Environmental Financing in European Economies in Transition |
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Authors: | Grzegorz Peszko Tomasz ?ylicz |
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Institution: | (1) Cracow Academy of Economics, 27 Rakowicka Street, 31-510 Cracow, Poland;(2) Warsaw University, 44–50 Dluga Street, 00-241 Warsaw, Poland |
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Abstract: | The paper offers a perspective on environmental predicament of economies in transition. Emphasis is put on how these economies
finance their environmental needs. It is observed that the demand for environmental financing can be affected both by environmental
policy measures (such as internalization of externalities) and by other factors (such as the softness of budget constraints
faced by firms). The role of subsidies – in many countries of the Central and Eastern European region provided through special
purpose ‘environmental funds’ – is then scrutinized. In particular the question is asked whether such funds crowd out commercial
capital from the market. Conditions are discussed that would allow the funds to play their constructive environmental roles
without crowding out private financing. |
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Keywords: | environmental project financing economies in transition |
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