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What to Expect from an International System of Tradable Permits for Carbon Emmisions

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Author Info
Warwick J. McKibbin () (Australian National University, Research School of Pacific and Asian Studies, Economics Division, The Brookings Institution)
Robert Shackleton (U.S. Environmental Protection Agency, Policy Office)
Peter J. Wilcoxen (University of Texas, Economics Department, The Brookings Institution)

Additional information is available for the following registered author(s):

Abstract

We use an econometrically estimated multi-region, multi-sector general equilibrium model of the world economy to examine the effects of using a system of internationally tradable emission permits to control world carbon dioxide emissions. We focus, in particular, on the effects of the system on flows of trade and international capital. Our results show that international trade and capital flows significantly alter projections of the domestic effects of the emissions mitigation policy, compared with analyses that ignore international capital flows, and that under some systems of international permit trading the United States is likely to become a significant permit seller, the opposite of conventional wisdom.

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Publisher Info
Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 9804.

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Length: 32 pages
Date of creation: Jul 1998
Date of revision:
Handle: RePEc:anu:eenwps:9804

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Web page: http://een.anu.edu.au/

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Related research
Keywords: tradable permits; international capital flows; policy;

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Find related papers by JEL classification:
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
F30 - International Economics - - International Finance - - - General
O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Lawrence H. Goulder & Barry Eichengreen, 1989. "Savings Promotion, Investment Promotion, and International Competitiveness," NBER Chapters, in: Trade Policies for International Competitiveness, pages 5-52 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October. [Downloadable!] (restricted)
  4. McKibbin, Warwick J. & Wilcoxen, Peter J., 1998. "The theoretical and empirical structure of the G-Cubed model," Economic Modelling, Elsevier, vol. 16(1), pages 123-148, January. [Downloadable!] (restricted)
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  5. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-79, July.
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  6. Roger H. Gordon & A. Lans Bovenberg, 1994. "Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," NBER Working Papers 4796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October. [Downloadable!] (restricted)
  8. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Warwick J. McKibbin & Peter J. Wilcoxen, 2006. "A Credible Foundation For Long Term International Cooperation On Climate Change," CAMA Working Papers 2006-15, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  2. Warwick J. McKibbin & Robert Shackleton & Peter J. Wilcoxen, 1998. "The Potential Effects of International Carbon Emissions Permit Trading Under the Kyoto Protocol," Economics and Environment Network Working Papers 9805, Australian National University, Economics and Environment Network. [Downloadable!]
  3. Gunter Stephan & Georg Müller-Fürstenberger, 2003. "Does Distribution Matter? When Flexibility, Equity and Efficiency in Greenhouse Gas Abatement," Diskussionsschriften dp0301, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  4. Gunter Stephan & Georg Müller-Fürstenberger, 2004. "Does Distribution Matter? Efficiency, Equity and Flexibility in Greenhouse Gas Abatement," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 27(1), pages 87-107, January. [Downloadable!] (restricted)
  5. Claudia Kemfert & Truong P. Truong & Thomas Bruckner, 2005. "Economic Impact Assessment of Climate Change: A Multi-Gas Investigation with WIAGEM-GTAPEL-ICM," Discussion Papers of DIW Berlin 499, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  6. repec:att:wimass:192004 is not listed on IDEAS
  7. Donald Larson & Gunnar Breustedt, 2009. "Will Markets Direct Investments Under the Kyoto Protocol? Lessons from the Activities Implemented Jointly Pilots," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(3), pages 433-456, July. [Downloadable!] (restricted)
  8. Warwick J McKibbin & Robert Shackleton & Peter J Wilcoxen, 1998. "The Potential Effects of International Carbon Emissions Permit Trading," Departmental Working Papers 1998-09, Australian National University, Economics RSPAS. [Downloadable!]
  9. Brian R. Copeland & M. Scott Taylor, 2000. "Free Trade and Global Warming: A Trade Theory View of the Kyoto Protocol," NBER Working Papers 7657, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Alan S. Manne & Gunter Stephan, 2003. "Global Climate Change and the Equity-Efficiency Puzzle," Diskussionsschriften dp0306, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  11. Edward J. Balistreri & Christine A. McDaniel & Eina Vivian Wong, 2003. "An Estimation of U.S. Industry-Level Capital-Labor Substitution," Computational Economics 0303001, EconWPA. [Downloadable!]
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