tailieunhanh - FEDERAL FINANCIAL INTERVENTIONS AND SUBSIDIES IN ENERGY MARKETS 1999: PRIMARY ENERGY

In modern nancial systems, an intricate web of claims and obligations links the balance sheets of a wide variety of intermediaries, such as banks and hedge funds, into a network structure. The advent of sophisticated nancial products, such as credit default swaps and collateralised debt obligations, has heightened the complexity of these balance sheet connections still further. As demonstrated by the nancial crisis, especially in relation to the failure of Lehman Brothers and the rescue of American International Group (AIG), these interdependencies have created an environment for feedback elements to generate ampli ed responses to shocks to the nancial system. They have also made it dif cult to assess. | SR OIAF 99-03 Federal Financial Interventions and Subsidies in Energy Markets 1999 Primary Energy September 1999 Energy Information Administration Office of Integrated Analysis and Forecasting . Department of Energy Washington DC 20585 This report was prepared by the Energy Information Administration the independent statistical and analytical agency within the Department of Energy. The information contained herein should be attributed to the Energy Information Administration and should not be construed as advocating or reflecting any policy position of the Department of Energy or of any other organization. Service Reports are prepared by the Energy Information Administration upon special request and are based on assumptions specified by the requestor. Preface The analysis in this report was undertaken at the request of the Office of Policy . Department of Energy. In its request the Office of Policy asked the Energy Information Administration EIA to update the 1992 EIA report on Federal energy subsidies including any additions or deletions of Federal subsidies based on Administration and Congressional action since the 1992 report was written and to provide an estimate of the size of each current subsidy. Subsidies to be included are those through which a government or public body provides a financial benefit. The subsidy must be specific for example depreciation schedules that can be used in non-energy sectors as well as energy sectors are not included in the definition of a subsidy for this study. This report is to focus on subsidies covering primary energy only a subsequent report will be requested covering end-use energy and electricity. The assumptions for the study were noted in a letter provided by the Office of Policy on May 20 1999. A second letter from the Office of Policy clarified the assumptions further focusing the analysis of subsidies on goods rather than services. Both letters are provided in Appendix E. The legislation that established EIA in

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