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International Trade in Carbon Emission Rights and Basic Materials: General Equilibrium Calculations for 2020

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  • Perroni, Carlo
  • Rutherford, Thomas F

Abstract

Restrictions on carbon dioxide emissions affect international trade and the pattern of comparative advantage. This paper, based on calculations with a static general equilibrium model, suggests that international trade in carbon rights is a substitute for trade in energy-intensive goods, and thus international trading in carbon rights reduces sectoral effects of emission reductions. In our model, we surprisingly find that free riding by non-signatory countries may not render unilateral action ineffective. If the OECD unilaterally cuts global emissions by 5 percent from 1990 levels by the year 2020, emissions by non-OECD regions increase but offset less than 15 percent of this cutback. Moreover, carbon taxes depress international oil prices and create incentives for increased trade in natural gas. Copyright 1993 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 95 (1993)
Issue (Month): 3 ()
Pages: 257-78

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Handle: RePEc:bla:scandj:v:95:y:1993:i:3:p:257-78

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Lee, Hiro & Roland-Holst, David, 1997. "The environment and welfare implications of trade and tax policy," Journal of Development Economics, Elsevier, vol. 52(1), pages 65-82, February.
  2. McKibbin, W.J. & Bok, T.J., 1995. "The Impact on the Asia-Pacific Region of Fiscal Policy in the United States and Japan," Papers 120, Brookings Institution - Working Papers.
  3. Lisandro Abrego & Carlo Perroni, 1998. "Free-Riding, Carbon Treaties and Trade Wars: the Role of Domestic Environmental Policies," CSGR Working papers series 09/98, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
  4. Wiedmann, Thomas & Lenzen, Manfred & Turner, Karen & Barrett, John, 2007. "Examining the global environmental impact of regional consumption activities -- Part 2: Review of input-output models for the assessment of environmental impacts embodied in trade," Ecological Economics, Elsevier, vol. 61(1), pages 15-26, February.
  5. Schmidt, Holger, 1995. "Verteilungseffekte im Klimaschutz-ProzeƟ," Discussion Papers in Development Economics 18, Justus Liebig University Giessen, Institute for Development Economics.
  6. Klepper, Gernot, 1994. "Trade implications of environmental taxes," Kiel Working Papers 628, Kiel Institute for the World Economy.

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