Michaelowa, Axel - HWWA Institut für Wirtschaftsforschung - 2001
policy regime that is formed by the U.N. Framework Convention on Climate Change, the Kyoto Protocol and the Marrakesh Accords … stated that they will ratify the Kyoto Protocol. Industrial countries are subject to binding greenhouse gas emissions targets …. Given the U.S. position to stay out of the Kyoto Protocol, overall demand for emission rights is likely to be lower than …