Since the signing of the Kyoto Protocol in December 1997, several authors have computed the costs of reducing greenhouse gas emissions by the amount specified in the Protocol, while accounting for the possibility to use the flexible mechanisms of the Protocol(internationally tradable emission...

The Kyoto Protocol has introduced the so-called Clean Development Mechanism (CDM) under which industrialized countries are allowed to fulfill part of their obligations through the use of emission credits generated by emission reduction projects undertaken in developing countries. Developing...

In this paper we test empirically with the Nordhaus and Yang (1996) RICE model the core property of the transfer scheme advocated by Germain, Toint and Tulkens (1997). This scheme is designed to sustain full cooperation in a voluntary international environmental agreement by making all countries...