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The socially optimal emissions tax may be above or below a Pigouvian benchmark, depending on whether physical climate risks have a substantial impact on collateral values. We derive necessary conditions for emissions taxes alone to implement a constrained-efficient allocation, and show a cap-and-trade system or green subsidies may dominate emissions taxes because they can be designed to have a less adverse effect on financial constraints. Additionally introducing leverage regulation can be welfare-improving if environmental policies have a direct negative effect on financial constraints. Furthermore, our analysis highlights the positive effect of carbon price hedging markets on equilibrium environmental policies. </p>"}}]},{"typeName":"subject","multiple":true,"typeClass":"controlledVocabulary","value":["Other"]},{"typeName":"keyword","multiple":true,"typeClass":"compound","value":[{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Pigouvian Taxes"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Carbon Taxes"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Cap-And-Trade"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Financial Constraints"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Climate Risks"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Financial Regulation"}}]},{"typeName":"topicClassification","multiple":true,"typeClass":"compound","value":[{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"Financial Economics"}}]},{"typeName":"notesText","multiple":false,"typeClass":"primitive","value":"<p>This entry is a one-file data package totaling 522.6 KB, containing a file in .pdf format.<p><p>If you use this dataset, please cite: Dottling, Robin; Rola-Janicka, Magdalena (2023). Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation. Erasmus University Rotterdam (EUR). Preprint. <a href=\"https://doi.org/10.25397/eur.22147256\" target=\"_blank\">https://doi.org/10.25397/eur.22147256</a><p>"},{"typeName":"distributionDate","multiple":false,"typeClass":"primitive","value":"2023-02-23"},{"typeName":"depositor","multiple":false,"typeClass":"primitive","value":"Dottling, Robin"},{"typeName":"dateOfDeposit","multiple":false,"typeClass":"primitive","value":"2023-02-23"}]},"dansDataVaultMetadata":{"displayName":"Data Vault Metadata","name":"dansDataVaultMetadata","fields":[{"typeName":"dansDataversePid","multiple":false,"typeClass":"primitive","value":"doi:10.34894/YD1SHK"},{"typeName":"dansDataversePidVersion","multiple":false,"typeClass":"primitive","value":"1.0"},{"typeName":"dansBagId","multiple":false,"typeClass":"primitive","value":"urn:uuid:522a0691-ff54-4a80-b45d-8d047481a4a3"},{"typeName":"dansNbn","multiple":false,"typeClass":"primitive","value":"urn:nbn:nl:ui:13-887ff75b-7f22-40ef-a2fe-f675b744ed5c"}]}},"files":[{"description":"","label":"Too_Levered_for_Pigou - with IA.pdf","restricted":false,"directoryLabel":"10.25397_eur.22147256","version":1,"datasetVersionId":31318,"categories":["Data"],"dataFile":{"id":508421,"persistentId":"","filename":"Too_Levered_for_Pigou - with IA.pdf","contentType":"application/pdf","friendlyType":"Adobe PDF","filesize":531017,"description":"","categories":["Data"],"storageIdentifier":"surf://store:198c1a3454c-39f1152c9cf7","rootDataFileId":-1,"checksum":{"type":"SHA-1","value":"798bfe650d74507cefbf429bb8ccc04d37d524b0"},"tabularData":false,"creationDate":"2025-08-19","publicationDate":"2025-08-19","directoryLabel":"10.25397_eur.22147256","lastUpdateTime":"2025-08-19T09:30:17Z","fileAccessRequest":true}}]}}}