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Title:How well did the Kyoto Protocol work? A dynamic-GMM approach with external instruments PDF Logo
Authors:Grunewald, Nicole
Martínez-Zarzoso, Inmaculada
Issue Date:2011
Series/Report no.:Discussion papers, Ibero America Institute for Economic Research 212
Abstract:This paper assesses the impact of the Kyoto Protocol on CO2 emissions. With this aim a dynamic panel data model is estimated for a cross-section of 213 countries over the period 1960 to 2009. The model, based on a STIRPAT approach, also integrates the EKC approach and specifically considers the endogeneity of the policy variable. To sort out causality the number of financed CDM projects is used as an external instrument. The main results indicate that obligations from the Kyoto Protocol have a measurable reducing effect on CO2 emissions and indicate that a treaty often seen as failed in fact may be producing some non-trivial effects.
Subjects:Environmental Kuznets Curve
Kyoto Protocol
Panel Data
Clean Development Mechanism
JEL:Q54
Q56
Document Type:Working Paper
Appears in Collections:Discussion Papers, IAI, Universität Göttingen

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