The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit...

Do hurricanes have a cleansing effect? To answer this question, we test whether hurricanes lead to a reorganization of exports towards goods with higher comparative advantage. Using manufacturing exports disaggregated at the HS6 level over the period 1995-2005, we find that lower comparative...

This paper contributes to the issue of the uneven distribution of Clean Development Mechanism (CDM) projects among developing countries. By applying a gravity model to a panel dataset at bilateral country level, we find that well-established export flows from developed economies towards...

There is little consensus in the economic literature on the effects of hurricanes on economic growth. This paper argues that this mixed evidence may result from ignoring the potential for hurricanes to generate heterogeneous impacts within countries. To test this hypothesis, we take advantage of...

This paper explains why the approach taken so far to mitigate global climate change has failed. The central reason is an inability to enforce targets and timetables. Current proposals recommending even stricter emission limits will not help unless they are able to address the enforcement...