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2014, vol. 8, iss. 2, pp. 115-126
Specific types of international trade: 'Cap and trade' system
Educons University, Faculty of Business Economics, Sremska Kamenica

emailoljaivanovic@eunet.rs, neda.raspopovic@educons.edu.rs, petar.mitic@educons.edu.rs
Project:
European integrations and social and economic changes in Serbian economy on the way to the EU (MESTD - 47009)
Challenges and Prospects of Structural Changes in Serbia: Strategic Directions for Economic Development and Harmonization with EU Requirements (MESTD - 179015)

Keywords: international trade; 'cap and trade'; emission trading; trading with transferable permits
Abstract
In contemporary international trade the term 'trade' refers not only to traditional products and services, but also to specific forms of trade with transferable permits which are directly related to environmental protection. Transferable licenses can be sold or bought on the market or invested in an emision bank, and used later in the future. In this paper, the emphasis is on the so-called 'cap and trade' - trade with GHG emissions (Emission Trading - ET), on organized markets, often on the virtual market through computer systems. ET system minimizes the total cost of reducing emissions and thus achieves the goal of reducing emissions conducted where the lowest marginal cost of reducing emissions is. In addition to the 'cap and trade' system there is a 'baseline and trade' system. The difference between these is related to setting emission limits and the methods of allocation of transferable permits. There is a large number of markets that deal with this specific form of trade with licenses. These markets show growth and it is indicative that new markets will emerge. Also, in the future it can be expected that ET markets will be more connected, and creating diverse forms of associations in a global market.
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article language: Serbian
document type: Original Scientific Paper
DOI: 10.5937/PosEko1402115I
published in SCIndeks: 18/05/2015

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