How well did the Kyoto Protocol work? A dynamic-GMM approach with external instruments

Nicole Grunewald () and Inmaculada Martínez-Zarzoso

No 212, Ibero America Institute for Econ. Research (IAI) Discussion Papers from Ibero-America Institute for Economic Research

Abstract: This paper assesses the impact of the Kyoto Protocol on CO2 emissions. With this aim a dynamic panel data model is estimated for a cross-section of 213 countries over the period 1960 to 2009. The model, based on a STIRPAT approach, also integrates the EKC approach and specifically considers the endogeneity of the policy variable. To sort out causality the number of financed CDM projects is used as an external instrument. The main results indicate that obligations from the Kyoto Protocol have a measurable reducing effect on CO2 emissions and indicate that a treaty often seen as "failed" in fact may be producing some non-trivial effects.

Keywords: Environmental Kuznets Curve; Kyoto Protocol; panel data; Clean Development Mechanism (search for similar items in EconPapers)
JEL-codes: Q54 Q56 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2011-09-14
New Economics Papers: this item is included in nep-ene and nep-env
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www2.vwl.wiso.uni-goettingen.de/ibero/working_paper_neu/DB212.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:got:iaidps:212

Access Statistics for this paper

More papers in Ibero America Institute for Econ. Research (IAI) Discussion Papers from Ibero-America Institute for Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by Sabine Jaep ().