Ģ����ý

This study assesses the potential macro-economic effects of climate change affecting operations in three maritime chokepoints, i.e., the Panama Canal, the Suez Canal, and the Turkish Straits. The analysis focuses on agricultural commodities. It couples a “logistics” model of maritime trade flows with a Computable General Equilibrium model considering three modelling alternatives: (1) increase of “iceberg trade costs”, (2) shadow import tariffs, and (3) shadow export tariffs.

Methodologically, the authors found a comforting qualitative agreement across methodologies in predicting the direction of changes in the main economic variables under scrutiny. However, negative GDP performances are more frequent and larger using the first method that also tends to predict lower import contractions than the other two methods. The impact assessment, examining storylines of climate-change-induced events delaying chokepoints operations, highlights that climate change impacts on chokepoints’ operations can convey detectable effects on production and prices of agricultural commodities associated with negative Gross Domestic Product (GDP) impacts worldwide. In addition, although trade re-composition generates winners and losers, total losses tend to prevail.