All Outputs (26)

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.

Theory of Socially Responsible Investment: A Review (2023)
Book Chapter
Marsiliani, L., Naga, L., Renström, T. I., & Spataro, L. (2023). Theory of Socially Responsible Investment: A Review. In L. Spataro, M. C. Quirici, & G. Iermano (Eds.), ESG Integration and SRI Strategies in the EU (11-45). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-36457-0_2

Socially responsible investment (SRI), where individuals look beyond financial payoffs to integrate environmental, social and governance (ESG) factors into their investment decisions, is not fully explained by standard models of preferences. Conseque... Read More about Theory of Socially Responsible Investment: A Review.

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.

The Vulnerability to Oil Price Shocks of the Bangladesh Economy (2022)
Book Chapter
Amin, S., Marsiliani, L., Renström, T., & Taghizadeh-Hesary, F. (2022). The Vulnerability to Oil Price Shocks of the Bangladesh Economy. In F. Taghizadeh-Hesary, & D. Zhang (Eds.), The Handbook of Energy Policy. Springer Verlag. https://doi.org/10.1007/978-981-16-9680-0_36-1

The economic impacts of oil price shocks have been widely examined since the first oil crisis of 1973. However, most of the earlier studies have primarily focused on advanced economies while emerging countries have received less attention. In Banglad... Read More about The Vulnerability to Oil Price Shocks of the Bangladesh Economy.

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.

The Case of Waste to Energy in Bangladesh (2022)
Book Chapter
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renstrom, T. (2022). The Case of Waste to Energy in Bangladesh. In L. Arthur, M. Hughes, & D. Hondo (Eds.), Prospects for Transitioning from a Linear to Circular Economy in Developing Asia (127-144). Asian Development Bank Institute

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.

The Role of Captive Power Plants in the Bangladesh Electricity Sector (2021)
Report
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renström, T. (2021). The Role of Captive Power Plants in the Bangladesh Electricity Sector. [No known commissioning body]

Captive Power Plants (CPPs) in many emerging and developing countries play a significant role in the electricity sector. This is mainly due to unreliable electricity supplies from state-owned utilities and challenges in accessing the national grid es... Read More about The Role of Captive Power Plants in 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.

Tax Reform, Unhealthy Commodities and Endogenous Health (2017)
Working Paper
Wang, J., Marsiliani, L., & Renstrom, T. (2017). Tax Reform, Unhealthy Commodities and Endogenous Health

This paper explores how tax reforms with taxes on unhealthy commodities impact consumer behaviours and welfare when individual health is endogenised. We employ a dynamic general equilibrium model which includes both goods and health sectors. Although... Read More about Tax Reform, Unhealthy Commodities and Endogenous Health.

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.

Privately provided public goods in a dynamic economy (2010)
Working Paper
Marsiliani, L., & Renstroem, T. (2010). Privately provided public goods in a dynamic economy

We show that when individuals can save (accumulate capital), they all eventually becomepublic-good contributors. In steady state, larger economies have more contributors. If thepublic good is normal, then its quantity increases in population size in... Read More about Privately provided public goods in a dynamic economy.

Relative capital accumulation with heterogeneous individuals (2009)
Working Paper
Marsiliani, L., & Renstroem, T. (2009). Relative capital accumulation with heterogeneous individuals

The purpose of this paper is to show how differences in individuals’ labour productivitiescause differences in their accumulation of capital, and thereby analysing the evolution of theincome distribution. There are three cases of interest: (i) the hi... Read More about Relative capital accumulation with heterogeneous individuals.

Integrated aggregation in dynamic economies (2009)
Working Paper
Marsiliani, L., & Renstroem, T. (2009). Integrated aggregation in dynamic economies

The paper provides necessary and sufficient conditions for aggregation of heterogeneousindividuals in dynamic economies, when individuals differ in abilities as well as in capitalendowments, and when there are distortionary taxes. The aggregation the... Read More about Integrated aggregation in dynamic economies.

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.