Market Darwinism vs. Market Creationism: Adaptability and Fairness in the Design of Greenhouse Gas Trading Mechanisms

International rule-making and compliance routines with respect to the Kyoto Protocol are evolving rapidly. This paper examines potential designs of emissions-trading programs by comparing the emissions credit trading (ECT) and cap-and-trade models for achieving cost-effective reductions in atmospheric greenhouse-gas (GHG) loading in terms of their adaptability and fairness. Adaptability is a valuable attribute when markets and their governing institutions are evolving rapidly or when regulated entities do not yet have well-established and predictable compliance routines. Fairness in both procedures and outcomes is central to efforts to establish and maintain institutions of international governance. The key difference concerns the awarding of tradable emission rights, which occurs at the launch of a cap-and-trade program but following when firms reduce emissions below baselines in an ECT scheme. Implications of this difference are explored in terms of institutional adaptability and fairness during program-design stages. By not locking in emission rights at the outset, and by being amenable to incremental roll-out, ECT appears to have superior adaptive and fairness qualities during periods of rapid institutional evolution.     

Convergence Criteria for Participation in the Flexible Mechanisms of the Kyoto Protocol

We suggest a multi-layered system of three convergence criteria – similar to those used in the run-up to the European monetary union – that define the notion of "demonstrable progress" towards reaching the emission commitments under the Kyoto Protocol. These are the existence of an independently evaluated national emissions inventory, the level of domestic policies and measures, and the quantitative convergence of emissions towards the Kyoto target. While the first of these criteria constitutes a necessary condition for use of the Kyoto Mechanisms, the other two should determine the degree of participation allowed for any given Annex I country.     

论《京都议定书》对国际政治和国际经济的潜在影响

《京都议定书》是国际社会在防止全球气候变暖的国际合作方面取得的一份具有里程碑意义的国际法文件。《京都议定书》对国际政治将产生如下影响:发展中国家,尤其是中国、印度等发展中大国承受着越来越大的减排压力;推动欧盟一体化的进程,并进一步提升欧盟的国际政治地位;发展中国家阵营内部呈现出进一步分化的趋势。《京都议定书》对国际经济的影响主要表现在:对各国总体的经济福利产生影响;《京都议定书》产生的“碳泄漏”问题可能使得缔约国在竞争力和产业结构调整等方面发生一系列变化;对国际资本流动产生影响;《京都议定书》将推动能源技术的进步,尤其是推动低碳技术和高能效技术的创新与扩散。     

Kyoto Mechanisms: Key Issues for Policy-makers for COP-6

This article provides an assessment of the "Kyoto mechanisms" – joint implementation, Clean Development Mechanism (CDM) and emissions trading established pursuant to Articles 6, 12 and 17 of the Kyoto Protocol. It focuses on significant policy issues raised by supplementarity, liability, equity and the design considerations relevant to operationalizing the mechanisms nationally and internationally.     

Norway and Emissions Trading: From Global Front-Runner to EU Follower

A striking convergence has taken place in the design of the Norwegian and EU greenhouse gas emissions trading systems from 1998 to 2004. This article argues that the Norwegian adaptation to the EU did not take place as a consequence of perceived legal obligations under the European Economic Area agreement. Nor did it take place due to Norwegian actors being persuaded about the merits of the EU design. The main explanation has to do with interests. The EU market and politics are of course generally very important for Norway. However, before the US pulled out of the Kyoto Protocol in 2001, the Norwegian outlook in climate politics was global. The US pull-out accelerated the development and hence the attractiveness of the EU trading system and resulted in EU emissions trading as the most probable and possibly only international market for Norway to link up to. Hence, this analysis provides further support to the importance of being sensitive to the global context and institutional interaction when analyzing the relationship between the EU and its neighboring countries.     

The Role of EU Internal Policies in Implementing Greenhouse Gas Mitigation Options to Achieve Kyoto Targets

This paper reviews the role of internal European Union (EU) policies and measures in implementing the target for greenhouse gas mitigation in the Kyoto Protocol. It starts with a discussion of the EU Burden Sharing Agreement, which distributes the target between Member States. This leads to a review of the appropriate level of implementation of policies, i.e. at the EU level or Member State level. There is a role for the flexible mechanisms of the Protocol, particularly emission permit trading, in complementing Member State policies at the EU level. The implementation is to be done against the background of three major factors which may have an important bearing on the policies: the probable long-term requirement of substantial reductions in greenhouse gas emissions a changing structure of energy markets, following liberalisation of the gas and electricity markets EU enlargement to include economies in transition with the potential for further substantial reductions in emissions.The paper concludes with a discussion of ancillary benefits of the policies that may be substantial and a summary of the position as regards the "unfinished business" of the Protocol to be discussed at the Conference of the Parties in the Hague in November 2000.     

The price of non-compliance with the Kyoto Protocol: The remarkable case of Norway

One of the ways to induce compliance is for an international enforcement mechanism to authorize the use of punitive consequences against a non-compliant country. However, such consequences should not cause significant damage to other (compliant) countries. The compliance mechanism of the Kyoto Protocol fails to meet this requirement. The Enforcement Branch of the Compliance Committee is instructed to impose punitive consequences on a non-compliant country that will have considerable adverse welfare effects for compliant countries as well. Using a numerical model, we show that in the case of Norway, the welfare effects can actually be worse if another country is punished than if Norway itself is punished.

试论俄罗斯不批准《京都议定书》的原因和法律后果——以《气候变化框架公约》第九次缔约方会议为例

在<气候变化框架公约>第九次缔约方会议上,由于俄罗斯仍然拒绝批准<京都议定书>,致使议定书仍不能生效.俄罗斯拒绝批准议定书的主要原因是本国的"经济效益"重于温室效应.虽然俄罗斯不批准议定书的行为,未构成国际不当行为,从而无须承担国际责任,但该行为在很大程度上与国际法的诚意原则的基本精神相抵触,是国际社会所公认的国际背信行为.     

Improving Cost-effectiveness and Facilitating Participation of Developing Countries in International Emissions Trading

This paper discusses ways in which the next climate agreement – a renegotiated Kyoto Protocol or a second-period agreement – can be made more cost-effective. The discussion focuses on the design of international emissions trading to facilitate early participation by developing countries. Four aspects are highlighted: the design of compensation rules, the need to regulate the use of the CDM, the effect of allowing borrowing and the implications of a Commitment Period Reserve.     

反内幕交易法律制度的经济根源

内幕交易首先是作为一种经济现象而存在的 ,对内幕交易存在价值的经济分析 ,是构建反内幕交易立法的重要基础。本文在介绍、评析内幕交易经济分析正反两方面的观点后 ,认为内幕交易所引发的道德风险和投资者信心的丧失 ,是反内幕交易立法的基本经济依据。     

排污权交易的公示制度研究——兼谈物权公示制度

排污权交易制度的实质是具有排放资格的单位之间就排放容量进行自由交易的制度。基于排污权交易的特殊性。则需借鉴物权理论的公示制度,构建由“公法主导”转向“公私监管”的公示制度。物权的公信力来源于公示方式的科学性和合理性。现今因为环境污染的日益严重性。排污权交易制度也需被赋予公信力。物权变动的公示和公信力涉及物权的多样性和交易的安全性。即使排污权交易不存在上述问题,但就其交易对象的数量限定性和第三人的环境利益相关性．引入物权公示制度的同时也需要增强公信力。因此本文认为,应将政府采取的“批准”方式与公示生效主义相结合来构建新型的排污权交易公示制度。这一制度的建立,既能增加交易的自由度,也能增加这一方式的公信力．     

追溯与寻明:国际法视角下的碳排放权单位研究

自以《京都议定书》为基础的市场化机制建立以来,经过近20年的发展,全球碳金融市场呈现蓬勃发展的态势,交易量大幅提升,成交金额不断攀升,市场化机制在夯实中不断完善和发展。同时,争端与纠纷日益增加,国际多边环境公约调整下的碳排放权机制部分地在WTO体制下进行规制,成为众多学者的憧憬。碳排放权单位体现的既不是GATT框架下的"产品",也不是GATS框架下的"服务",而是在经济上反映出特殊的金融衍生产品的属性。然而,碳排放权单位交易商提供服务的行为契合GATS金融服务要求,因此交易商可依据GATS享受跨国服务领域中的最惠国待遇,并可将与WTO规则相关的争端诉诸WTO争端解决机制,实现环境争端解决的规范化、法制化。     

Biotic Carbon Sequestration and the Kyoto Protocol: The Construction of Global Knowledge by the Intergovernmental Panel on Climate Change

This paper explores the dynamics of the production of global knowledge by an international knowledge organization, in this case the Intergovernmental Panel on Climate Change. Based on previous notions of international boundary organizations, the idea of international knowledge organizations emphasizes the knowledge generation function of such organizations rather than their convening function. Using the case of controversial Kyoto Protocol biotic carbon sequestration policies, I argue that boundary work and uncertainty management are the essential dynamics in the successful construction of global knowledge by international knowledge organizations. This uncertainty management occurs in a manner broadly, although not completely, in conformance with the institutional preferences of powerful policy actors. Global knowledge can legitimate and help refine global policies, but the process of its construction must be iterative and transparent if it is to be credible for global environmental governance over the long-term.     

Economic Analysis,Environmental Policy,and Intergenerational Justice in the Reagan Administration The Case of the Montreal Protocol

Economic arguments played a significant role in the decision by the Reagan Administration to lead the international effort to protect the stratospheric ozone layer from depletion caused by certain otherwise useful industrial chemicals. During the period prior to the signing of the Montreal Protocol on Substances that Deplete the Ozone Layer in 1987, it was recognized within the Administration that ethical considerations (involving the valuation of risk and intergenerational equity) were essential components of the economic analysis. Adoption of a principle of intergenerational neutrality had the consequence that any reasonable comparison of the benefits of ozone layer protection to the costs of regulatory control overwhelmingly favored regulation.     

An Econometric Analysis of the Role of Knowledge in Economic Performance

We conduct a regression analysis of the effects of knowledge on aggregate economic performance using data from the United Nations Development Program (UNDP) and the World Bank for four groups of countries during 1995–2001. Our results indicate that knowledge is a key driver of economic growth for each group of countries. More importantly, we find that variation in economic performance among these groups may be related to the timing of investment in education, R&D, and information technology, as well as economic policies that affect trade and foreign direct investment.     

村委会直选中贿选的经济诱因与治理对策

村委会直选过程中产生贿选的根本原因是贿选者为了获取非法经济利益。当贿选者认为预期收入大于成本时,贿选发生的几率就必然加大。要治理贿选,必须通过立法等措施来阻断贿选者对获取非法经济利益的预期,加大违规成本,净化选举环境,完善村级民主治理的各项制度建设。     

多边贸易体制中过渡期条款的内涵与法理基础探析

多边贸易体制中的过渡期条款是基于成员方参与规则建设能力的差异,在平等适用规则的前提下,成员方通过谈判,在特殊时间段内对成员权利义务实行差异化配置的规则类型。这类条款来源于多边贸易体制在发展进程中逐步体现出的包容性,在根本上来源于发达成员与发展中成员间的重大差异,也体现了发展中成员维护自身国家经济安全的迫切需求。基于功能主义视角,过渡期条款产生和存续的法理基础主要体现为,这类条款在维护国家经济主权、修正制度缺陷、呼应发展中成员的特殊与差别待遇以及促进多边贸易体制内的公平互利等方面具有重要作用。世界贸易组织成员鲜明的二元结构特征决定了过渡期条款在未来尚有继续存续的空间。     

An Economic Analysis of the American and the Continental Rule for Allocating Legal Costs

A well-known conclusion from the standard model of litigation is that a transition from the American to the Continental rule for the allocation of legal costs will lead to an increase in the number of trials. The standard model, however, neglects the fact that the rule for allocating legal costs may also influence whether or not a potential injurer engages in a harmful activity. When this choice is endogenized, the conclusion derived from the standard model does not appear to be generally valid. A transition from the American to the Continental rule may lead to a decrease in the number of trials. Furthermore, the transition may result in an improvement in efficiency.     

“一证式”排污许可证实施的法经济学分析

当前我国实施"一证式"的综合性排污许可证制度改革虽然有效地提高了行政管理效率,但在具体实施中出现了"一刀切"执行问题,影响了环境污染排放治理绩效,乃至危及民生。深入分析管制者的成本效益逻辑、管制者和被管制者之间的博弈、以及排污许可政策的公共选择,可以发现一刀切实施的经济动因。要根除一刀切模式,同时改进排污许可证实施效率,应从命令控制型手段主导渐次过渡到可交易的排污许可证,从政府集中管制主导渐次过渡到国家治理主导,从环境政策主导渐次过渡到环境法治主导。     

现代性、经济法理念与经济法治——科学发展观语境下的解析与重塑

现代性代表着一种时代意识、理性、进步观念和反思精神,现代性运动的历史变革引起了经济法及其理念的勃兴;在社会主义市场经济条件下,科学发展观的提出引起市场经济现代性的进一步嬗变,促使了经济法理念的张扬。在市场经济现代性追求和变革的背景下推进中国经济法治进程,就要以现代经济法理念为指导,培育民众,尤其是政府的经济法治信仰,奠定经济法治形成与发展的思想基础,提高经济法律的运用水平,促进良好的经济法治秩序的形成。