国际货币基金组织：欧盟碳边界调整机制的宏观经济暴露：以中东和中亚为例（英文版）

Taking the European Union’s Carbon Border Adjustment Mechanism (CBAM) as given, our paper evaluates the impact of this terms-of-trade shock on the Middle East and Central Asia (ME&CA). Using a novel methodology and fresh data applied to the latest CBAM legislation, we both quantify and decompose the financial burden countries face as their exports to the EU become subject to a greenhouse gas-based fee starting in January 2026. Our analysis reveals that while the average effects of CBAM in