Arbeitspapier
The Role of Transaction Costs and Risk Premia in the Determination of Climate Change Policy Responses
Transaction costs and risk have generally not been taken into account in assessing the Kyoto mechanisms JI, CDM and emissions trading. However, they can have a significant influence. With regard to the project-based mechanisms, the factor that most determines the influence of transaction costs on the implementation of a project is the size of the particular project. For some projects transaction costs amount up to over 1000 ?/ton C reduced, which proves the necessity of streamlining procedures, as recognised in the Marrakesh Accords. With regard to international emissions trading it will be of high importance to build on experience with past national emissions trading schemes in order to keep transaction costs low. However, international trading schemes of the type envisaged under the Kyoto Protocol are likely to have significant issues that have not been addressed in previous national experience. In addition to transaction costs, we determine country risk premia to account for the fact that projects in different states may induce different levels of risk of default or project failure.
- Language
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Englisch
- Bibliographic citation
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Series: ZEW Discussion Papers ; No. 03-59
- Classification
-
Wirtschaft
Valuation of Environmental Effects
Environmental Economics: Government Policy
Incomplete Markets
- Subject
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transaction costs
risk premia
Kyoto Protocol
emissions trading
small scale projects
Klimaschutz
Internationale Umweltpolitik
Clean Development Mechanism
Transaktionskosten
Risikoprämie
Entwicklungsprojekt
Welt
- Event
-
Geistige Schöpfung
- (who)
-
Stronzik, Marcus
Hunt, Alistair
Eckermann, Frauke
Taylor, Tim
- Event
-
Veröffentlichung
- (who)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (where)
-
Mannheim
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Stronzik, Marcus
- Hunt, Alistair
- Eckermann, Frauke
- Taylor, Tim
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Time of origin
- 2003
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On the transaction costs determinants of vertical integration
The pricing of financial derivatives under transaction costs
Block transaction premia and partial private benefits: An empirical investigation
Markowitz portfolios under transaction costs
Multinational Corporations and Transaction Costs
The Role of Transaction Costs and Risk Premia in the Determination of Climate Change Policy Responses
Transaction costs and the sharing economy
Transaction costs of the Kyoto mechanisms
Transaction costs of the Kyoto mechanisms
Markets and transaction costs
Transaction Management: Value Creation by Reducing Transaction Costs
The Transaction Costs Perspective on Costs And Benefits of Government Regulation
On the transaction costs determinants of vertical integration
The pricing of financial derivatives under transaction costs
Block transaction premia and partial private benefits: An empirical investigation
Markowitz portfolios under transaction costs