期刊名称:International Journal of Energy Economics and Policy
电子版ISSN:2146-4553
出版年度:2013
卷号:3
期号:3
页码:210-220
语种:English
出版社:EconJournals
摘要:We provide the first intraday analysis on the contribution to price discovery of two emissions carbon credits: European Union Allowances (EUAs) and Certified Emission Reductions (CERs). We find that EUAs lead price discovery but CERs play a growing role and, therefore, should not be ignored. Keywords: European Union Allowances; Certified Emission Reductions; co-integration, price-discovery; high frequency data; intraday analysis. JEL Classifications: G10