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Medium-term Macroeconomic Effects of Russia’s War in Ukraine and How it Affects Energy Security and Global Emission Targets
Hugo Rojas-Romagosa
出版International Monetary Fund, 2024-03
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / General
ISBN9798400264269
URLhttp://books.google.com.hk/books?id=yPj5EAAAQBAJ&hl=&source=gbs_api
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註釋Russia’s war in Ukraine has disrupted the supply of natural gas for many European countries, triggering an energy crisis and affecting energy security. We simulate the medium-term effects of these trade disruptions and find that most European countries have limited GDP losses but those more dependent on Russian natural gas face moderate losses. European fossil fuel consumption and emissions are reduced and after accounting for the war impacts, achieving Europe’s emission targets becomes slightly less costly. In terms of energy security, the war eliminates European energy dependency from Russian imports, but most of the natural gas and oil imports will be substituted by other suppliers. We also find that constructing a new Russian pipeline to China does not provide significant macroeconomic benefits to either country.