气候变化领域集成服务门户(CCPortal): Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects

CCPortal

DOI	10.1016/j.enpol.2019.111195
	Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects
	Deleidi M.; Mazzucato M.; Semieniuk G.
发表日期	2020
ISSN	0301-4215
英文摘要	Rapid structural change towards a low-carbon energy supply requires significant additional investments into innovative but high-risk low-carbon technologies. Mobilising greater private investments requires applying the right policy instruments, but while fiscal measures and regulation have been well researched, systematic quantitative evidence about the effect of public direct investment is lacking. Absent empirical evidence, contradictory theoretical arguments claim that such public (co-)investments either ‘crowd out’ or ‘crowd in’ private investors. In this paper we show that the macroeconomic concept of crowding out/in is inapplicable to sectoral studies such as of renewable electricity. Instead, both neoclassical microeconomics and evolutionary economics suggest public direct investment to have a positive effect due to either externalities or market creation effects. We also provide the first quantitative estimate of the effect of public direct investment on private investment into renewable electricity technologies for 17 countries in the period 2004–2014. Using FGLS and static and dynamic GMM estimators, we find that public investments not only have a positive but also consistently the largest effect on private investment flows relative to feed-in tariffs, taxes and renewable portfolio standards in general, and for wind and solar technologies separately. Implications for policy aimed at accelerating the low-carbon transition are discussed. © 2019 Elsevier Ltd
英文关键词	Crowding out; Externality; Innovation financing; Market creation; Public direct investment; Renewable electricity technology
语种	英语
scopus关键词	Carbon; Commerce; Privatization; Crowding out; Direct investments; Externality; Market creation; Renewable electricity; Investments
来源期刊	Energy policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/124960
作者单位	Department of Economics, Roma Tre University, IT, United Kingdom; Institute of Innovation and Public Purpose, UCL, United Kingdom; Department of Economics, SOAS University of London, United Kingdom; Political Economy Research Institute and Department of Economics, University of Massachusetts Amherst, United States
推荐引用方式 GB/T 7714	Deleidi M.,Mazzucato M.,Semieniuk G.. Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects[J],2020.
APA	Deleidi M.,Mazzucato M.,&Semieniuk G..(2020).Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects.Energy policy.
MLA	Deleidi M.,et al."Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects".Energy policy (2020).