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    Environmental Standards in a Large Open Economy

    Access Status
    Fulltext not available
    Authors
    Petchey, Jeffrey
    Date
    2015
    Type
    Journal Article
    
    Metadata
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    Citation
    Petchey, J. 2015. Environmental Standards in a Large Open Economy. Journal of Public Economic Theory. 17 (3): pp. 461-467.
    Source Title
    Journal of Public Economic Theory
    DOI
    10.1111/jpet.12098
    ISSN
    1097-3923
    School
    Department of Economics & Property
    URI
    http://hdl.handle.net/20.500.11937/22091
    Collection
    • Curtin Research Publications
    Abstract

    The small-country price-taking assumption of Oates and Schwab is relaxed to consider a large open economy that can influence its net capital return. This creates an incentive for the country to distort its policies. The key question asked is whether this induces inefficient outcomes. The result is that if the country has a dedicated tax on capital and uses this tax optimally, the Oates and Schwab first-best result still holds. However, efficiency in a large open economy requires that the tax on capital be nonzero, unlike Oates and Schwab where the capital tax must be zero for first-best efficiency.

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