Babiker, Mustafa; Reilly, John; Viguier, Laurent - In: The Energy Journal Volume 25 (2004) Number 2, pp. 33-56
Economic efficiency is a major argument for international emissions trading under the Kyoto Protocol. We show that permit trading can be welfare decreasing for countries, even though private trading parties benefit. The result is a case of "immiserizing" growth in the sense of Bhagwati where the...