Price Determinants in China's Pilot Carbon Markets

被引：0
|
作者：
Zeng, Qingzi [1 ]
Liu, Wenxin [1 ]
Cao, Ruolin [1 ]
Shen, Xiaoqing [1 ]
Guo, Kun [2 ,3 ,4 ]
机构：
[1] China Univ Polit Sci & Law, Sch Business, Beijing, Peoples R China
[2] Chinese Acad Sci, Res Ctr Fictitious Econ & Data Sci, Beijing, Peoples R China
[3] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China
[4] Chinese Acad Sci, Key Lab Big Data Min & Knowledge Management, Beijing, Peoples R China
来源：
2017 4TH INTERNATIONAL CONFERENCE ON INDUSTRIAL ECONOMICS SYSTEM AND INDUSTRIAL SECURITY ENGINEERING (IEIS) | 2017年
基金：
中国国家自然科学基金;
关键词：
carbon market; VECM; cointegration test;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the determinants of carbon price in Hubei carbon market using VECM model. Six factors from three dimensions (international carbon price, energy price and exchange rate) are taken into account, both cointegration test and impulse response analysis are conducted to examine the long-run relationship and dynamic reaction of chosen variables. The result shows that long-run equilibrium exists among carbon price, energy price and dollar exchange rate. Innovations from EUAs, coal, natural gas and dollar exchange rate have negative influence on carbon price in the short-run, while innovations from crude and CERs will lead to positive responses.
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页数：6
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