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"Government obligations"
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Drivers and Challenges of Peer-to-Peer Energy Trading Development in Thailand
Recent developments in disruptive technologies along with the cost reduction of photovoltaics have been transforming business models in the electricity sector worldwide. The rise of prosumers has led to a more decentralized and open local green energy market through the emergence of peer-to-peer (P2P) energy trading, where consumers and prosumers can buy or sell electricity through an online trading platform. P2P energy trading has the potential to make green energy more accessible at the local level, provide a customer choice that aligns with community values, and promote the use of renewable energy (RE) for local consumption. Although P2P energy trading has already been adopted in some countries, its implementation remains challenging in other countries, including Thailand. In this work, we investigated the drivers and challenges of implementing P2P energy trading in Thailand based on the perspectives of P2P energy trading pilot project developers participating in the regulatory sandbox program. A strategic framework was used to identify the respondents’ standpoints on the political, economic, social, technological, legal, and environmental (PESTLE) factors that can influence the implementation of P2P energy trading. This can help businesses, policymakers, and regulators better understand drivers and barriers of P2P energy trading, which is a potential local energy market. This paper also provides policy recommendations for regulatory changes for the future development of P2P energy trading, including opening a third-party access (TPA) regime, enabling a liberalized market in the electricity market, and integrating the role and responsibilities of the prosumer for P2P energy trading into existing law.
Journal Article
The Political Economy of Debt and Entitlements
This article presents a dynamic political-economic model of total government obligations. Its focus is on the interplay between debt and entitlements. In our model, both are tools by which temporarily powerful groups can extract resources from groups that will be powerful in the future: debt transfers resources across periods; entitlements directly target the future allocation of resources. We prove the following results. First, the presence of endogenous entitlements dampens the incentives of politically powerful groups to accumulate debt, but it leads to an increase in total government obligations. Second, fiscal rules can have perverse effects: if entitlements are unconstrained, and there are capital market frictions, debt limits lead to an increase in total government obligations and to worse outcomes for all groups. Analogous results hold for entitlement limits. Third, our model sheds some lights on the influence of capital market frictions on the incentives of governments to adopt fiscal rules, and implement entitlement programs. Finally, we identify preference polarization as a possible explanation for the joint growth of debt and entitlements.
Journal Article
Overturning Roe v Wade: reproducing injustice
While the impact of overturning Roe will be most acutely felt in the US, its repercussions will be felt globally, writes Nina Sun
Journal Article
Extreme Rainfall Variability in Australia
Leading patterns of observed monthly extreme rainfall variability in Australia are examined using an empirical orthogonal teleconnection (EOT) method. Extreme rainfall variability is more closely related to mean rainfall variability during austral summer than in winter. The leading EOT patterns of extreme rainfall explain less variance in Australia-wide extreme rainfall than is the case for mean rainfall EOTs. The authors illustrate that, as with mean rainfall, the El Niño–Southern Oscillation (ENSO) has the strongest association with warm-season extreme rainfall variability, while in the cool season the primary drivers are atmospheric blocking and the subtropical ridge. The Indian Ocean dipole and southern annular mode also have significant relationships with patterns of variability during austral winter and spring. Leading patterns of summer extreme rainfall variability have predictability severalmonths ahead from Pacific sea surface temperatures (SSTs) and as much as a year in advance from Indian Ocean SSTs. Predictability from the Pacific is greater for wetter-than-average summer months than for months that are drier than average, whereas for the Indian Ocean the relationship has greater linearity. Several cool-season EOTs are associated with midlatitude synoptic-scale patterns along the south and east coasts. These patterns have common atmospheric signatures denoting moist onshore flow and strong cyclonic anomalies often to the north of a blocking anticyclone. Tropical cyclone activity is observed to have significant relationships with some warm-season EOTs. This analysis shows that extreme rainfall variability in Australia can be related to remote drivers and local synoptic-scale patterns throughout the year.
Journal Article
The Rescue of Fannie Mae and Freddie Mac
The imposition of federal conservatorships on September 6, 2008, at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation—commonly known as Fannie Mae and Freddie Mac—was one of the most dramatic events of the financial crisis. These two government-sponsored enterprises play a central role in the US housing finance system, and at the start of their conservatorships held or guaranteed about $5.2 trillion of home mortgage debt. The two firms were often cited as shining examples of public-private partnerships—that is, the harnessing of private capital to advance the social goal of expanding homeownership. But in reality, the hybrid structures of Fannie Mae and Freddie Mac were destined to fail at some point, owing to their singular exposure to residential real estate and moral hazard incentives emanating from the implicit guarantee of their liabilities. We describe the financial distress experienced by the two firms, the events that led the federal government to take dramatic action in an effort to stabilize housing and financial markets, and the various resolution options available to US policymakers at the time; and we evaluate the success of the choice of conservatorship in terms of its effects on financial markets and financial stability, on mortgage supply, and on the financial position of the two firms themselves. Conservatorship achieved its key short-run goals of stabilizing mortgage markets and promoting financial stability during a period of extreme stress. However, conservatorship was intended to be a temporary fix, not a long-term solution, and more than six years later, Fannie Mae and Freddie Mac still remain in conservatorship.
Journal Article
Board Characteristics, Ownership Structure, and Shareholder Activism as Determinants of Sustainability Transparency: Panel Data Analysis for Türkiye
Using data from the 41 companies listed on the Borsa Istanbul Sustainability Index between 2020 and 2024, this study examines the relationship between board characteristics, concentrated ownership structure, shareholder activism and sustainability transparency. Reports published on a voluntary basis were subjected to content analysis based on criteria selected from the Global Reporting Initiative (GRI) standards, and a sustainability disclosure score was calculated. The relationship between board characteristics, concentrated ownership structure, shareholder activism, financial metrics identified as control variables, and sustainability scores was evaluated via robust random effects (static) and System Generalized Method of Moments (System GMM) (dynamic) panel data estimators. According to the static estimation results, board meeting frequency and the ratio of female members serve as positive drivers for sustainability transparency. In the dynamic model estimates, these governance mechanisms lose their explanatory power and show no statistically observable effect. However, across both methodological approaches, firm size, which was integrated as a control factor, consistently demonstrates a robust positive correlation with levels of disclosure. These findings reveal that governance mechanisms such as the percentage of female members and meeting frequency have a short-term and marginal effect, but structural factors such as company size are the main determinants for a long-term and sustainable level of transparency in Türkiye. Consequently, market regulators should deploy policy frameworks that incentivize disclosure trajectories aligned with international frameworks while fostering voluntary reporting. Concurrently, corporate managers should look beyond mere statutory compliance and continuously embrace extensive global reporting standards.
Journal Article
Regional Characteristics of Extreme Rainfall Extracted from TRMM PR Measurements
Characteristics and global distribution of regional extreme rainfall are presented using 12 yr of the Tropical Rainfall Measuring Mission (TRMM) Precipitation Radar (PR) measurements. By considering each rainfall event as a set of contiguous PR rainy pixels, characteristic values for each event are obtained. Regional extreme rainfall events are defined as those in which maximum near-surface rainfall rates are higher than the corresponding 99.9th percentile on a 2.5° × 2.5° horizontal-resolution grid.
The geographical distribution of extreme rainfall rates shows clear regional differences. The size and volumetric rainfall of extreme events also show clear regional differences. Extreme rainfall rates show good correlations with the corresponding rain-top heights and event sizes over oceans but marginal or no correlation over land. The time of maximum occurrence of extreme rainfall events tends to be during 0000–1200 LT over oceans, whereas it has a distinct afternoon peak over land. There are also clear seasonal differences in which the occurrence over land is largely coincident with insolation.
Regional extreme rainfall is classified by extreme rainfall rate (intensity) and the corresponding event size (extensity). Regions of “intense and extensive” extreme rainfall are found mainly over oceans near coastal areas and are likely associated with tropical cyclones and convective systems associated with the establishment of monsoons. Regions of “intense but less extensive” extreme rainfall are distributed widely over land and maritime continents, probably related to afternoon showers and mesoscale convective systems. Regions of “extensive but less intense” extreme rainfall are found almost exclusively over oceans, likely associated with well-organized mesoscale convective systems and extratropical cyclones.
Journal Article