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Lessons Learned from the Financial Crisis: Designing Carbon Markets for Environmental Effectiveness and Financial Stability


Michelle Chan

rrent financial crisis provide a cautionary tale for any future carbon trading program. The crisis had many causes, including a breakdown of regulation, a potentially flawed model for managing systemic financial risks, too much leverage, and excessive risk-taking. Notably, subprime mortgages were the catalyst, but not the cause, of the crisis. Policymakers are currently debating new financial regulations to govern Wall Street, but this regulatory future is still uncertain. If the financial rules and regulatory bodies which ultimately emerg


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