Carbon trading thickness and market efficiency in a socialist market economy

被引：0

作者：

Qian Wang

Sitong Wu

机构：

[1] SchoolofEconomics,JilinUniversity

来源：

ChineseJournalofPopulation,ResourcesandEnvironment | 2018年 / 02期

关键词：

Emission trade system; efficient market hypothesis; market efficiency;

D O I：

暂无

中图分类号：

F832.5 [金融市场]; X196 [环境经济学];

学科分类号：

1201 ; 020204 ; 02 ; 0201 ; 020106 ;

摘要：

Unlike the European Union emission trade system(EU ETS), China s pilot ETSs implemented diversified policy designs instead of using a uniform framework. Variance ratio test is used to evaluate the Efficient Market Hypothesis(EMH) in China's carbon trading markets. The results of two versions of variance ratio tests indicate that the carbon trading market in Hubei is considered weak form efficient, and the socialist market economy does not necessarily lead to market inefficiency in carbon trading markets. Thin trading activities generate market frictions and bias the Efficient Market Hypothesis(EMH) tests.

引用

页码：109 / 119

页数：11

共 19 条

[1]

Policy design of the Hubei ETS pilot in China[J] Shaozhou Qi;Banban Wang;Jihong Zhang Energy Policy 2014,

[2]

The construction of Shenzhen׳s carbon emission trading scheme[J] Jing Jing Jiang;Bin Ye;Xiao Ming Ma Energy Policy 2014,

[3]

Market efficiency in the European carbon markets[J] Amélie Charles;Olivier Darné;Jessica Fouilloux Energy Policy 2013,

[4]

Carbon trading in a socialist market economy: Can China make a difference?[J] Alex Y. Lo Ecological Economics 2013,

[5]

Carbon Financial Instruments; thin trading; and volatility: Evidence from the Chicago Climate Exchange[J] Omid Sabbaghi;Navid Sabbaghi Quarterly Review of Economics and Finance 2011,

[6]

Efficiency of European emissions markets: Lessons and implications[J] Chandrasekhar Krishnamurti;Ariful Hoque Energy Policy 2011,

[7]

Carbon trading thickness and market efficiency[J] Alberto Montagnoli;Frans P. de Vries Energy Economics 2010,

[8]

Testing the martingale difference hypothesis in CO 2 emission allowances[J] Amélie Charles;Olivier Darné;Jessica Fouilloux Economic Modelling 2010,

[9]

European Carbon Prices and Banking Restrictions: Evidence from Phase I (2005-2007)[J] Alberola; Emilie;Chevallier; Julien The Energy Journal 2009,

[10]

Oligopoly meets oligopsony: The case of permits[J] Franz Wirl Journal of Environmental Economics and Management 2009,

← 1 2 →