کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5065554 1372320 2012 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Carbon price drivers: Phase I versus Phase II equilibrium?
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی انرژی (عمومی)
پیش نمایش صفحه اول مقاله
Carbon price drivers: Phase I versus Phase II equilibrium?
چکیده انگلیسی

The aim of this paper is to investigate the determinants of the carbon price during the two phases of the European Union Emission Trading Scheme (EU ETS). More specifically, relying on daily EU allowance futures contracts, we test whether the carbon price drivers identified for Phase I still hold for Phase II and evolve toward a long-run relationship. Using cointegration techniques and accounting for the 2006 structural break in the carbon market, we show that while a cointegrating relationship exists for both phases of the EU ETS, the nature of this equilibrium relationship is different across the two subperiods, with an increasing role of fundamentals in Phase II. Deriving equilibrium values, we show that the carbon price tends to be undervalued since the end of 2009.

► We investigate the determinants of the carbon futures price. ► We use cointegration techniques by accounting for the 2006 structural break on the carbon market. ► We show that the role of fundamentals increases in Phase II, compared to Phase I. ► The carbon price tends to be undervalued since the end of 2009.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Economics - Volume 34, Issue 1, January 2012, Pages 327-334
نویسندگان
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