We study the effectiveness of emission targets under the Kyoto Protocol with respect to reducing CO₂ emissions. Using country-level and US state-level panel data and employing the synthetic control method, we find very little evidence for an emission reduction effect for the major emitters among...

We empirically analyze the formation of international environmental agreements within a political economy framework. We develop a theoretical model of state dependent net benefits of ratification that predicts strategic behavior with respect to the timing of ratification and allows us to relate...