NI Tong

Professor Mei Yuan (Co-Chair)
Email: yuanmei@smu.edu.sg
Tel: +65 68085212

Professor Chang Pao-Li
Email: plchang@smu.edu.sg
Tel: +65 68280830

Professor Ma Lin (Co-Chair)
Email: linma@smu.edu.sg
Tel: +65 68280876

Professor Fan Haichao
Email:  fan_haichao@fudan.edu.cn
Tel: +020-65648982

WORKING PAPERS

“Carbon Border Adjustment Mechanism and Trade Policy: A Quantitative Analysis”, with Haichao Fan, Yuan Mei, and Huanhuan Wang (Job Market Paper)

The European Union (EU) has introduced the Carbon Border Adjustment Mechanism (CBAM) to curb carbon leakage and incentivize global climate policy alignment. We develop a multi-country, multi-sector general equilibrium model featuring input–output linkages, carbon supply chains, and global emission externalities to evaluate the environmental and economic impacts of the EU's CBAM. Our results show that unilateral implementation modestly reduces global emissions due to carbon leakage through global energy markets. Global welfare improves marginally when environmental benefits are accounted for. When other countries respond optimally, strategic carbon policy adjustments under a non-cooperative Nash equilibrium enhance global emission reductions by mitigating both carbon leakage and free-riding. Under a cooperative equilibrium with Nash bargaining, multilateral negotiations yield substantial welfare and environmental gains, with the CBAM functioning as an effective enforcement device that raises the cost of disagreement and fosters deeper global climate cooperation.

RESEARCH PAPERS

“Tariffs as Bargaining Chips: A Quantitative Analysis of the U.S.-China Trade War”, with Naiyuan Hu and Yuan Mei, 2025, Revise and Resubmit at American Economic Journal: Microeconomics

“Investing in a Mobile Asset: Higher Education, Graduate Mobility, and Underinvestment”, with Naiyuan Hu, Lin Ma, and Ben Zou, 2025

Publication

“Climate Change, Trade Cost, and Economic Growth: A Quantitative Estimation Based on International Shipping Data”, with Huanhuan Wang and Ce Guo, Journal of Management World (in Chinese, 管理世界), 2025, 41(09), 94–118.