Macroeconomic Impacts of the Clean Development Mechanism: The Role of Investment Barriers and Regulations


Anger, Niels ; Böhringer, Christoph ; Moslener, Ulf


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URL: http://ub-madoc.bib.uni-mannheim.de/1506
URN: urn:nbn:de:bsz:180-madoc-15063
Document Type: Working paper
Year of publication: 2007
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: C68 D61 Q56 Q58 ,
Subject headings (SWD): Clean Development Mechanism , Gleichgewichtsmodell , Kyoto-Protokoll , Umweltzertifikathandel
Keywords (English): Kyoto Protocol , Emissions Trading , Clean Development Mechanism , Computable General Equilibrium
Abstract: This paper quantifies the macroeconomic impacts of the Clean Development Mechanism (CDM) under the Kyoto Protocol based on a computable general equilibrium (CGE) model of international trade and energy use. Employing project-based CDM supply data we assess the relative importance of transaction costs and investment risks as well as CDM regulations through supplementarity and additionality criteria. Our numerical results show that the macroeconomic impacts of transaction costs and investment risks are negligible: Given the large supply of cheap project-based emissions credits in developing countries, compliance to the Kyoto Protocol can be achieved at a very low cost. However, regulatory restrictions such as a supplementarity criterion can substantially curtail the potential efficiency gains from where-flexibility in climate policy.
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Anger, Niels ; Böhringer, Christoph ; Moslener, Ulf (2007) Macroeconomic Impacts of the Clean Development Mechanism: The Role of Investment Barriers and Regulations. Open Access [Working paper]
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