electricity Sector.

Can subsidies rather than pollution taxes break the trade-off between economic output and environmental protection? (2020)
Journal Article
Renström, T. I., Spataro, L., & Marsiliani, L. (2021). Can subsidies rather than pollution taxes break the trade-off between economic output and environmental protection?. Energy Economics, 95, Article 105084. https://doi.org/10.1016/j.eneco.2020.105084

We build a general equilibrium dynamic model in which individual investors are endowed with “warm-glow” preferences a la Andreoni (1990) so that they feel partly responsible for the pollution content of their portfolio. Through investors’ portfolio c... Read More about Can subsidies rather than pollution taxes break the trade-off between economic output and environmental protection?.

Combining Private and Public Resources: Captive Power Plants and Electricity Sector Development in Bangladesh (2019)
Journal Article
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renstrom, T. (2021). Combining Private and Public Resources: Captive Power Plants and Electricity Sector Development in Bangladesh. Emerging Markets Finance and Trade, 57(14), 3891-3912. https://doi.org/10.1080/1540496x.2019.1703107

Developing economies need to efficiently utilize both public and private resources to develop their energy sectors. The opportunity cost of failing to do so is high. This article uses a Dynamic Stochastic General Equilibrium (DSGE) approach to assess... Read More about Combining Private and Public Resources: Captive Power Plants and Electricity Sector Development in Bangladesh.

Optimal sin taxes in the presence of income taxes and health care (2019)
Journal Article
Marsiliani, L., Renstrom, T., & Wang, J. (2020). Optimal sin taxes in the presence of income taxes and health care. Economics Letters, 186, Article 108767. https://doi.org/10.1016/j.econlet.2019.108767

We present a unified approach to analyze sin taxes, by allowing for a non-paternalistic view, stemming from crowding-out externalities, in addition to the paternalistic view. Analytical results show the additive property between the Pigouvian and the... Read More about Optimal sin taxes in the presence of income taxes and health care.

Optimal taxation, environment quality, socially responsible firms and investors (2019)
Journal Article
Renstrom, T., Spatarom, L., & Marsiliani, L. (2019). Optimal taxation, environment quality, socially responsible firms and investors. International review of environmental and resource economics, 13(3-4), 339-373. https://doi.org/10.1561/101.00000112

We characterize the optimal pollution-, capital- and labour-tax structure in a continuous-time model in the presence of pollution (resulting from production), both in the first- and second-best, allowing investors to be driven by social responsibilit... Read More about Optimal taxation, environment quality, socially responsible firms and investors.

The relationship between growth and the environment in Beijing, using PM2.5 concentrations (2018)
Journal Article
Di, J., Li, C., & Marsiliani, L. (2018). The relationship between growth and the environment in Beijing, using PM2.5 concentrations. Review of business and economics studies, 6(2), 5-18. https://doi.org/10.26794/2308-944x-2018-6-2-5-18

This study examines the relationship between income and the environment in Beijing from 2008 to 2017 using quarterly data. The indicator for environmental quality is concentrations of Particular Matter (PM) 2.5, from the Mission China Air Quality Mon... Read More about The relationship between growth and the environment in Beijing, using PM2.5 concentrations.

Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields (2017)
Journal Article
Marsiliani, L., & Liu, X. (2017). Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields. Review of business and economics studies, 5(1), 42-53

We investigate the role of ownership distribution in determining the extraction rates of oil fields. We formulate an empirical equation where the percentage stake of the largest licensee and the percentage share held by the largest shareholder in the... Read More about Share-Ownership Distribution and Extraction Rate of Petrolium in Oil Fields.

Energy Price Shocks in Dynamic Stochastic General Equilibrium: The Case of Bangladesh (2015)
Journal Article
Amin, S., & Marsiliani, L. (2015). Energy Price Shocks in Dynamic Stochastic General Equilibrium: The Case of Bangladesh. Review of business and economics studies, 3(4), 12-21

We investigate the role of energy price shocks on business cycle fl uctuations in Bangladesh. In doing so, we calibrate a Dynamic Stochastic General Equilibrium (DSGE) model, allowing for both energy consumption by households and as an input in produ... Read More about Energy Price Shocks in Dynamic Stochastic General Equilibrium: The Case of Bangladesh.

Political institutions and economic growth (2007)
Journal Article
Marsiliani, L., & Renstrom, T. (2007). Political institutions and economic growth. Economics of Governance, 8(3), 233-261. https://doi.org/10.1007/s10101-007-0038-z

We analyze the impact of micro-founded political institutions on economic growth in an overlapping-generations economy, where individuals differ in preferences over a public good (as well as in age). Labour- and capital taxes finance the public good... Read More about Political institutions and economic growth.

The role of government commitment for environmental policy and capital movements (2006)
Journal Article
Marsiliani, L., & Renström, T. (2006). The role of government commitment for environmental policy and capital movements. BE Journal of Macroeconomics, 6(3), Article 8. https://doi.org/10.2202/1534-5998.1229

This paper explores the relationship between environmental protection and international capital movements, when tax policy is endogenous (through voting). A two-period general equilibrium model of a small open economy is specified to compare the effe... Read More about The role of government commitment for environmental policy and capital movements.

Optimal dynamic taxation with indivisible labour (2004)
Journal Article
Basu, P., Marsiliani, L., & Renström, T. (2004). Optimal dynamic taxation with indivisible labour. Manchester School, 72(s1), 34-54. https://doi.org/10.1111/j.1467-9957.2004.00418.x

How should a government arrange taxes on labour and capital over time? To provide an answer, we develop the field of optimal dynamic taxation further by (i) incorporating indivisible labour and (ii) analysing the short-run dynamics of the capital and... Read More about Optimal dynamic taxation with indivisible labour.