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This paper examines the role of China's factors in international commodity price fluctuations from a perspective of monetary-fiscal policy interaction. We employ a nonlinear Interacted-VAR model to investigate whether the impact of China's monetary policy shocks on international commodity prices is conditional on its fiscal policy stances. Using several measures of China's fiscal policy stance, we estimate their interaction with monetary policy identified through Interacted-VAR analysis. We find that the response of international commodity prices to China's monetary policy is much stronger and more persistent in the presence of its active fiscal policy stance. The empirical findings are very consistent when using several alternative model specifications. Moreover, our analysis suggests that failing to take into account the interaction of monetary-fiscal policies in the model might lead to incorrectly assessing the impact of monetary policy on commodity price fluctuations. In addition, our results reveal the substantial heterogeneity in the impact of China's factors on commodity prices across sectors. These empirical findings offer insights into the interaction of monetary-fiscal policies, as well as the role of China's factors in the international commodity markets. [ABSTRACT FROM AUTHOR]

The urban passenger transportation plays a pivotal role in achieving ambitious climate targets. Exploring its opportunities for decarbonization requires a comprehensive understanding of the impacts of different policy designs. This study develops an integrated model for simulating the effectiveness and interactions of various policy designs aimed at decarbonizing urban passenger transportation. It distinguishes itself from previous studies by considering a broad range of criteria, including mitigation effectiveness, cost effectiveness, and transition effectiveness. It also assesses the overall performance of various policy options based on these effectiveness criteria. In an urban case study, we have identified the complementary nature of the majority of policy mixes and also revealed conflicting effects when implementing a supplementary policy, such as carbon tax and fuel economy regulation. The concurrent implementation of multiple policies can yield synergistic effects or trade-offs, with the former being widely acknowledged in the context of energy transition, while the latter is more commonly observed in relation to emissions reductions and cost savings. This study also reveals a trade-off effect across various effectiveness criteria, underscoring the significance of formulating well-balanced policy packages to promote sustainable urban passenger transport. • Policy effectiveness and interactions are evaluated based on three criteria. • An urban-level integrated model encompassing three modules is developed. • Complementation, synergy, and conflicts among different policies are identified. • There exist trade-off effects among various effectiveness criteria. [ABSTRACT FROM AUTHOR]

Climate policies such as carbon tax and green finance policy are critical measures to promote low-carbon transition worldwide. These policies are, however, likely to interact with each other and create unintentional consequences. This paper adopts a stock-flow consistent model to theoretically explore the effects of policy interactions. Specifically, commercial banks, as the key credit creators and critical players in providing source of finance, are included. Based on the numerical simulations of the dynamic model, we find that both carbon tax and green finance policies render positive impacts on low-carbon transition. In addition, green credit incentives, if imposed simultaneously with carbon tax, can enhance the positive effects. Although low-carbon transition could generate higher net government revenues, our results show that banking sector tends to expose to higher financial risks when firms' debt-equity ratio rises. Further analysis shows that subsidies on green loans can support green transition and bring positive consequences to debt rollover and social welfare, indicating the needs for active government intervention to improve policy effectiveness. The framework proposed in this paper provides a useful way to understand policy dilemmas in pursuing low-carbon transition and give important implications to form optimal policy mix. • A stock-flow consistent model is developed to examine climate policy interactions. • We show that climate policy-mix can generate both positive and negative effects. • Green finance policies can enhance green investment and induce higher financial risks. • Active government intervention such as green subsidies can ease financial distress and improve policy effectiveness. [ABSTRACT FROM AUTHOR]

Expanding the analysis unit from a single action situation to networks of action situations (NAS) is a theoretical development in response to complex systemic issues. However, the methodology of this emerging field is still in its infancy. This article develops an agent-situation-based model to evaluate the interaction effects of targeted policies by translating a NAS into an agent-based model (ABM). This paper applies this NAS–ABM method to China's top-down land planning control system to evaluate the performance of two cap-and-trade (CAT) policies, implemented simultaneously, which aim to preserve cultivated land and restrict land expansion for construction. The results show that either CAT policy can improve land allocation efficiency and reduce income gaps in different regions but is not Pareto-improving. Furthermore, if implemented jointly, the two CAT policies expand the income gap between urban and rural areas and are not conducive to protecting soil quality and the environment. • We develop an agent-situation-based model for networked action situations (NAS). • The model simulates well the interaction of two cap-and-trade (CAT) land policies. • Neither CAT is environment-friendly due to spatial heterogeneity reason. • The interaction of two CATs improves efficiency but enlarges the income gap. • The interaction of two CATs worsens the environmental goal of each CAT. [ABSTRACT FROM AUTHOR]

This paper evaluates the critical contribution of the industry sector to long-term decarbonisation, efficiency and renewable energy policy targets. Its methodological novelty is the incorporation of a process-oriented modelling approach based on a comprehensive technology database for the industry sector in a national energy system model for the UK (UKTM), allowing quantification of the role of both decarbonisation of upstream energy vectors and of mitigation options in the industrial sub-categories. This enhanced model is then applied in a comparative policy scenario analysis that explores various target dimensions on emission mitigation, renewable energy and energy efficiency at both a national and European level. The results show that ambitious emission cuts in the industry sector of up to 77% until 2050 compared to 2010 can be achieved. Moreover, with a reduction in industrial energy demand of up to 31% between 2010 and 2050, the sector is essential for achieving the overall efficiency commitments. The industry sector also makes a moderate contribution to the expansion of renewable energies mostly through the use of biomass for low-temperature heating services. However, additional sub-targets on renewable sources and energy efficiency need to be assessed critically, as they can significantly distort the cost-efficiency of the long-term mitigation pathway. [ABSTRACT FROM AUTHOR]

Abstract: Policy-makers apply multiple policy instruments simultaneously in the climate and energy policy field at both EU and Member State levels. This creates interactions between instruments that can be complementary and synergistic but also conflicting. This article focuses on the interactions of climate policy instruments and their impact on biomass use. The objectives are to examine interactions of the EU Emissions Trading System (EU ETS) with the main national climate policy instruments and to identify the influence of these on biomass use. The work draws experiences from seven EU countries (Austria, Finland, Germany, the Netherlands, Poland, Sweden and the United Kingdom), with a special focus on Finland and Sweden. The analysis explores the effects of policy interactions and is based on an examination of literature, and interviews with biomass experts in research, industry and policy spheres. Results indicate that the combined effects of climate policy instruments have a tangible impact on biomass use, whereas the causal links to the EU ETS are difficult to assess separately. Policy impacts found include increased competition for biomass resources, changes in fuel mixes and a contribution to upward pressure on wood prices. Differences in these effects are linked to differing national policy mixes and energy-carrier portfolios – an example being the relative differences in the importance of peat to the energy mix in Finland and Sweden. Analysis and comparison of the effects in the selected countries can yield insight on how to improve the design of policy interventions that impact biomass use. This study confirms the importance of identifying interactions between policy instruments so as to recognise – and manage – synergies and conflicts. The development of more synergistic and coordinated policy instrument mixes would also be beneficial for the bioenergy field. [Copyright &y& Elsevier]

Increasing attention has been paid to the potential for demand-side policies to stimulate use of broadband networks. Such policies form part of the increasing digitalisation of the economy and wider society. This is an area where governments are also facing challenges in their efforts to maximise the efficiency and effectiveness of their policies. The paper sheds light on the impact that the transition towards digital has had on demand-side policies supporting the adoption of broadband and digital technologies by SMEs, and draws out the implications for policy, using a case study of Wales in the UK over a ten-year period. It shows that digitalisation has seen policy mechanisms and messages evolving as policy makers have created a more integrated and multi-channel approach to the delivery of advisory support to SMEs, but that the emergence of multiple types of actors (large digital platform businesses) and ongoing digitalisation are adding complexity to policies and their interaction with other forms of public and private business support. • Examines demand-side advisory policies for SMEs through a longitudinal case-study of Wales. • Develops a novel framework to study policy mechanisms, messages, actors and digital transition in SME advisory policies. • Identifies the emergence of greater complexity in demand-side policy design and delivery, and SME needs. • Shows the emergence of blended models of online and offline SME advisory policies and the emergence of new policy messages. • Provides policy implications focusing on how policymakers might respond to digital transition in demand-side policies. [ABSTRACT FROM AUTHOR]