The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbo...The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbon market auction mechanism.This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes(ETS),reviews the structures and bidding situation of the five-pilot auction mechanism,extracts the similarities,and analyzes their different features,such as auction mode,bidding scale,participants,pricing mode,auction frequency,and so on.This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China,including its development and the evolution of the key elements,its operational effects,and related disputes.Finally,this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism,such as the time window of launching national allowance auctions,the most likely auction mode,carbon pricing,and bidding revenue management.Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.展开更多
This paper proposes a simple two-step nonparametric procedure to estimate the intraday jump tail and measure the jump tail risk in asset price with noisy high frequency data. We first propose the pre-averaging thresho...This paper proposes a simple two-step nonparametric procedure to estimate the intraday jump tail and measure the jump tail risk in asset price with noisy high frequency data. We first propose the pre-averaging threshold approach to estimate the intraday jumps occurred, and then use the peaks-over-threshold (POT) method and generalized Pareto distribution (GPD) to model the intraday jump tail and further measure the jump tail risk. Finally, an empirical example further demonstrates the power of the proposed method to measure the jump tail risk under the effect of microstructure noise.展开更多
Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroot...Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroots-level government’s finance situation is important for accelerating the establishment of a modern fiscal system.In recent years,Province-Directly-Governing-County(PGC)fiscal reform has been an important attempt to straighten out vertical fiscal relations between governments,and thus has made it possible for studying the effects of vertical fiscal relations reform on grassroots-level government’s finance based on quasi-natural experimental analysis.Therefore,this article empirically analyzes the PGC fiscal reform based on nationwide county-level data applying Propensity Score Matching with Difference-in-Difference Method(PSM-DID),in order to investigate the effect of the reform on county governments’disposable revenue and identify the influence path.The results indicate that PGC fiscal reform has a significant effect on promoting fiscal disposable revenue of county governments.Furthermore,we find that the reform increased upper-government transfer payment more than county-level own revenue,which manifests the reform increase county governments’fiscal disposable revenue by means of restraining prefecture-level cities’from grabbing county-level transfer.展开更多
基金supported by Shenzhen Philosophy and Social Sciences Planning in 2021[Grant No.SZ2021A006]the Basic Theoretical Research in the 13th Five Year Plan of Guangdong Philosophy and Social Sciences in 2020[Grant No.GD20 YDXZGL09]and the Characteristic Innovation Projects of Guangdong Universities in China[Grant No.2021WTSCX035].
文摘The carbon market auction mechanism is an important policy tool for carbon pricing and a key mechanism that supports carbon emission neutralization,especially for China.A few systematic studies exist on China’s carbon market auction mechanism.This article focuses on the five auction mechanisms in Chinese pilot emission trading schemes(ETS),reviews the structures and bidding situation of the five-pilot auction mechanism,extracts the similarities,and analyzes their different features,such as auction mode,bidding scale,participants,pricing mode,auction frequency,and so on.This study conducts an in-depth analysis of the carbon allowance auction mechanism in the Guangdong pilot ETS of China,including its development and the evolution of the key elements,its operational effects,and related disputes.Finally,this study puts forward the trend forecast and suggestions for the Chinese allowance auction mechanism,such as the time window of launching national allowance auctions,the most likely auction mode,carbon pricing,and bidding revenue management.Carbon pricing by auction is the most powerful policy tool for addressing carbon emissions reduction and implementing the Glasgow Climate Pact.
文摘This paper proposes a simple two-step nonparametric procedure to estimate the intraday jump tail and measure the jump tail risk in asset price with noisy high frequency data. We first propose the pre-averaging threshold approach to estimate the intraday jumps occurred, and then use the peaks-over-threshold (POT) method and generalized Pareto distribution (GPD) to model the intraday jump tail and further measure the jump tail risk. Finally, an empirical example further demonstrates the power of the proposed method to measure the jump tail risk under the effect of microstructure noise.
文摘Grassroots-level government’s financial capability is crucial to the performance of financial functions of the whole country.How to adjust the intergovernmental vertical fiscal relations in order to improve grassroots-level government’s finance situation is important for accelerating the establishment of a modern fiscal system.In recent years,Province-Directly-Governing-County(PGC)fiscal reform has been an important attempt to straighten out vertical fiscal relations between governments,and thus has made it possible for studying the effects of vertical fiscal relations reform on grassroots-level government’s finance based on quasi-natural experimental analysis.Therefore,this article empirically analyzes the PGC fiscal reform based on nationwide county-level data applying Propensity Score Matching with Difference-in-Difference Method(PSM-DID),in order to investigate the effect of the reform on county governments’disposable revenue and identify the influence path.The results indicate that PGC fiscal reform has a significant effect on promoting fiscal disposable revenue of county governments.Furthermore,we find that the reform increased upper-government transfer payment more than county-level own revenue,which manifests the reform increase county governments’fiscal disposable revenue by means of restraining prefecture-level cities’from grabbing county-level transfer.
