We analyze optimal carbon pricing under financial constraints and endogenous climate-related transition and physical costs. The socially optimal emissions tax may be above or below a Pigouvian benchmark, depending on the strength of physical climate impacts on pledgeable resources. We derive necessary conditions for emissions taxes alone to implement a constrained-efficient allocation, and show a cap-and-trade system may dominate emissions taxes because it can be designed to have a less adverse effect on financial constraints. We also assess how capital structure, carbon price hedging markets, and socially responsible investors interact with emissions pricing, and evaluate other commonly used policy tools.

中文翻译：

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对庇沟来说杠杆化程度太高：碳定价、金融约束和杠杆监管

我们分析了财务约束和内生气候相关转型和物理成本下的最佳碳定价。社会最优排放税可能高于或低于皮古基准，具体取决于气候对可承诺资源的物理影响的强度。我们得出了仅征收排放税以实施约束性有效分配的必要条件，并表明限额与交易制度可能会主导排放税，因为它可以设计为对金融约束产生较小的不利影响。我们还评估了资本结构、碳价格对冲市场和具有社会责任感的投资者如何与排放定价相互作用，并评估了其他常用的政策工具。