ECONOMIC EFFECTS OF THE KYOTO PROTOCOL ON THE FDI ATTRACTIVENESS OF THE NATIONAL ECONOMY

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Summary
In this study we investigate the economic consequences of environmental policy and in particular the impact of the Kyoto Protocol on the attractiveness of the national economy for FDI. We propose several alternative indicators for evaluation the strictness of environmental policy. The indicators are used in specifying an econometric model. We use this model for measurement of the economic impacts of the Kyoto protocol enforcement on the level and destination of the FDI in pollution intensive sectors. We find a strong correlation between FDI level and strictness of environmental policy measured with the carbon intensity of the host country economy. We use the model for assessment the economic impacts of Bulgaria’s accession to the European emissions-trading scheme.

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Pages: 35
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