Commodity markets are linked through international trade but are separated by heterogeneous regulations and input markets. We investigate theoretically and empirically how regional, as opposed to global, cost shocks pass through into global prices. Capacity constraints mitigate the output...

Africa continues to suffer from the effects of climate change in many ways. Records show that the continent's carbon dioxide (CO2) emissions have seen tremendous upward adjustments over the past decades. While international tourism and renewable energy have been touted as sources of reducing CO2...