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An Emissions Trading Scheme for Australia: National and Regional Impacts
Author(s) -
Adams Philip D.,
Parmenter Brian R.,
Verikios George
Publication year - 2014
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/1475-4932.12117
Subject(s) - computable general equilibrium , emissions trading , economics , natural resource economics , scheme (mathematics) , process (computing) , greenhouse gas , international economics , macroeconomics , computer science , ecology , mathematical analysis , mathematics , biology , operating system
Computable general equilibrium modelling in Australia is oriented towards providing inputs to the policy‐formation process, a process that requires detail. We explain how the necessary level of detail can be provided using analysis of the potential economic impacts of a carbon price on the Australian economy that operates as part of a global emissions trading scheme. The global scheme sets the price and allocation of permits across countries. We find that domestic abatement falls well short of targeted abatement, Australia's GDP is 1.1 per cent lower relative to the basecase, and some industries and regions are vulnerable to employment losses.
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