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Terms of trade and OECD policies to mitigate global climate change

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  • Stephen P.A. Brown
  • Hillard G. Huntington

Abstract

Previous economic research has identified two ways policy to mitigate global climate change could be implemented without minimizing world costs. Costs are boosted when agreements to reduce greenhouse gas emissions are limited to a subset of countries or deadlines for reducing emissions force the premature retirement of energy-using capital equipment. Stephen Brown and Hillard Huntington identify a third way global warming policy could prove more costly from a world perspective-by countries using criteria other than a fuel's greenhouse gas content when determining how to reduce their emissions. According to the authors, an individual country can reduce its own cost of cutting emissions by more aggressively reducing its use of imported fuels than its exported fuels. Such a strategy would enable a country to obtain gains in the terms of trade at the expense of its trading partners. Although shifting costs this way benefits the individual country, it raises the world cost of reducing emissions. This potential for individual countries to shift costs could influence future international agreements on global warming policy.

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Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (2003)
Issue (Month): ()
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Handle: RePEc:fip:fedder:y:2003:n:1

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Keywords: Environmental policy ; Energy policy;

References

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  1. Stephen P.A. Brown & Mine K. YĆ¼cel, 1995. "Energy prices and state economic performance," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 13-23.
  2. William D. Nordhaus, 1992. "The 'DICE' Model: Background and Structure of a Dynamic Integrated Climate-Economy Model of the Economics of Global Warming," Cowles Foundation Discussion Papers 1009, Cowles Foundation for Research in Economics, Yale University.
  3. Vivek Tulpule & Stephen Brown & Jaekyu Lim & Cain Polidano & Horn Pant & Brian S. Fisher, 1999. "The Kyoto Protocol: An Economic Analysis Using GTEM," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 257-285.
  4. Hope, Chris & Maul, Philip, 1996. "Valuing the impact of CO2 emissions," Energy Policy, Elsevier, vol. 24(3), pages 211-219, March.
  5. Karp, Larry & Newbery, David M, 1991. "OPEC and the U.S. Oil Import Tariff," Economic Journal, Royal Economic Society, vol. 101(405), pages 303-13, March.
  6. Griffin, James M, 1985. "OPEC Behavior: A Test of Alternative Hypotheses," American Economic Review, American Economic Association, vol. 75(5), pages 954-63, December.
  7. John Whalley & Randall Wigle, 1991. "Cutting CO2 Emissions: The Effects of Alternative Policy Approaches," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 109-124.
  8. Peck, Stephen C. & Teisberg, Thomas J., 1993. "CO2 emissions control : Comparing policy instruments," Energy Policy, Elsevier, vol. 21(3), pages 222-230, March.
  9. 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.
  10. Carol Dahl & Mine Yucel, 1991. "Testing Alternative Hypotheses of Oil Producer Behavior," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 117-138.
  11. John Pezzey, 1992. "Analysis of Unilateral CO2 Control in the European Community and OECD," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 159-172.
  12. Stephen P. A. Brown & Hillard G. Huntington, 1994. "The Economic Cost Of U.S. Oil Conservation," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 42-53, 07.
  13. Felder Stefan & Rutherford Thomas F., 1993. "Unilateral CO2 Reductions and Carbon Leakage: The Consequences of International Trade in Oil and Basic Materials," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 162-176, September.
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Cited by:
  1. Turton, Hal & Barreto, Leonardo, 2006. "Long-term security of energy supply and climate change," Energy Policy, Elsevier, vol. 34(15), pages 2232-2250, October.

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