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How Well Did the Kyoto Protocol Work? A Dynamic-GMM Approach with External InstrumentsNicole GrunewaldUniversity of Göttingen Inmaculada Martinez-ZarzosoJaume I University - Department of Economics; University of Goettingen (Gottingen) - Ibero American Institute for Economic Research; University of Goettingen (Gottingen) - School of Law, Economics, Social Sciences February 29, 2012 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.
Number of Pages in PDF File: 37 Keywords: Environmental Kuznets Curve, Kyoto Protocol, panel data, Clean Development Mechanism JEL Classification: Q54, Q56 working papers seriesDate posted: February 29, 2012Suggested CitationContact Information
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