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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)

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 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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Publisher 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/

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

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. McKibbin, Warwick J. & Shackleton, Robert & Wilcoxen, Peter J., 1999. "What to expect from an international system of tradable permits for carbon emissions," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 319-346, August. [Downloadable!] (restricted)
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  3. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. 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)
  5. McKibbin, W.J. & Wilcoxen, P.J., 1995. "Environmental Policy and International Trade," Papers 117, Brookings Institution - Working Papers.
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  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. [Downloadable!] (restricted)
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  7. 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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  8. 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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  9. 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)
  10. 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. U. Ciorba & Alessandro 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. [Downloadable!]
  2. Ghersi, Frederic & Hourcade, Jean-Charles, 2001. "The Economics of a Lost Deal," Discussion Papers dp-01-48-, Resources For the Future. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
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