Stabilization Levels: Spillover Effects Among Regions

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Spillover effects from emissions limitations on Annex I countries include lower demand and prices for imports from non-Annex I countries, as well as higher costs of exports from Annex I countries.  On the other hand, some papers have found positive effects on developing countries (roughly corresponding to non-Annex I countries), as investment projects improving energy efficiency can lead to increases in economic welfare.  Furthermore, developing countries may benefit from technological advances, leading to enhanced competitiveness effects and trade options.

Knowledge spillovers from the technological sector are expected to decrease investments in domestic R&D and increase free-riding among “high income” countries.  Other papers dispute this, arguing that learning-by-doing, which can lead to comparative advantage in deploying green technology, will increase incentives to invest in R&D.