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International Trade in Oil, Gas and Carbon Emission Rights: An Intertemporal General Equilibrium Model

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  • Alan S. Manne
  • Thomas F. Rutherford

Abstract

This paper employs a five-region intertemporal model to examine three issues related to carbon emission restrictions. First, we investigate the possible impact of such limits upon future oil prices. We show that carbon limits are likely to differ in their near- and long-term impact. Second, we analyze the problem of "leakage" which could arise if the OECD countries were to adopt unilateral limits upon carbon emissions. Third, we quantify some of the gainsfrom trade in carbon emission rights. Each of these issues have been studied before, but to our knowledge this is the first study based on a multi-regional, forward-looking model. We show that sequential joint maximization can be an effective way to compute equilibria for intertemporal general equilibrium models of international trade.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume15 (1994)
Issue (Month): Number 1 ()
Pages: 57-76

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Handle: RePEc:aen:journl:1994v15-01-a04

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Cited by:
  1. Hodjat Ghadhimi, 2009. "Sustainable Economic Development in Energy Rich Economies: A Regional Approach," Working Papers 200905, Regional Research Institute, West Virginia University.
  2. Hodjat Ghadimi, 2008. "Energy in a Resource-based Regional Economy: A Dynamic General Equilibrium Analysis," Working Papers 200802, Regional Research Institute, West Virginia University.
  3. Stephen P.A. Brown & Hillard G. Huntington, 1996. "Some implications of increased cooperation in world oil conservation," Working Papers 9608, Federal Reserve Bank of Dallas.
  4. Berg, Elin & Kverndokk, Snorre & Rosendahl, Knut Einar, 1997. "Gains from cartelisation in the oil market," Energy Policy, Elsevier, vol. 25(13), pages 1075-1091, November.
  5. Stephen P. A. Brown, 1998. "Global warming policy: some economic implications," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 26-35.
  6. Jaccard, Mark & Montgomery, W David, 1996. "Costs of reducing greenhouse gas emissions in the USA and Canada," Energy Policy, Elsevier, vol. 24(10-11), pages 889-898.
  7. Boyd, Roy & Ibarraran, Maria E., 2002. "Costs of compliance with the Kyoto Protocol: a developing country perspective," Energy Economics, Elsevier, vol. 24(1), pages 21-39, January.
  8. Lars Lindholt, 1999. "Beyond Kyoto: CO2 permit prices and the markets for fossil fuels," Discussion Papers 258, Research Department of Statistics Norway.
  9. Liu, Xuemei, 2008. "The monetary compensation mechanism: An alternative to the clean development mechanism," Ecological Economics, Elsevier, vol. 66(2-3), pages 289-297, June.
  10. Springer, Urs, 2003. "International diversification of investments in climate change mitigation," Ecological Economics, Elsevier, vol. 46(1), pages 181-193, August.

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