The potential effects of international carbon emissions permit trading under the Kyoto Protocol [Working paper APSEM Trade and Development 98-1]
We use an econometrically estimated multi-region, multi-sector 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 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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