期刊
ENERGY POLICY
卷 106, 期 -, 页码 111-121出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.enpol.2017.03.046
关键词
Beijing; carbon emissions allowance; price; SVAR approach
资金
- National Natural Science Foundation of China [71473010, 71573186]
- Chinese Philosophy & Social Science Research Program [11 ZD140, 12BJY060]
- National Bureau of Statistics Research Project [2014 LY113]
- Beijing Education Committee Fund [PXM2015_014204_500026, SZ201510005002]
- Beijing modern manufacturing base of Beijing philosophy and social sciences
- scientific research incentive fund of the economic and management school
- graduate students' science and technology fund at the Beijing University of Technology [ykj-2015-12314]
- Beijing natural science fund [9142001]
- Specialized Research Fund of Higher Education in China [20131103110004]
In 2013, China opened pilot carbon emission trading markets in seven provinces, where carbon emission allowances have now been traded for more than two years. In this paper, we employ a structural VAR model and the price of the Beijing carbon emission allowance to study the dynamic relationships among the price of the carbon emission allowance, economic development and the price of energy. This paper's data cover the period from April 2, 2014 to November 6, 2015. This paper provides information that will be helpful to both investors and governmental policy makers. The results show that (1) an increase of one standard deviation in the coal price leads to an initial increase of approximately 0.1% in the Beijing carbon price. After 2 days, there is a decrease of less than 0.1%, and the price gradually increases by approximately 0.1% after 30 days; (2) the price of the Beijing carbon emission allowance is mainly affected by its own historical price; (3) the Beijing carbon emission allowance price, crude oil price, natural gas price and economic development have positive - albeit non-significant - correlations.
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