TITLE

Causalidad y sensibilidad entre precios de los derechos de emisión europeos y los certificados de reducción de emisiones de mecanismos de desarrollo limpio en el mercado europeo de transacción de emisiones

AUTHOR(S)
MÉNDEZ SAYAGO, JHON ALEXANDER; PERUGACHE RODRIGUEZ, CAROL ANDREA
PUB. DATE
July 2012
SOURCE
Estudios Gerenciales;jul-sep2012, Vol. 28 Issue 124, p141
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article examines the price relationships between European Union Allowances (EUAs), valid under the EU Emissions Trading Scheme (EU ETS), and Certified Emissions Reductions (CERs) generated through the Clean Development Mechanism (CDM) under the Kyoto Protocol. Given the price differences between EUAs and CERs, financial and industrial operators could profit from arbitrage strategies by buying CERs and selling EUAs or vice versa. A statistical analysis of the carbon credit market through a VAR model revealed the impact of shocks on the carbon market on the prices of EUAs and CERs.
ACCESSION #
88906063

 

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