ADB亚洲开发银行：碳政策与包容性增长（英文版）

We empirically examine the impact of carbon pricing on key macroeconomic variables and inclusive development with a newly compiled panel dataset covering 48 countries from 1989 to 2024. Using the local-projection difference-in-differences approach, we find that the introduction of carbon pricing significantly reduces carbon emissions but also imposes substantial macroeconomic costs. Countries with carbon prices experience lower gross domestic product (GDP), lower consumption, and higher debt-