Emissions trading, capital flows and the Kyoto protocol

Warwick McKibbin, Martin Ross, Robert Shackleton, Peter Wilcoxen

    Research output: Contribution to journalArticle


    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.
    Original languageEnglish
    Pages (from-to)287-333
    JournalThe Energy Journal
    Issue number1
    Publication statusPublished - 1999


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