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| Tekijä: | Kim, J. Wilson, J. D. |
| Otsikko: | Capital mobility and environmental standards: Racing to the bottom with multiple tax instruments |
| Lehti: | Japan and the World Economy
1997 : VOL. 9:4, p. 537-551 |
| Asiasana: | CAPITAL LABOUR TAXATION ENVIRONMENT STANDARDS |
| Kieli: | eng |
| Tiivistelmä: | The paper investigates the possibility of a `race to the bottom,' under which inter-governmental competition for mobile capital leads to inefficiently lax environmental standards. A model is constructed in which independent welfare-maximizing governments regulate pollution emissions from production activities, while taxing residential labor and mobile capital to finance public good expenditures. A race is shown to exist in the sense that a `central planner' could improve welfare in every country by requiring that each government tighten its environmental standards. In addition, the analysis shows that the tax-financed public good is underprovided in equilibrium, but it is argued that this problem may be less severe than the race-to-the-bottom problem. |
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