ESSAYS ON FINANCIAL MARKET IMPERFECTIONS AND THE ENVIRONMENT

Dana Charles Andersen
The first chapter explores the effect of credit constraints on production-generated pollution emissions. I develop a theoretical model wherein polluting firms borrow externally to finance investment in various assets, subject to a credit constraint with lenders. The main insight of the model is that credit constraints distort the composition of assets towards over-investment in tangible assets, which can be pledged as collateral, thereby increasing the intensity of pollution emissions. The predictions of the model are...
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