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Registros recuperados: 5
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How to Design a Border Adjustment for the European Union Emissions Trading System? AgEcon
Monjon, Stephanie; Quirion, Philippe.
Border adjustments are currently discussed to limit the possible adverse impact of climate policies on competitiveness and carbon leakage. We discuss the main choices that will have to be made if the European Union implements such a system alongside with the EU ETS. Although more analysis is required on some issues, on others some design options seem clearly preferable to others. First, the import adjustment should be a requirement to surrender allowances rather than a tax. Second, the general rule to determine the amount of allowances per ton imported should be the product-specific benchmarks that the European Commission is currently elaborating for a different purpose (i.e. to determine the amount of free allowances). Third, this obligation should apply...
Tipo: Working or Discussion Paper Palavras-chave: Carbon Leakage; Border Adjustment; Border Tax Adjustment; EU ETS; Competitiveness; Environmental Economics and Policy; Q38.
Ano: 2010 URL: http://purl.umn.edu/60684
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On the Realized Volatility of the ECX CO2 Emissions 2008 Futures Contract: Distribution, Dynamics and Forecasting AgEcon
Chevallier, Julien; Benoit, Sevi.
The recent implementation of the EU Emissions Trading Scheme (EU ETS) in January 2005 created new financial risks for emitting firms. To deal with these risks, options are traded since October 2006. Because the EU ETS is a new market, the relevant underlying model for option pricing is still a controversial issue. This article improves our understanding of this issue by characterizing the conditional and unconditional distributions of the realized volatility for the 2008 futures contract in the European Climate Exchange (ECX), which is valid during Phase II (2008-2012) of the EU ETS. The realized volatility measures from naive, kernel-based and subsampling estimators are used to obtain inferences about the distributional and dynamic properties of the ECX...
Tipo: Working or Discussion Paper Palavras-chave: CO2 Price; Realized Volatility; HAR-RV; GARCH; Futures Trading; Emissions Markets; EU ETS; Intraday data; Forecasting; Environmental Economics and Policy; C5; G1; Q4.
Ano: 2009 URL: http://purl.umn.edu/55834
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Initial Allocation Effects in Permit Markets with Bertrand Output Oligopoly AgEcon
Calford, Evan M.; Heinzel, Christoph; Betz, Regina.
We analyse the efficiency effects of the initial permit allocation given to firms with market power in both permit and output market. We examine two models: a long- run model with endogenous technology and capacity choice, and a short-run model with fixed technology and capacity. In the long run, quantity pre-commitment with Bertrand competition can yield Cournot outcomes also under emissions trading. In the short run, Bertrand output competition reproduces the effects derived under Cournot competition, but displays higher pass-through profits. In a second-best setting of overallocation, a tighter emissions target tends to improve permit-market efficiency in the short run.
Tipo: Journal Article Palavras-chave: Emissions trading; Initial permit allocation; Bertrand competition; EU ETS; Endogenous technology choice; Kreps and Scheinkman; Resource /Energy Economics and Policy; L13; Q28; D43.
Ano: 2010 URL: http://purl.umn.edu/95066
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Derechos de emision temporales procedentes de actividades de forestacion y reforestacion en el EU ETS AgEcon
Bachiller Mendez, Ignacio; Fernandez-Cavada, Jose Luis; Martin Juez Labat, Jaime.
Resumen En este trabajo se examina el marco regulatorio establecido por la Convención Marco sobre Cambio Climático, el Protocolo de Kioto y sus Mecanismos de Flexibilidad, entre ellos el Mecanismo de Desarrollo Limpio (MDL) y el sistema europo de Comercio de Derechos de Emisión (EU ETS). Partiendo de este marco general se expone de qué modo se han incorporado las actividades de forestación y reforestación en el ámbito del MDL y su situación actual en el EU ETS. Se analizan los costes de transacción de este tipo de proyectos de MDL y el estado del mercado de derechos temporales que genera. Finalmente, a la vista de los elementos descritos, se formulan unas conclusiones con respecto a la conveniencia y expectativas del desarrollo futuro de este mercado....
Tipo: Journal Article Palavras-chave: Temporary allowances; EU ETS; Afforestation; CDM; Reforestation; Derechos temporales; EU ETS; Forestacion; MDL; Reforestación; Environmental Economics and Policy; Resource /Energy Economics and Policy; F18; Q23; Q54; Q56.
Ano: 2007 URL: http://purl.umn.edu/7057
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Efficiency, Productivity and Environmental Policy: A Case Study of Power Generation in the EU AgEcon
Jaraite, Jurate; Di Maria, Corrado.
This study uses the EU public power generating sector as a case study to investigate the environmental efficiency and productivity enhancing performance of the European Union’s CO2 Emissions Trading Scheme (EU ETS) in its pilot phase. Using Data Envelopment Analysis methods, we measure the environmental efficiency and the productivity growth registered in public power generation across the EU over the 1996-2007 period. In the second stage of our analysis we attempt to explain changes in productivity and efficiency over time using state-of-the-art econometric techniques. Our analysis suggests two conclusions: on the one hand carbon pricing led to an increase in environmental efficiency and to a shift outwards of the technological frontier; on the other...
Tipo: Working or Discussion Paper Palavras-chave: Emissions Trading; EU ETS; Environmental Efficiency; Productivity Growth; Data Envelopment Analysis; Environmental Economics and Policy; O38; Q48; Q58.
Ano: 2011 URL: http://purl.umn.edu/101297
Registros recuperados: 5
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