In 2008, New Zealand became the first country to introduce a comprehensive Emissions Trading Scheme that includes all sectors and all gases. While NZ can claim the high ground in the international arena, the emissions trading scheme will impose substantial economic costs and its success will hinge on the emergence of an open, viable, and liquid international carbon market. We provide an overview of NZ's Emission Trading Scheme and discuss its implications for the country's economy.
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Jiang et al. (2009) studied this question.
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