Finance, energy and the decoupling: an empirical study

REGULAR ARTICLE Finance, ene gy and he decoupling: an empi ical s udy Zo a Ko acic 1,2 &Ma cello Spanò 3 & Samuele Lo Piano 1,2 &Ale gul H. So man 1,4 Published online: 5 July 2017 #Sp inge -Ve lag GmbH Ge many 2017 Abs ac This pape in es iga es he empi ical and heo e ical basis o he decoupling be ween ene gy h oughpu and economic g ow h, wi h a c i ical iew o he use o he decoupling concep as a policy p io i y. We p o ide an analysis o he his o ical ends o he me abolic pa e n o Eu opean economies o e a pe iod o 18 yea s ocusing on he changes in ene gy h oughpu and inancial asse s. The esul s show ha ene gy consump ion pe hou o labo has emained cons an , sugges ing ha no signi ican changes in p oduc ion p ocesses o echnology ha e aken place in he p oduc i e sec o s o he economy. The con ibu ion o his pape is o es ablish a b idge be ween he economic analysis o inancializa ion and he socie al me abolism analysis o he economic p ocess om a biophysical poin o iew. We a gue ha his b idge is c ucial o d aw a en ion o he biophysical consequences o inancializa ion (a ela i e decoupling) and c i ically assess he pe inence o policies aimed a encou aging he decoupling in he con ex o inc easing inequali y. Keywo ds Socie al me abolism .Ene gy in ensi y.Financializa ion .Delinking . Inequali y.GDP J E ol Econ (2018) 28:565–590 DOI 10.1007/s00191-017-0514-8 *Zo a Ko acic zo a.ko [email protected] 1 Ins i u de Ciencia i Tecnologia Ambien als, Uni e si a Au onoma de Ba celona, Edi ici Z, Campus UAB, 08193 Bella e a, Ce danyola del Vallès, Spain 2 Eu opean Cen e o Go e nance in Complexi y, Campus UAB, 08193 Bella e a, Ce danyola del Vallès, Spain 3 Depa men o Economics, Uni e si y o Insub ia, Via Mon e Gene oso, 71, 21100 Va ese, I aly 4 Basque Cen e o Clima e Change (BC3), Sede Building 1, 1s loo , Scien i ic Campus o he Uni e si y o he Basque Coun y, 48940 Leioa, Spain 1 In oduc ion The decoupling be ween he en i onmen and economic g ow h has been unde sc u iny since he 1990s in a a ie y o o ms: as an empi ical ques ion, as a heo e ical ques ion and as a policy p io i y. The heo e ical basis o he decoupling hypo hesis can be aced back o he wo k o G ossman and K uege (1995),andSeldenandSong(1994), who adap ed he hypo hesis o iginally de eloped by Kuzne s on he in e ed U cu e ha cha ac e ized he ela ionship be ween income pe capi a and inequali y. The same hypo hesis was pu o wa d o explain he ela ionship be ween en i onmen al deg ada- ion and income pe capi a, in wha was popula ized as he En i onmen al Kuzne s Cu e by he Wo ld Bank in 1992 (S e n 2004). Reddy and Goldembe g (1990) de eloped a simila in e p e a ion in ela ion o ene gy h oughpu and GDP. A wide a ay o hypo heses a e used o explain he decoupling, including echnological inno a- ion (Hen iques and Kande 2010), inc eases in e iciency and labo p oduc i i y (EIA 2013; Jo genson 1984), he e ia iza ion o he economy and he ou sou cing o indus- ial p oduc ion (Giampie o e al. 2012; Pe e s e al. 2011; Robe s and G imes 1997). As a policy p io i y, he idea o educing en i onmen al p essu es h ough e iciency and inno a ion while sus aining economic g ow h can be aced back o 1992 (Fische Kowalski e al. 2011). The e m decoupling only appea ed in 2001, deployed in a OECD s a egy pape as a means o “ensu ing ha con inued economic g ow h is accompanied by enhanced en i onmen al quali y”(OECD 2001: 11), and was pu unde he spo ligh by he Uni ed Na ions En i onmen al P og am in 2011 (Fische Kowalski e al. 2011). Wi h ega d o policy, he decoupling is closely linked o echnological op imism and a s ong c i icism o he limi s o g ow h a gumen aised by Meadows e al. (1972). The ecen enewed in e es in he decoupling has also been explained as a esponse o he global inancial c isis o 2008 (Bo ghesi e al. 2013). E idence is la gely inconclusi e in es ablishing whe he a decoupling is happening, as hypo heses ha e bo h been empi ically con i med (G ossman and K uege 1995) and dispu ed (Hen iques and Kande 2010;S e n2004). The deba e also hinges on he ques ion o whe he obse ed ins ances o di e gence signi y a ela i e decoupling, in which economic g ow h accele a es as e han na u al esou ce use, o an absolu e decoupling, in which economic g ow h is accompanied by a decline in na u al esou ce use (Ma in and Mazzan i 2013). Disag eemen s on da a in e p e a ion s em om he undamen ally di e en s ands aken by ecological economics, de eloped om Geo gescu-Roegen’s(1971) s udy o he economic p ocess as a p ocess o ene gy deg ada ion, insepa able om i s biophysical cons ain s, and neoclassical en i onmen- al economics, in which echnological inno a ion is emphasized as a means o o e - come biophysical cons ain s (Ramos-Ma in 2003). This pape aims a es ablishing a b idge be ween economic and biophysical heo i- za ions o he economic p ocess as a means o e-in e p e he empi ical basis o he decoupling hypo hesis, wi h a speci ic ocus on he ole o inancializa ion. We de ine inancializa ion as he p ocess o inc easing inancial le e age and o con e ing all so s o alues exchanged in he economy, including mo gages, sala ies, pension unds, insu ance p emia, in o inancial asse s. We p o ide a biophysical analysis o Ene gy In ensi y ends, de ined as he a io be ween agg ega e o he ene gy ca ie s (elec ici y, uels, p ocess hea ) needed o di e en end uses (ag icul u e, building and manu ac u ing, ene gy and mining, anspo a ion, se ices and go e nmen , 566 Ko acic Z. e al. households), and GDP, coupled wi h Financial In ensi y (measu ed as he olume o inancial asse s o e GDP) ac oss di e en economic sec o s. The empi ical base used in his s udy co e s he Eu opean Union a 14 coun ies (EU14) in he 18 -yea pe iod be ween 1995 and 2013. In he pe iod unde s udy, GDP g ow h ou paced he inc ease in ene gy h oughpu , leading o a dec ease in ene gy in ensi y (ene gy h oughpu pe uni o GDP) in he EU14 (Fig. 1). We acknowledge he limi s o he sho ime pe iod used, which is cons ained by he ime ame o a ailable da a on he Eu os a da abase, bu doing so allows o consis ency in ene gy h oughpu accoun ing ac oss coun ies and yea s. Following Hen iques and Kande (2010) he obse ed decoupling can be linked o an inc easing sha e o he se ice sec o in GDP, which is less ene gy in ensi e han building and manu ac u ing. The au ho s poin ou , howe e , ha he s uc u al changes in he economy do no p o ide conclusi e e idence on he decoupling, since some economic ac i i ies comp ised by he se ice sec o , namely anspo , a e qui e ene gy in ensi e. In o de o a oid accoun ing o ene gy in ensi e ac i i ies o he se ice sec o , we analyze he inancial sec o (FS) and he go e nmen sec o (GOV) sepa- a ely, and agg ega e he emaining ac i i ies o he domes ic economy (DE*). Acco ding o a s udy published by McKinsey, global deb has been g owing as e han global GDP, eaching 200 illion US$ in 2014 (Dobbs e al. 2015), while global GDP o he same yea is es ima ed a 75 illion US$ (Wo ld Bank 2015). Tha is, he o al deb as sha e o GDP is es ima ed o be 290%. Despi e he p ac ices o inc easing c edi and lowe ing in e es a es ha ha e cha ac e ized he las wo decades, and in ensi ied a e he 2008 global inancial c isis, he in la ion a e (de ined as he consume p ice index) has been kep unde con ol. By con as , no con ol has been exe ed on s ock ma ke s p ices, on housing p ices and on bo h olume and quali y o inancial asse s. This phenomenon sugges s ha an inc easing amoun o c edi a ails ansac ions o asse s al eady in place (housing, s ock ma ke ) o o newly gene a ed inancial asse s (secu i iza ion) (Bank o In e na ional Se lemen s 2011; Hudson and Bezeme 2012), bu nei he componen has a ne e ec on GDP, acco ding o cu en GDP accoun ing ules. To unde s and why, we shall ecall how inancial ansac ions a e egis e ed in na ional accoun ing. A inancial ansac ion always has a coun e pa ansac ion. This coun e pa may be ano he inancial ansac ion o a non- Fig. 1 Ene gy h oughpu and GDP in EU14 1995–2013. Ac onyms: To al Ene gy Th oughpu (TET); Th oughpu o G oss Ene gy Requi emen s (TGER, Pe ajoules); Th oughpu o Ene gy Ca ie s (TEC, Pej ajoules); G oss Domes ic P oduc s (Billion €) Finance, ene gy and he decoupling 567 inancial ansac ion, such as a ansac ion in p oduc s, a dis ibu i e ansac ion, a ansac ion in exis ing (non-p oduced in cu en pe iod) non- inancial asse s. Whe e a ansac ion and i s coun e pa a e bo h inancial ansac ions, hey change he po olio o inancial asse s and liabili ies and hey may change he o als o bo h inancial asse s and liabili ies o he holding ins i u ions, bu hey do no change ne lending/ne bo owing o ne wo h. T ading in exis ing inancial asse s, o c ea ing new inancial asse s, only a ec s he composi ion o he inancial accoun balance o bo h coun e - pa s o he ansac ion (Eu os a Eu opean Commission 2013: 129; Godley and La oie 2007). When he coun e pa ansac ion o a inancial ansac ion is no a inancial ansac ion, ne lending/ne bo owing o he holding ins i u ions will change. Howe e , i he coun e pa is an exis ing eal asse (including houses) no p oduced in he cu en pe iod, he change in owne ship is simul aneously egis e ed in he g oss ixed capi al o ma ion o bo h he selle (debi ) and he buye (c edi ), so ha “ he posi i e and nega i e alues eco ded o g oss ixed capi al o ma ion cancel ou o he economy as a whole excep o he cos s o owne ship ans e ”(Eu os a Eu opean Commission 2013: 84, emphasis added). The a o emen ioned ising ansac ions (and ising alue) o asse s a e analyzed in he economic li e a u e on inancializa ion, which unde lines ha single indi iduals enhance indeb edness, isk- aking posi ions and pa icipa ion o inancial ma ke s (Lapa is as 2011; Ma in 2002), co po a e managemen is inc easingly a ge ed a maximizing sha eholde s alue (Gallino 2005;K ippne 2005), and inancial asse s a e inc easingly used as sou ces o p o i abili y in subs i u ion o eal p oduc ion (Eps ein 2005; E u k e al. 2008; Pollin 2007;VanT eeck2009). Financialisa ion o he economy has also been associa ed wi h income pola iza ion and inequali y (Ona an e al. 2011; Palma 2009; S ockhamme 2015), wi h endogenous inancial ins abili y and global imbalances (C o y 2008;Keen2011; Kindlebe ge 1986;Minsky1986; Ne sisyan and W ay 2010), and wi h he inadequacy o egula ion (Lo don 2011). Th oughou his pape , we e e o inancial in ensi y as a p oxy o inancializa ion. Financial in ensi y is he a io o he s ock o g oss inancial asse s (o liabili ies) pe uni o alue added (and in he case o o al economy, pe uni o GDP). The aim o his s udy is o explo e whe he he decoupling be ween ene gy h ough- pu and economic g ow h in he EU14 can be connec ed o he p ocess o inancializa ion o he economy. Using da a co e ing he pe iod om 1995 o 2013, we p o ide a quan i a i e desc ip ion o his phenomenon o di e en economic sec o s, aking in o accoun he di e en ene gy equi emen s o di e en economic sec o s using he amewo k o socie al me abolism. In ligh o ou empi ical indings, compa - ing empo al pe o mance o Ene gy In ensi y and Financial In ensi y, we p o ide (in sec ion 5) a en a i e explana ion o he decoupling be ween GDP and ene gy h ough- pu based on he c ucial ole o he inancial sec o in he economies unde s udy. We sugges ha inance has gene a ed a long- e m wa e o se e al en -seeking p ac ices ha ha e made possible and encou aged he es uc u ing o p oduc ion owa ds ou sou cing and e ia iza ion, ul ima ely leading o he obse ed ends. Inc easing inancial in ensi y ( he a io o inancial asse s pe uni o GDP) and dec easing ene gy in ensi y, he e o e, can be in e p e ed as win e ec s o he same phenomenon. The pape is o ganized as ollows: sec ion 2de ines he heo e ical amewo k o socie al me abolism used o s udy he decoupling. Sec ion 3de ails he da a and me hods used. Sec ion 4p esen s he esul s o he analysis o he EU coun ies. We 568 Ko acic Z. e al. assess he pe o mance o he indi idual economic sec o s and hei impac on he o e all dec ease in ene gy in ensi y a he na ional le el and on he o e all inc easing inancializa ion o he economy. Sec ion 5ad ances a en a i e explana ion o he decoupling by connec ing obse a ion on inancial and biophysical ends. Sec ion 6 concludes. 2 The in e ace be ween he inancial and he biophysical economy In o de o assess he ela ionship be ween ene gy h oughpu and he economic p ocess, we analyze socio-economic sys ems om he poin o iew o socie al me abolism (Giampie o and Mayumi 2000a,b). Socie al me abolism is an app oach widely used in indus ial ecology o s udy he low o ma e ials and ene gy consumed by a socie y. This app oach makes i possible o cha ac e ize he economic p ocess bo h om an economic and a biophysical poin o iew. Me abolism is a e m used in biology o desc ibe he p ocesses h ough which o ganisms consume ene gy and o he ma e ials in o de o ep oduce hemsel es. Simila ly, in he socie al me abolism app oach, ene gy h oughpu is ela ed o he ep oduc ion o he socio-economic sys em. Acco ding o Ulanowicz (1986), i is possible o dis inguish be ween (a) he hype cycle, ha is, hose ac i i ies ha a e ne ene gy p oduce s o he es o socie y, and (b) he dissipa i e pa , ha is, hose ac i i ies ha a e ne ene gy consume s o deg ade s. The dissipa i e pa s abilizes he sys em h ough he ep oduc ion and ope a ion o ins i u ions, p o iding a con ol mechanism o he ene ge ic su plus p oduced by he hype cycle. In he socie al- me abolic pe spec i e, he hype cyclic sec o s consis o ag icul u e (AG), ene gy and mining (EM) and building and manu ac u ing (BM), p o iding ood, ene gy, ma e ials, and in as uc u e, o he es o he socie y. The dissipa i e pa is ep esen ed by he se ices and go e nmen sec o s (SG) and by households (HH) (Giampie o e al. 2014, 2013,2012). I should be unde lined ha he e m dissipa i e e e s o ene gy ans- o ma ion and no o he gene a ion o alue added: dissipa i e sec o s a e ene gy deg ade s, hey a e no necessa ily non-p oduc i e in economic e ms. In o de o p o ide a quan i a i e cha ac e iza ion o socie al me abolism, we e e o Geo gescu-Roegen’s(1971) de ini ion o a p ocess as some hing ha can be analyzed by di e en ia ing be ween unds, ha is elemen s ha s ay he same o he du a ion o he analysis and de ine he iden i y o he sys ems (e.g. Rica dian land, capi al and he wo k o ce), and lows, ha is, elemen s ha a e used o p oduced in he du a ion o he analysis (e.g. ene gy, ma e ial inpu s, wa e ). Acco ding o his de ini ion, a p ocess can be desc ibed in quan i a i e e ms as he consump ion o p oduc ion o lows h ough a gi en und. I should be no ed ha he de ini ion o unds and lows canno be de e mined in absolu e e ms, bu depends on he scale o analysis and du a ion o he ep esen a ion. Socie al me abolism can be e-de ined, acco ding o his amewo k, as he ep o- duc ion o und elemen s, o example, a gi en socie y, h ough he consump ion o ene gy, wa e , ood and he p oduc ion o was e lows. Economic g ow h, om he biophysical iewpoin , is he esul o an accele a ion in me abolic a es, ha is, an accele a ion in he h oughpu o a gi en low pe uni o und (e.g. he quan i y o ene gy ( low) used pe hou o human ac i i y ( und)). We e e o hou s o human Finance, ene gy and he decoupling 569 ac i i y in o de o acknowledge he di e si y o ac i i ies ca ied ou wi hin socie y and dis inguish be ween he wo king and non-wo king ac i i ies o he economically ac i e popula ion, as will be explained in sec ion 3. The accele a ion in he h oughpu o ene gy pe hou o human ac i i y is d i en by he s eng h o he hype cyclic sec o s, i.e. he capaci y o deli e a su plus o he es o he socie y using he leas unds possible. Fo ins ance, in ela ion o he ene gy and mining sec o , a highe ene gy su plus (i.e. ne ene gy supply a e sub ac ing he sel -consump ion o he ene gy and mining sec o and dis ibu ion losses) p o ided pe hou o human ac i i y makes i possible o sus ain a la ge and mo e a ied ange o ac i i ies, such as highe educa ion, he wel a e sys em, he heal h ca e sys em, leisu e ac i i ies, he a my and so on. In he biophysical cha ac e iza ion, economic g ow h is di ec ly linked o inc eased ene gy h oughpu . This cha ac e iza ion is consis en wi h he his o ical co ela ion be ween ene gy h oughpu and GDP (G ange 1969;Kau mann1994, 1992; Smil 2010; S e n 2011; S e n and Cle eland 2004). In o de o explain changes in ene gy in ensi y, we dis inguish be ween economic ac i i ies ha p esen di e en me abolic a es (measu ed as ene gy h oughpu pe hou o human ac i i y). Fo ins ance, he indus ial sec o p esides o e he biophysical ans o ma ions and p esen s a high co ela ion be ween ene gy h oughpu and alue added. By cons as , he inancial sec o p o ides he means o paymen ha make biophysical p oduc ion iable and p esides o e he p oduc ion o su plus measu ed in mone a y alue. The c ea ion and ci cula ion o inancial ins umen s is no echnically linked o a signi ican ene gy h oughpu . To assess he sec o ial inancial in ensi y, de ined as he olume o inancial asse s pe uni o GDP, we adop a b oad measu e o he amoun o inancial asse s. The e a e di e en possible op ions in measu ing inancial agg ega es: om he na owe de ini- ion o M1 adi ionally used o money (which agg ega es he deposi s o he banking sys em), o b oade de ini ions including less liquid asse s (Domanski e al. 2011). Gi en he inc easing di e si ica ion o inancial asse s ci cula ing in he economy obse ed in he las 20 yea s, we adop he b oade de ini ion. This choice is jus i ied by wo easons. Fi s , in p inciple, any inancial asse can be used as a means o paymen , as well as a s o e o alue, i.e. as a subs i u e o money. Second, he p ac ice o using inancial asse s as money subs i u es has isen in he las 20 yea s, whe e he complexi y and di e si ica ion o asse s has allowed ans o ming adi ionally illiquid asse s, such as mo gage c edi s, in o liquid and ma ke able means o paymen . The gene a ion and ci cula ion o inancial asse s is indispensable o he ep oduc- ion o GDP o e ime, as expendi u e in he economy is gene a ed ou o inancial s ocks. This in e p e a ion o he ole o inance is de eloped by a s and o he economic li e a u e desc ibing he e olu ion o he whole economic sys em in eg a ed wi h all inancial ansac ions (Schumpe e 1949;Keynes1937;G aziani2003;Godley and La oie 2007;Keen2010; see Bezeme 2010, o a su ey). An impo an impli- ca ion o his analysis is ha , when inancial asse s a e o ien ed o suppo economic p oduc ion, a s eady le el o in es men (i.e. a nea ly ze o le el o ne sa ing) equi es a mo e o less cons an amoun o inancial asse s. This esul de i es om he assump- ion ha agg ega e demand (and income) mus be equal o he demand gene a ed by he u no e o exis ing means o paymen , plus he demand gene a ed by he newly c ea ed lending: a s able le el o agg ega e demand does no equi e new c ea ion o lending (Keen 2015,2009;Keynes1937). 570 Ko acic Z. e al. In inancialized economies, howe e , he mone a y alue o inancial asse s has been inc easing o e he las decades, while in es men , g oss sa ing and na ional income ha e been p oceeding a a much lowe a e (Palma 2009;Spanò2015). This sugges s ha wha has been going on is some independen , massi e ac i i y o endogenous c ea ion o bo owing o non-p oduc i e pu poses, such as uelling ansac ions in exis ing asse s and liquida ion o non- adable asse s. This, in u n, c ea ed specula i e bubbles in bo h sha e and housing ma ke s, he eby uelling u he bo owing. The mul iplica ion o inancial asse s o ien ed o specula ion and ansac ions o exis ing asse s (Minsky’s‘ inancial ins abili y hypo hesis’) is la gely un ela ed o he ac i i y o p oducing goods and se ices (and GDP). Based on his heo e ical amewo k, we p o ide an analysis o he his o ical ends o ene gy and inancial in ensi y in he EU14 economies and ocus on he changes in me abolic pa e n ha can explain ene gy h oughpu ends and inancial asse s gene a ion. 3Da aandme hods The empi ical analysis o he pape is based on he changes in ene gy in ensi y and inancial in ensi y om 1995 o 2013 in he EU. The ime ame o he analysis is limi ed by he a ailabili y o ime se ies da a on inancial asse s. Ene gy in ensi y is conside ed o assess o wha ex en a decoupling be ween ene gy h oughpu and GDP has aken place in he EU. Financial in ensi y is in oduced in o de o assess o wha ex en he inancial balance shee s ha e inc eased independen ly o GDP. Ene gy in ensi y is de ined in his s udy as he a io be ween ene gy h oughpu and G oss Value Added (GVA), and is measu ed in MegaJoules o ene gy ca ie s used pe uni o GVA exp essed in Eu os a cons an p ices. A an agg ega e le el, GVA is equi alen o GDP ne o axes. We use GVA in o de o be able o assign a alue o GVA o each economic sec o conside ed. Ene gy h oughpu is calcula ed acco ding o he p o ocol de eloped by Diaz-Mau in and Giampie o (2013), Giampie o e al. (2013,2012), Giampie o and So man (2012), Mayumi and Giampie o (2014), and So man (2011), based on ene gy accoun ing in e ms o ene gy ca ie s. Acco ding o his p o ocol, ene gy can be accoun ed ei he in e ms o p ima y ene gy sou ces (e.g. oil, coal, wind, sola adia ion, u anium, e ce e a) o in e ms o ene gy ca ie s, ha is, he inal o m in which ene gy is consumed by end use s (e.g. gasoline, diesel, elec ici y, hea , e ce e a). Since di e en p ima y ene gy sou ces ha e o unde go di e en ans o ma ion p ocesses (and equi e di e en ene gy inpu s) in o de o be a ailable as ene gy ca ie s o inal consump ion, he o al ene gy h oughpu o a socie y depends bo h on he inal ene gy consump ion and on he p ocesses equi ed o p oduce ene gy ca ie s. Fo his eason, we calcula e ene gy h oughpu in e ms o ene gy ca ie s by di e en ia ing be ween mechanical (elec ici y) and he mal ene gy ( uels and p ocess hea ). This dis inc ion makes i possible o accoun o he di e ences in quali y be ween di e en p ima y ene gy sou ces (e.g. coal and wind) used o p oduce ene gy ca ie s (e.g. elec ici y) (Cle eland e al. 2000;Fleay2003). The To al G oss Ene gy Requi emen is a p oxy o he o al P ima y Ene gy Supply measu ed in he mal equi alen , and he sum o he Ene gy Ca ie s ep esen s he o al inal Ene gy Consump ion by socie y. The p ima y ene gy equi alen o Finance, ene gy and he decoupling 571 hyd oelec ici y and nuclea elec ici y (as o any o he elec ici y no gene a ed om he mal powe plan s) is accoun ed o by conside ing he amoun o p ima y ene gy needed i ossil uels we e used as P ima y Ene gy Sou ces. Acco ding o he mody- namics, o calcula e p ima y ene gy equi alen i is necessa y o de ine a con e sion ac o be ween Joules o he mal ene gy/Joules o elec ici y ( he e iciency o he he mal powe plan ) (Giampie o e al. 2016). To his end, he To al G oss Ene gy Requi emen (see Fig. 1) is de i ed by mul iplying each ene gy ca ie by he app o- p ia e ans o ma ion coe icien s (app oxima ely 2.8 o elec ici y, 1.7 o uel and 1.1 o p ocess hea ). Fo elec ici y, he ac o used e e s o he a e age e iciency achie ed in he Eu opean Union: 30.7% once he plan sel -consump ion has been accoun ed o (EEA 2015). This alue ansla es in o a con e sion ac o : 1MWh = 0.086 oe/0.307 (1 J o elec ici y has a he mal ene gy equi alen o 2.8 J). Fo uel, he coe icien ep esen s he a io be ween ou pu o inished oil p oduc s used o anspo a ion (lique ied pe oleum gas, mo o spi i , gas/diesel oil and o al uel oil used o anspo ) and inpu o c ude oil and addi i es/oxygena e in he e ine y. The a e age con e sion ac o o Eu opean e ine ies in he yea s unde s udy is 1GJ o uel pe 1.7 GJ o p ima y ene gy sou ces (Ba he e al. 2015). Fo p ocess hea , he coe icien ep esen s an a e age o hea gene a ion o non-indus ial and indus ial uses, aking in o accoun he he mal losses o indus ial p ocesses and he benchma ks o dis ic hea ing plan s (EEA 2015). Typically 1.1 GJ o p ima y ene gy sou ces (na u al gas, solid uels, e c.) exp essed in he mal equi alen a e equi ed o 1 GJ o p ocess hea . This app oach allows us o sum “apples”wi h “apples”and “o anges”wi h “o - anges.”The me hodology used esponds o he obse a ion ha di e en accoun ing me hods may lead o e y di e en es ima es o ene gy h oughpu (Cle eland e al. 2000;Giampie oe al.2013). By accoun ing o ene gy ca ie s, we o e come he challenge o agg ega ing di e en p ima y ene gy sou ces such as nuclea powe and enewable ene gy sou ces, and di e en con e sion p ocesses, by con e ing all p i- ma y ene gy sou ces o ene gy ca ie s. The di e ences in quali y a e e lec ed by he use o con e sion coe icien s. Es ima ed lows o ene gy ca ie s a e e-agg ega ed in his s udy in o de o ob ain a p oxy o he o al ene gy h oughpu , howe e a mo e in-dep h s udy o ene gy lows would equi e a sepa a e accoun ing o di e en ene gy ca ie s. In o de o o e come his limi a ion, he a ia ion o he sha es o each ene gy ca ie has been acknowledged h oughou he manusc ip . Da a a e aken om Eu os a ables o Supply, ans o ma ion, consump ion o solid uels (n g101a), oil (n g102a), gas (n g103a), elec ici y (n g105a), enewable ene gies (n g107.a) and non- enewable was e (n g108a) (Eu os a 2014). Financial in ensi y is gi en as he a io be ween he inancial asse s (o liabili ies) and GVA. Financial in ensi y can be seen as a measu e o he le el o inancializa ion o he economy. Financial asse s and liabili ies da a a e aken om Eu os a able Financial balance shee s (nasa_10_ _bs) (Eu os a 2015a), non-consolida ed accoun s. Nominal alues o inancial asse s and liabili ies a e exp essed a cons an p ices, base yea 2005, using he Ha monized Indices o Consume P ices (HICP) (Eu os a 2015b). Da a o I eland a e no a ailable o he yea s 1995–2000. G oss Value Added (GVA) and G oss Domes ic P oduc (GDP) da a a e aken om Eu os a GDP and main componen s - Cu en p ices (nama_gdp_c) da a ables (Eu os a 2015c). The e a e di e en accoun ing p ocedu es ha can be used o 572 Ko acic Z. e al. calcula e GDP. The sum o he G oss Value Added in he a ious economic sec o s is a measu e o GDP a ac o cos . Da a o I eland and he Uni ed Kingdom a e no a ailable o he yea s 1995, 2012 and 2013; da a o Po ugal a e no a ailable o 2013. Also in his case, nominal alues o GVA a e exp essed a cons an p ices, base yea 2005, using HICP. In o de o ela e ene gy h oughpu and he olume o inancial asse s wi hin he socie al me abolism amewo k, we es ima e he ene ge ic me abolic a e and he inancial me abolic a e. The ene ge ic me abolic a e is de ined as he a io be ween ene gy h oughpu and human ac i i y, measu ed in e ms o MegaJoules o agg ega ed ene gy ca ies pe hou o human ac i i y. 1 The inancial me abolic a e is calcula ed as he a io be ween inancial asse s (o liabili ies) and human ac i i y, measu ed in Eu os (a cons an p ices) pe hou . To al human ac i i y is calcula ed as he o al amoun o hou s in one yea a ailable o a gi en popula ion. The use o hou s o human ac i i y makes i possible o dis inguish be ween he wo king and non-wo king hou s o he economically ac i e popula ion. This dis inc ion akes in o accoun he ac ha he wo king popula ion also con ibu es o he dissipa i e pa o he economy, ha is, o he consump ion o ene gy. The human ac i i y o each economic sec o is calcula ed as he a e age weekly hou s o wo k pe yea mul iplied by he a e age numbe o yea ly wo king weeks (assumed o be 46) mul iplied by he numbe o employees in each sec o . Da a a e aken om Eu os a ables Employmen by sex, age and economic ac i i y (1983–2008, NACE Re . 1.1) (l sq_egana) and om 2008 onwa ds (NACE Re . 2) (l sq_egan2) (Eu os a 2015d). Mo e de ails abou he calcula ion o he indica o s used a e a ailable in Appendix. The coun ies conside ed a e he Eu opean Union a 14 (EU 15 coun ies excluding Luxembu g 2 ) o a eigh een-yea ime pe iod om 1995 o 2013. This pe iod o ime is he longes span a ailable o gua an ee a consis en ea men o he da a and he quali y o he esul s. The ime span is cons ained by da a a ailabili y o he Eu os a da abase o a la ge enough sample o coun ies. Al hough he analysis should ideally include pas decades, we claim ha nea ly wo decades o obse a ions a e enough o assess he change in co ela ion be ween eal GDP and ene gy h oughpu in he EU. Smil (2010) has analyzed he co ela ion be ween ene gy and GDP o he US economy o he same pe iod. 4 Resul s: he ela ionship be ween ene gy and inance This sec ion p esen s he empi ical esul s o he cha ac e iza ion o he EU14 econo- mies in e ms o ene gy in ensi y and inancial in ensi y. We i s p esen he esul o he analysis a he na ional le el and ela e ou esul s o a b ie o e iew o he main 1 Da a o ene gy h oughpu in e ms o ene gy ca ie s o he inancial sec o and go e nmen sec o we e no a ailable in he Eu os a da abase. We assume ha hese sec o s ha e he same ene ge ic me abolic a e o he se ice sec o , gi en ha he se ice sec o p esen s a e y s able me abolic a e ac oss he coun ies o he sample. 2 Luxembu g has been dis ega ded om he da ase o analysis o he EU15 coun ies because o he lack and he inconsis ency o da a measu emen s. Finance, ene gy and he decoupling 573 he indings o Hen iques and Kande (2010). The only excep ions a e Spain, G eece, Aus ia and Po ugal, displaying a sligh inc ease in ene gy me abolic a e, possibly linked o he la ge-scale in es men s in cons uc ion and in as uc u es ha p eceded he c isis. This esul sugges s ha he decoupling is ela i e, al hough his conclusion mus be aken wi h cau ion. The inancial me abolic a e has inc eased consis en ly in all coun ies analyzed (Table 4). Inc eases in he inancial me abolic a e a e pa icula ly s eep o I eland, Denma k, Finland and Sweden. The inancial me abolic a e peaks in Spain in 2007 (mo e han a wo- old inc ease wi h espec o 1995) in co espondence wi h he boom in cons uc ion and he associa ed eal es a e bubble ha bu s du ing he inancial c isis and hen dec eases cons an ly. Mos o he coun ies ha expe ienced a sha p inc ease in he inancial in ensi y o he inancial sec o also display a ma ked inc ease o inancial me abolic a e in he DE* sec o . This esul con i ms he hypo hesis ha he eal economy has been in ol ed in he p ocess o inancializa ion, albei no on he same scale as he inancial sec o . The DE* sec o p esen s he lowes alues o inancial in ensi y, al hough inc easing ( om 3.2 in 1995 o 5.2 in 2013, EU14 a e age). 3 Due o he ac ha inancial asse s and liabili ies a e inc easingly in e na ionalized, he DE* sec o s inc eased hei ex e nal liabili ies, namely, hei o eign held deb , making he co ela- ion be ween he inancializa ion o he domes ic FS and DE* sec o s only pa ial. 5 Decoupling and he ole o inance Based on he empi ical indings p esen ed in sec ion 4, we now ad ance some en a i e explana ions abou he mechanism h ough which he ela i e decoupling be ween 3 Da a o he UK and I eland a e no a ailable o he yea s 1995, 2012 and 2013; and da a o 2013 a e no a ailable o Po ugal. Fig. 5 Financial In ensi y o he Go e nmen Sec o 1995-2013 580 Ko acic Z. e al. Table 3 Ene gy me abolic a e (Mega Joules o ene gy ca ie s/h o human ac i i y) o he DE* sec o , 1996–2013 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 AT 14 14 14 14 14 14 15 15 16 16 16 16 16 16 15 16 16 16 16 BE 17 18 18 18 18 18 18 18 18 18 17 17 17 18 16 17 16 16 16 DE 13 13 13 13 13 13 13 13 13 13 13 13 12 13 12 13 12 13 13 DK 12 13 12 12 12 12 12 12 12 12 13 13 13 12 12 12 12 11 11 EL 7.78.28.38.78.68.99.19.39.79.69.810 10 9.99.58.88.78.07.4 ES 8.38.58.99.39.61011111111111111119.79.79.48.88.8 FI 19 19 20 21 21 20 20 21 21 21 20 21 21 21 19 20 20 19 19 FR 12 13 12 13 13 13 13 12 13 13 12 12 12 12 11 12 11 11 11 IE 11 11 11 12 13 14 14 14 14 14 15 15 15 14 13 13 12 11 11 IT 10 10 10 11 11 11 11 11 11 11 11 11 11 11 10 10 10 10 9.6 NL 16 17 16 16 15 16 16 16 16 16 16 16 16 16 15 16 15 15 15 PT 7.17.27.68.18.48.88.88.98.99.09.08.88.98.78.58.48.07.67.8 SE 18 18 18 18 17 17 17 17 17 17 16 16 16 15 15 15 15 15 14 UK 13 13 13 13 13 13 13 13 13 13 13 13 12 12 11 12 11 11 11 EU14 13 13 13 13 13 14 14 14 14 14 14 14 14 14 13 13 12 12 12 Finance, ene gy and he decoupling 581 GDP and ene gy h oughpu is aking place and he cen al ole plaid by he inancial sec o . The ene gy in ensi y o he EU14 has dec eased by 20% o e he pe iod analyzed, con i ming ha he e has been a ela i e decoupling be ween ene gy h oughpu and GVA in all na ional economies o ou sample (EU14). We speak o ela i e decoupling because no dec ease in ene gy me abolic a es can be obse ed in he DE* sec o o he coun ies analyzed (Table 4). This esul is in line wi h p e ious s udies (Giampie o e al. 2012; Pe e s e al. 2011; Robe s and G imes 1997) ha emphasize ha declining Fig. 6 Ene gy Me abolic Ra e o he Domes ic Economy excluding Financial Sec o and Go e nmen 1995- 2013 (6a) and Financial Me abolic Ra e o he Domes ic Economy excluding Financial Sec o and Go e n- men 1995-2013 (6b) 582 Ko acic Z. e al. Table 4 Financial me abolic a e ( inancial asse s/h o human ac i i y) o he DE* sec o , 1996–2013 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 AT 6.16.26.46.77.27.57.67.88.28.69.510 11 10 11 11 11 11 11 BE 11 12 13 15 17 19 18 16 18 18 19 21 22 21 23 24 25 21 21 DE 7.2 7.4 7.7 8.5 9.4 9.6 9.7 8.8 9.2 9.3 9.7 9.7 10 9.5 9.8 10 9.8 10 11 DK 10 11 13 14 15 14 13 13 13 14 20 22 21 18 19 21 21 22 23 EL 2.52.52.93.45.54.23.83.33.43.74.14.34.63.63.73.32.92.93.2 ES 4.34.44.95.86.57.07.37.17.78.19 10 10 8.58.48.27.97.47.7 FI 4.5 4.7 5.3 6.0 7.2 8.0 7.6 7.5 8.1 8.5 9.1 9.8 10 10 10 11 10 10 10 FR 8.49.19.811131413121313141616131515141516 IE 14 14 14 15 16 18 18 18 21 22 22 23 IT 6.2 7.0 7.6 8.4 9.4 10 9.6 9.4 9.5 10 10 11 10 9.7 9.4 9.3 8.9 8.8 8.8 NL 10 11 12 13 15 16 15 14 14 15 16 17 18 17 18 19 19 19 19 PT 3.63.75.96.56.97.27.06.76.97.17.37.68.17.98.28.47.76.46.5 SE 8.3 9.1 10 11 16 16 16 15 16 18 21 24 22 17 20 24 23 25 27 UK 6.9 8.2 10 11 14 14 14 12 12 12 14 15 14 10 11 12 11 12 12 EU14 6.9 7.4 8.4 9.1 11 11 11 10 11 11 12 13 13 11 12 12 12 12 12 Finance, ene gy and he decoupling 583 ene gy in ensi y is no he esul o some inc easing p oduc i i y o inc easing e icien- cy in ene gy use, bu he e ec o he inc easing sha e o he se ices sec o in he GDP o ma u e neo-libe al economies combined wi h he ou sou cing o indus y and ag icul u e o de eloping coun ies (Hun ing on 2010). I should be no ed ha his is a con o e sial poin , as o he s udies poin o echnological inno a ion and inc eased e iciency (Hen iques and Kande 2010). In suppo o he a gumen ha decoupling ela es o e ia iza ion and no o ene gy e iciency, Fig. 7illus a es ha : (i) he sha e o human ac i i y (HA) alloca ed o he building and manu ac u ing sec o (BM) dec eases, whe eas ha alloca ed o se ices and go e nmen (SG) inc eases; (ii) he Ene gy Me abolic Ra es did no change signi ican ly in ei he he BM o SG sec o , sugges ing ha no signi ican inno a ion o change in ene gy e iciency has aken place; (iii) he ene gy me abolic a e o he Fig. 7 Te ia iza ion, ene gy me abolic a es, ma kup and mac oeconomic indexes in EU14 584 Ko acic Z. e al. economy as a whole (PW) has dec eased by nea ly 10% in he pe iod analyzed, a end ha we sugges is mo e likely o be explained by he inc easing ela i e sha e o wo king hou s and GVA o he se ices sec o han by changes in echnology (sec o ial EMRs a e nea ly cons an ). As Milbe g and Winkle (2013) documen , ou sou cing ( eloca ing pa s o he p oduc ion p ocess o o he coun ies) is associa ed wi h bo h deindus ializa ion and he educ ion o labo ’s sha e o na ional income in many indus ialized coun ies. A highe sha e o he se ices sec o in he domes ic economy, gene ally speaking, would imply lowe a e age p oduc ion cos s and a co esponding all in a e age p ices due o lowe physical capi al and ene gy inpu s needed by he se ices sec o compa ed o ag icul u e and he building and manu ac u ing sec o s. Gi en he nominal uni labo cos (de ined as he a io o nominal wage o eal p oduc i i y o labo ), i cos s o in e media e goods in p oduc ion all, he p ice le el o ou pu should also all, unless some o se ing e ec occu s. I should be ema ked ha inc easing p oduc i i y o labo (due, o example, o highe le el o educa ion and echnical skills), besides being di icul o measu e in he se ices sec o (Boswo h and T iple 2000;Ru kauskasand Paula iciene 2005), may ac as a u he de e minan o a lowe ing gene al p ice le el, i i does no ansla e in o highe nominal wages ( he eby keeping cons an he uni labo cos ). The ac ha he gene al p ice le el does no all, he e o e, mus be explained by he inc easing sha e o non-labo emune a ion in he income dis ibu ion, i.e. he ma kup (Kalecki 1954). The ma kup includes p o i s and en s, and i s ising le el is ela ed o he dec easing sha e o wages and inc easing inequali y (Gallino 2011;Lapa is ase al.2012; Palma 2009). Ou da ase p o ides e idence on he change in income dis ibu ion. As illus a ed in Fig. 7, despi e he declining EMR o he Paid Wo k (PW) sec o , which is he agg ega e o ag icul u e (AG), Building and Manu ac u ing (BM) and se ices and go e nmen (SG), he ma k up, measu ed as he gap be ween he p ice index (HICP) o he p oduced goods and se ices and he nominal uni labo cos (ULC) in EU14 coun ies, has inc eased o a ound 7% in he pe iod conside ed. Finance can be seen as a key elemen in explaining how he shi o less ene gy in ensi e sec o s occu ed and how i is connec ed o ising ma kup. As many schola s ha e unde lined (Eps ein 2005;E u ke al.2008;Pollin2007;VanT eeck2009), he inancializa ion o he economy is cha ac e ized by bo h inancial and non- inancial sec o s mul iplying inancial p ac ices. T adi ional non- inancial companies ha e be- come inc easingly akin o inancial holding companies and hei inancial asse s ha e been used as sou ces o p o i abili y in subs i u ion o p oduc ion o goods and se ices. Thei p o i s ha e been inc easingly di e ed in o inancial spending aimed a maxi- mizing sha eholde s alue (Gallino 2005;K ippne 2005). In con as wi h he p edic- ion o Tobin’s heo y, heigh ened alues in he s ock ma ke ha e no ansla ed in o mo e in es men and expendi u e on inno a i e e o s (Milbe g and Shapi o 2013). Ou e idence is consis en wi h his s ylized ac , which can be illus a ed by obse ing he changes in sa ing, in es men and GDP occu ed o e he pe iod unde conside - a ion in EU14 coun ies (Fig. 4). The e olu ion o GDP o e ime is compa able wi h he e olu ion o sa ings (de ined as he alue o ou pu less consump ion expendi u e, hus including co po a e e enues), which is no ollowed by an equi alen g ow h o in es men . The inancial sec o has d i en his p ocess by con inuously gene a ing c edi , in he o m o bo h adi ional and non- adi ional asse s, o ien ed o inance Finance, ene gy and he decoupling 585 ansac ions o asse s al eady in place o o newly gene a ed inancial asse s (Bank o In e na ional Se lemen s 2011; Hudson and Bezeme 2012). The ex ao dina y expan- sion o balance shee s o bo h inancial and non- inancial sec o s ela i e o hei alue added, leading o ising inancial in ensi y epo ed in sec ion 4, is associa ed wi h he mul iplica ion o inancial asse s and he uncon olled asse p ice in la ion, h ough he p ac ices o co po a e sha e buyback, shadow banking, c ea ion o exo ic inancial p oduc s, all p ac ices gene a ing i ual weal h (inc easing alue o in angible asse s o non- inancial co po a ions and ne wo h o p i a e non-co po a e en i ies) coupled wi h a high concen a ion o weal h (Palma 2009). In ligh o his discussion, consis en wi h ou empi ical analysis and wi h o he s udies on inancializa ion, i seems possible o conside he inancial sec o as he engine o a long- e m wa e o se e al en -seeking p ac ices ha ha e made possible and encou aged he es uc u ing o p oduc ion owa ds ou sou cing and e ia iza ion. Financial p ac ices ha e helped he non- inancial co po a e sec o o inc ease he ma kup e en in a con ex o deindus ializa ion, s agna ing in es men and slow ( ela i e o pas decades) economic g ow h. To his pu pose, he non- inancial sec o inc easingly ac ed like he inancial sec o , di e ing genuine p o i s in o en s and inc easing sho - un sha eholde e u ns. Ul ima ely, inancializa ion has played a c ucial ole in he de e mina ion o he declining ene gy in ensi y and he decoupling be ween GDP and ene gy h oughpu in he majo indus ialized economies, by making ou sou cing and e ia iza ion economically iable. 6 Conclusion This pape in es iga es he decoupling be ween ene gy h oughpu and GDP in he economies o he EU. We use a highly in e disciplina y app oach based on he heo e ical amewo k o socie al me abolism, he e odox economic heo ies and inan- cial economics o analyze he decoupling, and he inancializa ion o he economy. We documen empi ically ha ene gy in ensi y (ene gy h oughpu pe uni o GDP) declined in he pe iod 1995–2013, while he ene ge ic me abolic a e (ene gy h ough- pu pe hou o human ac i i y) emained cons an . The ene gy h oughpu pe hou o wo k emained cons an o inc eased sligh ly in he sample analyzed, indica ing ha he obse ed decoupling is ela i e and cas ing doub o e he hypo hesis o inc easing ene gy e iciency. On he inancial side, bo h inancial in ensi y ( inancial asse s pe uni o income) and he inancial me abolic a e ( inancial asse s pe hou o human ac i i y) inc eased in all coun ies (wi h some impo an he e ogenei y) and in all economic sec o s, al hough bo h indica o s clea ly ose a much highe a es in he inancial sec o . This esul indica es ha he inc easing olume o inancial asse s, a he han uelling he p oduc ion o goods and se ices, assis s ansac ions in asse s al eady in place o in newly gene a ed inancial asse s. The inancial sec o has played an inc easingly impo an ole in he p ocess, gene a ing a long- e m wa e o se e al en -seeking p ac ices ha ha e made possible and encou aged he es uc u ing o p oduc ion owa ds ou sou cing and e ia iza ion, which in u n a e esponsible o he decoupling a he le el o he domes ic economy (dec easing ene gy in ensi y). Financial p ac ices, in pa icula , ha e allowed he non- 586 Ko acic Z. e al. inancial co po a e sec o o inc ease he ma kup e en in a con ex o deindus ializa- ion, s agna ing in es men and ela i ely slow economic g ow h, while gene a ing an ex ao dina y expansion o balance shee s o bo h inancial and non- inancial sec o s ela i e o hei alue added ( ising inancial in ensi y). In esponse o ou esea ch ques ion, we hus conclude ha he decoupling be ween ene gy h oughpu and economic g ow h in he EU14 e lec s a p ocess o inancializa ion, a he han a change in me abolic pa e ns o p oduc ion p ocess- es. The con ibu ion o his pape is o es ablish a b idge be ween he economic analysis o inancializa ion and he socie al me abolism analysis o he economic p ocess om a biophysical poin o iew. We a gue ha his b idge is c ucial o d aw a en ion o he biophysical consequences o inancializa ion (a ela i e decoupling wi hou changes in p oduc i e p ocesses o echnology) and c i ically assess he pe inence o policies aimed a encou aging he decoupling in he con ex o inc easing inequali y. Acknowledgmen s The au ho s would like o hank Ma io Giampie o, Jesus Ramos-Ma in, Mai e Cabeza and Kozo Mayumi o hei commen s on p e ious e sions o he pape . We a e g a e ul o he commen s ecei ed om wo anonymous e iewe s and o he suppo om he edi o . Compliance wi h e hical s anda ds Con lic o in e es The au ho s decla e ha hey ha e no con lic o in e es . Appendix A Financial asse s (non-consolida ed, €) EI Ene gy In ensi y (MJ EC ⋅€ −1 ) El Amoun o he ene gy ca ie Elec ici y (MJ EC ) EMR Ene gy Me abolic Ra e (MJ EC ⋅h −1 ) FI Financial In ensi y (€⋅€ P −1 ) FMR Financial Me abolic Ra e (€⋅h −1 ) Fu Amoun o he ene gy ca ie Fuel (MJ EC ) GVA G oss Value Added (€) HA Human ac i i y (h) He Amoun o he ene gy ca ie P ocess Hea (MJ EC ) HICP Ha monized Index o Consume P ices ( ela i e scale, e e ence yea 2005) L Financial liabili ies (non-consolida ed, €) TEC To al amoun o ene gy ca ie s (MJ EC ) TGER To al amoun o g oss ene gy equi emen (MJ GER ) The HICP index has been applied o he ma ke alues in he ollowing way: A=A xxx ⋅(100/HICP xxx ) GVA = GVA xxx ⋅(100/HICP xxx ) L=L xxx ⋅(100/HICP xxx ) Whe e XXX ep esen s a gene ic yea included in he inqui ed ange (1995–2013). Finance, ene gy and he decoupling 587 EI = TEC GVA −1 FI = A (L) GVA −1 EMR = TEC HA −1 FMR = A (L) HA −1 P ac ical examples: HAFSBE;2010 ¼156:7kemployees⋅37:7hweeks −146 weeks y−1¼2:7⋅108hy −1 GVAFSFI;2002 ¼3;566:0M€⋅100=97:82 ¼3;645 M€ TEC El;FuHe½ TEC can be ep esen ed as a ec o , whe eby each i em iden i ies he sha e o he ela ed ene gy ca ie . TECDEES;2012 El;Fu;He½¼3;600 MJEC 0:25;0:30;0:45½ Re e ences Ba he P, Chaugny M, Roudie S, Delgado Sancho L (2015) Bes a ailable echniques (BAT) e e ence documen o he e ining o mine al oil and gas. Publica ions O ice o he Eu opean Union, Luxembou g. doi:10.2791/010758 Bank o In e na ional Se lemen s (2011) Repo on asse secu i iza ion incen i es. Basel Commi ee on Banking Supe ision, Basel. URL h p://www.bis.o g/publ/join 26.pd Bezeme DJ (2010) Unde s anding inancial c isis h ough accoun ing models. 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