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The Potential Effects of International Carbon Emissions Permit Trading Under the Kyoto Protocol

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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)

Abstract

We use an econometrically estimated multi-region, multi-sector general equilibrium model of the world economy to examine the effects of the tradable emissions permit system proposed in the 1997 Kyoto protocol, under various assumptions about that extent of international permit trading. We focus, in particular, on the effects of the system on international trade and capital flows. Our results suggest that consideration of these flows significantly affects estimates of the domestic effects of the emissions mitigation policy, compared with analyses that ignore international capital flows.

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Bibliographic Info

Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 9805.

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Length: 45 pages
Date of creation: Oct 1998
Date of revision:
Handle: RePEc:anu:eenwps:9805

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

Related research

Keywords: tradable permits; international capital flows; policy;

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References

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  1. Treadway, Arthur B, 1969. "On Rational Entrepreneurial Behaviour and the Demand for Investment," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 227-39, April.
  2. Warwick J. McKibbin & Robert Shackleton & Peter J. Wilcoxen, 1998. "What to Expect from an International System of Tradable Permits for Carbon Emmisions," Economics and Environment Network Working Papers 9804, Australian National University, Economics and Environment Network.
  3. Goulder Lawrence H., 1995. "Effects of Carbon Taxes in an Economy with Prior Tax Distortions: An Intertemporal General Equilibrium Analysis," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 271-297, November.
  4. Gordon, R.H. & Bovenberg, A.L., 1994. "Why Is Capital So Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," Working Papers 358, Research Seminar in International Economics, University of Michigan.
  5. 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.
  6. 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.
  7. Lawrence H. Goulder & Barry Eichengreen, 1989. "Savings Promotion, Investment Promotion, and International Competitiveness," NBER Working Papers 2635, National Bureau of Economic Research, Inc.
  8. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  9. Alan Manne & Richard Richels, 1992. "Buying Greenhouse Insurance: The Economic Costs of CO2 Emission Limits," MIT Press Books, The MIT Press, edition 1, volume 1, number 026213280x, January.
  10. W. J. McKibbin & P. J. Wilcoxen, . "Environmental Policy and International Trade," Discussion Papers 117, Brookings Institution International Economics.
  11. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January.
  12. John Y. Campbell & N. Gregory Mankiw, 1991. "Permanent Income, Current Income, and Consumption," NBER Working Papers 2436, National Bureau of Economic Research, Inc.
  13. 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.
  14. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-52, Part II, .
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Citations

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Cited by:
  1. Adriaan Perrels, 2000. "Greenhouse Gas Policy Questions and Socio-economic Research Implications for Finland in a National and International Context," Discussion Papers 222, Government Institute for Economic Research Finland (VATT).
  2. U. Ciorba & A. Lanza & F. Pauli, 2001. "Kyoto Commitment And Emissions Trading: A European Union Perspective," Working Paper CRENoS 200102, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  3. Farhana Yamin & Jean-Marc Burniaux & Andries Nentjes, 2001. "Kyoto Mechanisms: Key Issues for Policy-makers for COP-6," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 1(2), pages 187-218, April.
  4. Edwin Woerdman & Wytze van der Gaast, 2001. "Project-Based Emissions Trading: The Impact of Institutional Arrangements on Cost-Effectiveness," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 6(2), pages 113-154, June.
  5. Ghersi, Frederic & Hourcade, Jean-Charles, 2001. "The Economics of a Lost Deal," Discussion Papers dp-01-48-, Resources For the Future.

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