Mortha A., Arimura T.H. (2026). Feed-in-Tariff with unexpected emission rebound? Incomplete carbon pricing and inter-fuel substitution in manufacturing. Energy Economics, in press. 

Mortha, A., Arimura, T.H., Takeda, S., Steubing, B., Chesnokova, T. (2025). Industrial relocation or shorter shipping routes? Examining the impact of the EU’s Carbon Border Adjustment Mechanism on global emissions using structural gravity. Economic Analysis and Policy 87, 1708-1741. https://doi.org/10.1016/j.eap.2025.07.019 

Mortha A., Arimura T.H. (2024). Purchase or generate? An analysis of inter-fuel substitution and electricity generation in Japanese manufacturing plants. Energy Economics 139, 107929.https://doi.org/10.1016/j.eneco.2024.107929

Mortha A., Yajima N., Arimura T.H. (2024). Impact of the Feed-in-Tariff Exemption on Energy Consumption in Japanese Industrial Plants. Japan & the World Economy 69, 101241. https://doi.org/10.1016/j.japwor.2024.101241

Taghizadeh-Hesary, F., Li, Y., Rasoulinezhad, E., Mortha, A., Long, Y., Lan, Y., Zhang, Z., Li, N., Zhao, X., & Wang, Y. (2022). Green finance and the economic feasibility of hydrogen projects. International Journal of Hydrogen Energy  47(58), 24511-24522. https://doi.org/10.1016/j.ijhydene.2022.01.111

Mortha, A., Taghizadeh-Hesary, F., & Vo, X. V. (2021). The impact of a carbon tax implementation on non-CO2 gas emissions: the case of Japan. Australasian Journal of Environmental Management, 28(4), 355–372.    https://doi.org/10.1080/14486563.2021.1991498

Taghizadeh-Hesary, F., Sarker, T., Yoshino, N., Mortha, A., & Vo, X. V. (2021). Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific. Economic Analysis and Policy, 69, 394–406.     https://doi.org/10.1016/j.eap.2020.12.021

Taghizadeh-Hesary, F., Yoshino, N., Mortha, A., Chiu, A., & Naderi, N. (2020). Internal and external determinants of housing price boom in Hong Kong. Buletin Ekonomi Moneter Dan Perbankan, 23(4), 597–620.     https://doi.org/10.21098/BEMP.V23I4.1043 

Taghizadeh-Hesary, F., Mortha, A., Farabi-Asl, H., Sarker, T., Chapman, A., Shigetomi, Y., & Fraser, T. (2020). Role of    energy finance in geothermal power development in Japan. International Review of Economics & Finance, 70, 398–    412. https://doi.org/10.1016/j.iref.2020.06.011

Morimura, S., Mortha, A., Arimura, T.H. (2023). Carbon Pricing and Regional Linkages. In Regional Linkages and Technology - Does technology mitigate conflicts? Waseda University Publishing [In Japanese]

Taghizadeh-Hesary F., Mortha A., Yoshino N., Phoumin H. (2021). Utilising Green Finance for Sustainability: Empirical Analysis of the Characteristics of Green Bond Markets. In Energy Sustainability and Climate Change in ASEAN. Economics, Law, and Institutions in Asia Pacific (pp. 169-194) . Springer, Singapore.     https://doi.org/10.1007/978-981-16-2000-3_7

Sarker, T., Taghizadeh-Hesary, F., Mortha, A., & Saha, A. (2021). The Role of Fiscal Incentives and Market-Based Incentives in Promoting Energy Efficiency in the Industrial Sector: Case Studies from Asia. In Economics, Law, and Institutions in Asia Pacific (pp. 131–149). https://doi.org/10.1007/978-981-16-3599-1_6

Taghizadeh-Hesary, F., Yoshino, N., Kim, C. J., & Mortha, A. (2021). Necessity of Developing a Comprehensive Evaluation Framework for State-owned enterprises. In Reforming State-Owned Enterprises in Asia (pp. 185–202). Springer Singapore. https://doi.org/10.1007/978-981-15-8574-6_10  

Taghizadeh-Hesary, F., Sarker, T., Mortha, A., Kim, C.J. (2021). Energy Security and Economic Integration: A Comparative Analysis of Europe and Asia-Pacific. In Economic Integration in Asia and Europe: Lessons and    Policies (pp. 593-620). Tokyo: Asian Development Bank Institute.      https://www.adb.org/sites/default/files/publication/723506/adbi-book-economic-integration-asia-europe-lessons-poli cies.pdf

Tanaka, K., Abe, K., Mortha, A. (2026). The Relationship between Carbon Emissions and Wages: Evidence from Japanese manufacturing installations. (RIETI Discussion Paper 26-E-071). https://www.rieti.go.jp/jp/publications/summary/26100014.html 

Mortha, A., Arimura, T.H. (2026). A Carrot without a Stick? The impact of a voluntary　cap-and-trade system on economic performance inside　manufacturing plants: Evidence from the Japanese ETS. (RIETI Discussion Paper 26-E-048). https://www.rieti.go.jp/en/publications/summary/26060004.html 

Hasset K., Mba Mebiame R., Mortha A., Nakai M., Ahlborg H., Michael K., Ozdemir U. Tikoudis I., Lamhauge N.,Osunmuyiwa O., Arimura T., & Johnstone N. (2024). Household energy choices - New empirical evidence and policy implications for sustainable behaviour. (OECD Environment Working Papers No. 247). https://doi.org/10.1787/534a14fe-en 

Mortha, A., Arimura, T.H., Takeda, S., Chesnokova, T.  Effect of a European Carbon Border Adjustment Mechanism on the APAC Region: A structural gravity analysis. RIETI Highlight Vol.98 (Winter 2024). Retrieved from https://www.rieti.go.jp/jp/about/highlight/Highlight_98.pdf

Mortha, A., Arimura, T.H., Takeda, S., Chesnokova, T. (2023). Effect of a European Carbon Border Adjustment Mechanism on the APAC Region: A structural gravity analysis. (RIETI Discussion Paper No. 23-E-058). https://www.rieti.go.jp/jp/publications/dp/23e058.pdf