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PUBLICATIONS
The Investment Effects of Market Integration: Evidence from Renewable Energy Expansion in Chile
With Koichiro Ito and Mar Reguant
Econometrica: Accepted
We study the investment effects of market integration on renewable energy expansion. Our theory highlights that market integration not only improves allocative efficiency by gains from trade but also incentivizes new investment in renewable power plants. Using recent grid expansions in the Chilean electricity market, we show how the market integration changed electricity prices, generation costs, and renewable investments. We then build a structural model of power plant entry to quantify the impact of market integration with and without the investment effects. We find that the market integration in Chile increased solar generation by around 180%, saved generation costs by 8%, and reduced carbon emissions by 6%. A substantial amount of renewable entry would not have occurred in the absence of market integration. Our results suggest that ignoring the investment effects would substantially understate the benefits of market integration and its key role in expanding renewable energy
PAVING THE PATH:
LESSONS FROM CHILE’S EXPERIENCES AS A
SOVEREIGN ISSUER FOR SUSTAINABLE FINANCE ACTION
THE WORLD BANK GROUP, JUNE 2021
This report explores Chile’s sovereign issuer options, opportunities, and challenges through the lens of its recent decisions to issue green, social, and sustainable debt instruments. In 2019, Chile issued the maiden sovereign green bond in the Americas. Between this debut offering and May 2021, the sovereign has issued more than US$16 billion in green, social and sustainable debt, amounting to 16.6% of its total central government debt stock outstanding.2 The report explores the evolving global sovereign ESG debt landscape; Chile’s sovereign debt market development strategy and climate policy context that gave rise to the sovereign’s decision to issue labeled debt; and the practical steps Chile’s debt managers took to implement those decisions.
GREEN GROWTH OPPORTUNITIES FOR THE DECARBONIZATION GOAL FOR CHILE : REPORT ON THE MACROECONOMIC EFFECTS OF IMPLEMENTING CLIMATE CHANGE MITIGATION POLICIES
THE WORLD BANK, ECONOMIC AND SECTOR WORK, SEPTEMBER 2020
The study presents the results of model simulations showing the macroeconomic effects of the implementation of key climate change mitigation policies in Chile, aimed to reduce CO2eq emissions in accordance with Chilean latest NDC and a target of zero net CO2eq emissions by 2050. By using a multi-sector macroeconomic general equilibrium model, the study shows that the implementation of the proposed policy package could have an overall positive impact on the economy both in the short and long run, as measured by the effect on economic indicators such as GDP, and ensures decoupling of growth from fossil fuel use. Per the analysis, the expected level of GDP by 2050 could increase up to 4,4 percent when compared to the baseline scenario, which corresponds to a higher rate of growth of 0.13 p.p. Main contribution to GDP is expected from increased private consumption and investment, with an estimated 2.4 and 1.7 percent respectively. Since positive economic and financial implications could arise from the implementation of the proposed mitigation package, the unsolicited participation of the private sector could be expected and enhanced. Remaining questions and discussions from the study relate to limitations for the uptake of mitigation measures sooner than long term scenarios. The study evaluated the macroeconomic impact of implementing a mitigation package aligned with the achievement of the recent updated Chilean NDC and committed zero net CO2eq emissions by 2050.
DATOS TERRITORIALES PARA LA GESTIÓN DE LA PANDEMIA: EL CASO DEL COVID-19 EN BOLIVIA
REVISTA LATINOAMERICANA DE DESARROLLO ECONÓMICO LAJED NO. 34, AVAILABLE ONLINE, AUGUST 2020
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We estimate a COVID vulnerability index in order to characterize all Bolivian municipalities with regard to their structural conditions and their sanitary capacity facing the pandemic. The municipal disaggregation of the index becomes a relevant source of information when prioritizing the demands of the epidemic. For example, it can help guide the distribution of tests, protective equipment, and vaccines so as to reduce the levels of contagion and deaths while also minimizing the economic costs incurred. The index is constructed based on three main dimensions: i) Risk of propagation, ii) Underlying health situation, and iii) Response capacity. Among the main results, stands out the fact that 60% of the municipalities belonging to the highest decile of vulnerability are the most populous municipalities
COPPER MINING PRODUCTIVITY: LESSONS FROM CHILE
JOURNAL OF POLICY MODELLING. AVAILABLE ONLINE 4 OCTOBER 2017.
THE IMPACT OF A CARBON TAX ON THE CHILEAN ELECTRICITY GENERATION SECTOR
ENERGIES 2015, 8(4), 2674-2700; DOI:10.3390/EN8042674
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BOOKS
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March 2020
This paper analyses the Chilean Nationally Determined Contributions (NDC) proposal for the mitigation component. The methodological approach and the supporting ambition of a process carried out by the Chilean Government are assessed based on the scientific evidence available and local context. The analysis is developed by representatives of four ministries and a group of 21 researchers from six universities and research centers throughout the country.
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BOOK: NARRATIVES OF LOW-CARBON TRANSITIONS
February 2019
Promoting renewable energy and the risk of energy poverty in Chile, with Rodrigo Cerda
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December 2018
CapÃtulo 11: Reflexiones sobre la historia económica boliviana desde la perspectiva ambiental
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November 2017
Editor with Hernan de Solminihac
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November 2016
¿Es caro ser adulto mayor en Chile? With Felipe Larrain and Rodrigo Cerda
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CONFERENCES, SEMINARS AND WORKSHOPS
WORKING PAPERS
January 2021
High-income and high-productivity countries have pushed their agenda towards environmental policies. The carbon-leakage hypothesis predicts that these policies will increase emissions in unregulated countries, which typically have low-income and low-productivity. We predict that the productivity differential causes a net positive increase in emissions on global scales. We construct a country-level panel, including emissions and regulations data. We show that, although regulations from high-income countries may decrease their emissions, they also increase the emissions of the average country, causing a net global increase. This result is a call for international coordination and cooperation in order to achieve a sustainable global economy.
August, 2020
This document presents three tools for real-time monitoring of the COVID-19 pandemic with public data available in Bolivia. We use simple models that are easy to replicate and adapt to find predictions of contagions for the department of Bolivia. Our results indicate that, if current conditions are maintained, a national total of approximately 200 thousand confirmed infections is expected in early September. However, Due to the low diagnostic capacity, this estimate underestimates the true number of infections that could easily reach 1 million. Also, we contribute to public policies in the short and medium-term. The main recommendation is the urgent need for reporting, generation, and data dissemination. This investment will not only help control the pandemic but also guide the re-activation of the economic activity with the vital care of the people. UPDATE at www.cov19bolivia.github.io
March, 2018
September, 2017
June, 2017
January, 2016
November, 2014
October, 2014
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HOW PRODUCTIVE COUNTRIES MUST BECOME TO ACHIEVE THEIR GOALS INDCS ON CLIMATE CHANGE?
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ICSD 2016 BEST PAPER AWARD
August, 2016
April, 2018