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This paper quantifies how international trade affects CO 2 emissions and analyzes the welfare consequences of regulating the CO 2 emissions from shipping. To this end, the paper describes a model of trade and the environment, compiles new data on the CO 2 emissions from shipping, and estimates key parameters using panel data regressions. Results show that the benefits of international trade exceed trade's environmental costs due to CO 2 emissions by two orders of magnitude. While proposed regional carbon taxes on the CO 2 emissions from shipping would increase global welfare and increase the implementing region's GDP, they would also harm poor countries. (JEL F18, H23, H87, L92, Q54, Q56)
Joseph Shapiro (Tue,) studied this question.
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