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Journal of Rural Development

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The General Equilibrium Impacts of Reducing Agricultural Nutrient Emissions in Korea
Author Kwon, Ohsang
Views 13749 Publication Date 2021.09.30
Original
This study analyzes the general equilibrium impacts of regulating agricultural phosphorus emissions in Korea. A static computable general equilibrium model is constructed for the analysis. The study introduces a hypothetical phosphorus emission trading scheme that aims to reduce 10 percent of the total emission from the livestock sector in 2015. Scenario 1 of the analysis assumes that both livestock and fertilizer industries are subject to the regulation, while Scenario 2 assumes that only the livestock industry is subject to the regulation. The government’s emission permit revenue is recycled so that farm households maintain their pre-regulation welfare level. The welfare cost of non-farm households is about 0.4 percent of their total expenditure under both scenarios. The result shows that the marginal abatement cost of Scenario 2 is about 50 percent higher than that of Scenario 1. Although those two policy scenarios result in very similar simulated overall welfare impacts, they have substantial differences in industry-specific effects on domestic production, consumer price, and import/export.

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