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In international climate policy discussions, one of the central issues for medium- to long run climate protection strategies is the uncertainty about the costs and the distributional effects of specific unilateral or multilateral emission reductions. This paper looks at the world-wide effects of climate protection strategies on the allocation of resources, on economic growth in different regions, and on the regional welfare effects. The analysis is based on a global recursively dynamic, multi-region, multi-sector computable general equilibrium model parameterized according to the ICLIPS (Integrated Assessment of Climate Protection Strategies) integrated assessment model. The simulations show that national climate policies will have important international repercussions. It is therefore important to consider international allocation effects in the analysis of national climate protection strategies. The welfare costs of greenhouse gas emission reductions rise more than proportionally with lower emission targets. The analysis of the carbon leakage rate indicates that most of the leakage rapidly disappears if emission reduction moves towards an efficient distribution of emission targets. [ABSTRACT FROM AUTHOR]