摘要
工业革命以来,随着全球经济迅速增长,温室气体排放增加对气候造成了前所未有的威胁。为保证全球经济的可持续发展并满足人们改善生存环境的需求,全球各经济体逐步实施建立碳排放交易所的计划。本文探讨了全球碳交易市场格局并选取全球最大交易体系欧盟排放交易体系(EU ETS)为例,使用小波分析、VAR模型研究了其市场运行机制、价格波动规律以及市场有效性。结果表明,碳排放权价格受国际宏观经济形势以及投资者对碳交易市场发展预期的影响较大,欧洲碳交易市场具有一定的市场有效性。
With the development of global economy, the increasing emission of greenhouse gas has deepened the climate problem since the Industrial Revolution. The economic entities have planned to build up carbon markets in order to ensure the sustainable development of the global economy and to meet people＇s psychological needs in improving the living environment. This paper discusses the pattern of the global carbon market and chooses the EU emissions trading system （EU ETS） as an example, researching on the market operation mechanism, price fluctuation and market efficiency by using wave analysis and VAR model. The conclusion shows that the carbon price can be affected by the international macroeconomic environment and the expectation of carbon market. It also proves the efficiency of the market.
出处
《国际金融研究》
CSSCI
北大核心
2012年第12期82-88,共7页
Studies of International Finance
