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Emissions Trading, Capital Flows and the Kyoto Protocol

Warwick McKibbin (), Martin T. Ross, Robert Shackleton and Peter Wilcoxen
Additional contact information
Martin T. Ross: U.S. Environmental Protection Agency, Policy Office
Robert Shackleton: U.S. Environmental Protection Agency, Policy Office

Economics and Environment Network Working Papers from Australian National University, Economics and Environment Network

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.

Keywords: tradable permits; international capital flows; policy (search for similar items in EconPapers)
JEL-codes: Q58 F30 O20 (search for similar items in EconPapers)
Date: 1999-01
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