Emissions Trading, Capital Flows and the Kyoto Protocol

Warwick McKibbin, Martin T. Ross, Robert Shackleton and Peter Wilcoxen

The Energy Journal, 1999, vol. Volume 20, issue Special Issue, 287-333

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 the 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.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1999
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Journal Article: Emissions Trading, Capital Flows and the Kyoto Protocol (1999)
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