Larson, Donald F.Ambrosi, PhilippeDinar, ArielRahman, Shaikh MahfuzurEntler, Rebecca2012-03-302012-03-302008International Review of Environmental and Resource Economics19321465https://hdl.handle.net/10986/4664We describe important institutions that shape climate change policies together with a set of key market-reliant instruments. We selectively review the related economic literature, emphasizing empirical studies that assess the efficacy of current policies and the workings of policy-dependent markets. Special attention is given to new carbon finance markets tied to the Kyoto Protocol's flexibility mechanisms. Promising areas for future research are identified.ENClimateNatural DisastersGlobal Warming Q540Environmental Economics: Government Policy Q580Journal ArticleWorld Bank