Income Distributional Effects of Decoupled Payments Single Payment Scheme in the European Union. Factor Markets Working Paper No. 29, July 2012

This paper analyses the effects of the Single Payment Scheme (SPS) with and without farm structural change, and focuses on how income distributional effects and farm restructuring are impacted by the SPS under: alternative entitlement tradability, cross-compliance and CAP 'greening' requirements, different SPS implementation models, the entitlement stock, market imperfections and institutional regulations. The authors find that the SPS implication details are highly significant, since farmers’ benefits can range from 100% of the SPS value to a negative policy incidence, and farm structural change may also be hindered by the SPS.

Market Efficiency in the EU Emissions Trading Scheme: An outlook for the third trading period. Bruges European Economic Research (BEER) Papers 20/March 2011

Is the EU Emission Trading Scheme (ETS) ready for the challenge of cutting emissions by 20 %? This paper tries to provide an answer to this question by studying the efficiency of the scheme, both in the secondary and in the primary markets for allowances. On the one hand, this paper draws conclusions from the operation of the scheme so far. For this purpose, it studies a wide variety of market data using economic and econometric techniques. On the other hand, building on this evidence, this paper presents and evaluates some of the changes introduced in the scheme for the third trading period.