buffer stock for liquidity of financially constrained firms. Although the reinvestment of multinationals’ earning is …

reduced emission abatement in the US, but also the spillover effects on technology and countries' relative bargaining power …&D cooperation. This paper explores this idea by analysing on the one hand the incentives for EU, Japan and Russia to adopt this … strategy, and on the other hand the incentives for the US to join a coalition which cooperates both on climate change control …