Climate
Financials threaten to undermine the functioning of emissions markets
Published
3 months agoon
By
admin
Kaldor, N. Hypothesis and Financial Stability. Rev. Econ. Stud. 7, 1–27 (1939).
Keynes, J. M. Treatise on Cash (Macmillan, 1930).
Ekeland, I., Lautier, D. & Villeneuve, B. Hedging stress and hypothesis in commodity markets. Econ. Idea 68, 83–123 (2019).
Brunnermeier, M. Ok., Sockin, M. & Xiong, W. China’s mannequin of managing the monetary system. Rev. Econ. Stud. 89, 3115–3153 (2022).
Goldstein, I. & Yang, L. Commodity financialization and data transmission. J. Finance 77, 2613–2667 (2022).
Martin, I. W. R. & Papadimitriou, D. Sentiment and hypothesis in a market with heterogeneous beliefs. Am. Econ. Rev. 112, 2465–2517 (2022).
Pirrong, C. Market Oversight for Cap-and-Commerce: Effectively Regulating the Carbon Derivatives Market Coverage Temporary 09–04 (The Brookings Establishment, Power Safety Initiative, 2009). An summary of what commodity derivatives are, why they’re used, how they’re traded, the abuses they’re topic to (manipulation, extreme hypothesis) and the way to constrain these abuses with a deal with carbon markets.
Monast, J. Local weather change and monetary markets: regulating the commerce facet of cap and commerce. Environ. Regulation Rep. 40, 51–65 (2010).
Fattouh, B., Kilian, L. & Mahadeva, L. The position of hypothesis in oil markets: what have we realized to this point? Power J. 34, 7–33 (2013).
Cheng, I.-H. & Xiong, W. Financialization of commodity markets. Annu. Rev. Financ. Econ. 6, 419–41 (2014). A literature evaluate on how monetary traders have an effect on threat sharing and data discovery in commodity markets, discussing the implications of financialization and methods for enhancing evaluation of those mechanisms.
Kilian, L. & Murphy, D. P. The position of inventories and speculative buying and selling within the world marketplace for crude oil. J. Appl. Econ. 29, 454–78 (2014).
Basak, S. & Pavlova, A. A mannequin of financialization of commodities. J Finance 71, 1511–1556 (2016).
Knittel, C. R. & Pindyck, R. S. The straightforward economics of commodity worth hypothesis. Am. Econ. J. Macroecon. 8, 85–110 (2016).
Boyd, N. E., Harris, J. H. & Li, B. An replace on hypothesis and financialization in commodity markets. J. Commod. Mark. 10, 91–104 (2018). A literature evaluate on financialization of commodity markets and the varied roles of hypothesis, additionally utilizing the Working T-index.
Sheppard, D. Hedge funds and Wall St banks money in on carbon market’s revival. Monetary Instances (7 September 2018).
Sheppard, D. Carbon buying and selling: the ‘one-way’ guess for hedge funds. Monetary Instances (23 August 2020).
Buli, N., Abnett, Ok. & Twidale, S. EU carbon worth hits report 50 euros per tonne on path to local weather goal. Reuters (4 Could 2021).
Costs on the earth’s greatest carbon market are hovering. The Economist (27 February 2021).
Attending to Web Zero: The Very important Position of World Carbon Markets (Institute of Worldwide Finance, 2021).
Placing Carbon Markets to Work on the Path to Web Zero (McKinsey & Firm, 2021).
Jeszke, R. & Lizak, S. Reflections on the mechanisms to guard towards formation of worth bubble within the EU ETS market. Environ. Defend. Nat. Resour. 32, 8–17 (2021).
Bouleau, N. Limits to development and stochastics. Actual World Econ. Rev. 60, 92–106 (2012).
Berta, N., Gautherat, E. & Gun, O. Transactions within the European carbon market: a bubble of compliance in a whirlpool of hypothesis. Cambridge J. Econ. 41, 575–593 (2017).
Smith, T. Financialisation of Nature SRE Dialogue Paper 08/2021 (Vienna College of Economics and Enterprise, 2021).
Germain, M., van Steenberghe, V. & Magnus, A. Optimum coverage with tradable and bankable air pollution permits: taking the market microstructure under consideration. J. Public Econ. Idea 6, 737–757 (2004).
Colla, P., Germain, M. & van Steenberghe, V. Environmental coverage and hypothesis on markets for emission permits. Economica 79, 152–182 (2012).
Borghesi, S. & Flori, A. EU ETS aspects within the web: construction and evolution of the EU ETS community. Power Econ. 75, 602–635 (2018).
Cantillon, E. & Slechten, A. Data aggregation in emissions markets with abatement. Ann. Econ. Stat. 132, 53–79 (2018).
Cludius, J. & Betz, R. The position of banks in EU emissions buying and selling. Power J. 41, 275–299 (2020). An empirical investigation of the position of banks within the EU ETS, documenting how they act as intermediaries and hedging counterparties for compliance entities.
Friedrich, M., Mauer, E.-M., Pahle, M. & Tietjen, O. From Fundamentals to Monetary Belongings: The Evolution of Understanding Worth Formation within the EU ET (Leibniz Data Centre for Economics, 2020). A synthesis of the empirical literature on worth formation within the EU ETS, highlighting three key dimensions (demand-side fundamentals, regulatory intervention, and monetary buying and selling) and the necessity to make clear how they work together.
Position of Derivatives in Carbon Markets Report (Worldwide Swaps and Derivatives Affiliation, 2021).
Carbon Buying and selling within the European Union: An Financial Evaluation of Market Functioning in 2021 (Oxera Consulting, 2022).
Angel, J. J. & McCabe, D. M. The ethics of hypothesis. J. Bus. Ethics 90, 277–286 (2009).
Hart, O. D. & Kreps, D. M. Worth destabilizing hypothesis. J. Polit. Econ. 94, 927–952 (1986).
Newbery, D. M. G. When do futures destabilize spot costs? Int. Econ. Rev. 28, 291–297 (1987).
De Lengthy, J. B., Shleifer, A., Summers, L. H. & Waldmann, R. J. Noise dealer threat in monetary markets. J. Polit. Econ. 98, 703–738 (1990).
Sockin, M. & Xiong, W. Informational frictions and commodity markets. J. Finance LXX, 2063–2098 (2015).
de Perthuis, C. & Trotignon, R. Governance of CO2 markets: classes from the EU ETS. Power Coverage 75, 100–106 (2014).
Grosjean, G., Acworth, W., Flachsland, C. & Marschinski, R. After financial coverage, local weather coverage: is delegation the important thing to EU ETS reform? Clim. Coverage 16, 1–25 (2016).
Koch, N., Grosjean, G., Fuss, S. & Edenhofer, O. Politics issues: regulatory occasions as catalysts for worth formation below cap-and-trade. J. Environ. Econ. Handle. 78, 121–139 (2016).
Salant, S. W. What ails the European Union’s emissions buying and selling system? J. Environ. Econ. Handle. 80, 6–19 (2016).
Closing Report: Emission Allowances and Related Derivatives (European Securities and Markets Authority, 2022). A report on the functioning of the EU ETS and its totally different market segments (auctions, allowances buying and selling, derivatives buying and selling), offering quantitative analyses and suggestions for enhancing market knowledge provision and monitoring.
Abrell, J., Cludius, J., Lehmann, S., Schleich, J. & Betz, R. Company emissions-trading behaviour through the first decade of the EU ETS. Environ. Resour. Econ. 83, 47–83 (2022). An empirical evaluation of the determinants of buying and selling conduct within the EU ETS based mostly on related dealer traits.
Rannou, Y. & Barneto, P. Futures buying and selling with data asymmetry and OTC predominance: one other take a look at the amount/volatility relations within the European carbon markets. Power Econ. 53, 159–174 (2016).
Emission Buying and selling and Regulation of Monetary Markets (German Setting Company, 2022).
Martin, R., Muûls, M. & Wagner, U. J. The impression of the European Union emissions buying and selling scheme on regulated companies: what’s the proof after ten years? Rev. Environ. Econ. Coverage 10, 129–148 (2016).
Zaklan, A. Coase and cap-and-trade: proof on the independence property from the European carbon market. Am. Econ. J. Econ. Coverage (within the press).
Buying and selling Actions and Methods within the European Carbon Market (German Setting Company, 2022). A report offering a quantitative evaluation of bodily allowance buying and selling conduct within the EU ETS with a deal with the power and monetary sectors.
Schopp, A. & Neuhoff, Ok. The Position of Hedging in Carbon Markets Dialogue Paper 1271 (DIW Berlin, 2013).
Quemin, S. & Trotignon, R. Emissions buying and selling with rolling horizons. J. Econ. Dyn. Management 125, 104099 (2021).
Tietjen, O., Lessmann, Ok. & Pahle, M. Hedging and temporal allow issuances in cap-and-trade applications: the market stability reserve below threat aversion. Resour. Power Econ. 63, 101214 (2021).
Rannou, Y., Boutabba, M. A. & Barneto, P. Are inexperienced bond and carbon markets in Europe enhances or substitutes? Insights from the exercise of energy companies. Power Econ. 104, 105651 (2021).
Report from the Fee to the European Parliament and the Council on the Functioning of the European Carbon Market in 2020 Pursuant to Articles 10(5) and 21(2) of Directive 2003/87/EC (as amended by Directive 2009/29/EC and Directive (EU) 2018/410) (European Fee, 2021).
2022 State of the EU ETS Report (European Roundtable on Local weather Change and Sustainable Transition, 2022).
Hahn, R. W. & Stavins, R. N. The impact of allowance allocations on cap-and-trade system efficiency. J. Regulation Econ. 54, S267–S294 (2011).
Martin, R., Muûls, M. & Wagner, U. J. in Emissions Buying and selling as a Coverage Instrument: Analysis and Prospects (eds Gronwald, M. & Hintermann, B.) Ch. 9 (MIT Press, 2015).
Ellerman, A. D., Marcantonini, C. & Zaklan, A. The European Union emissions buying and selling system: ten years and counting. Rev. Environ. Econ. Coverage 10, 89–107 (2016).
Proposal for a Directive of the European Parliament and of the Council Amending Directive 2003/87/EC Establishing a System for Greenhouse Gasoline Emission Allowance Buying and selling Inside the Union, Resolution (EU) 2015/1814 In regards to the Institution and Operation of a Market Stability Reserve for the Union Greenhouse Gasoline Emission Buying and selling Scheme and Regulation (EU) 2015/757 (European Fee, 2021).
Burtraw, D. & McCormack, Ok. Consignment auctions of free emissions allowances. Power Coverage 107, 337–344 (2017).
MacKenzie, I. A. The evolution of air pollution auctions. Rev. Environ. Econ. Coverage 16, 1–24 (2022).
Venmans, F. The impact of allocation above emissions and worth uncertainty on abatement investments below the EU ETS. J. Clear. Prod. 126, 595–606 (2016).
Baudry, M., Faure, A. & Quemin, S. Emissions buying and selling with transaction prices. J. Environ. Econ. Handle. 108, 102468 (2021).
Cheng, I.-H. & Xiong, W. Why do hedgers commerce a lot? J. Authorized Stud. 43, 183–207 (2014).
Gerlagh, R., Heijmans, R. J. R. Ok. & Rosendahl, Ok. E. Endogenous emission caps at all times produce a inexperienced paradox. Econ. Coverage 36, 485–522 (2021).
Perino, G. Carbon market design and self-fulfilling prophecies. SSRN https://doi.org/10.2139/ssrn.4243350 (2022).
Kollenberg, S. & Taschini, L. Dynamic provide adjustment and banking below uncertainty in an emissions buying and selling scheme: the market stability reserve. Eur. Econ. Rev. 118, 213–226 (2019).
Perino, G., Willner, M., Quemin, S. & Pahle, M. The European Union emissions buying and selling system market stability reserve: does it stabilize or destabilize the market? Rev. Environ. Econ. Coverage 16, 338–345 (2022). A literature evaluate and coverage temporary on present market design challenges and the Market Stability Reserve within the EU ETS.
Quemin, S. Elevating local weather ambition in emissions buying and selling programs: the case of the EU ETS and the 2021 evaluate. Resour. Power Econ. 68, 101300 (2022).
Afonin, A., Bredin, D., Cuthbertson, Ok., Muckley, C. & Nitzsche, D. Carbon portfolio administration. Int. J. Finance Econ. 23, 349–361 (2018).
Pardo, Á. Carbon and inflation. Financ. Res. Lett. 38, 101519 (2021).
Demiralay, S., Gencer, H. G. & Bayraci, S. Carbon credit score futures as an rising asset: hedging, diversification and draw back dangers. Power Econ. 113, 106196 (2022).
Jin, J., Han, L., Wu, L. & Zeng, H. The hedging impact of inexperienced bonds on carbon market threat. Int. Rev. Financ. Anal. 71, 101509 (2020).
Gerlagh, R. & Heijmans, R. J. R. Ok. Local weather-conscious customers and the purchase, financial institution, burn program. Nat. Clim. Change 9, 431–433 (2019).
Ye, J. & Xue, M. Influences of sentiment from information articles on EU carbon costs. Power Econ. 101, 105393 (2021).
On Ancillary Exercise – Market Measurement Calculation – Replace for the Yr 2020 (European Securities and Markets Authority, 2021).
Boyde, E. Bodily carbon credit score ETF wins reward regardless of some misgivings. Monetary Instances (8 November 2021).
Koch, N., Fuss, S., Grosjean, G. & Edenhofer, O. Causes of the EU ETS worth drop: recession, CDM, renewable insurance policies or a little bit of all the pieces? − New Proof. Power Coverage 73, 676–685 (2014).
Friedrich, M., Fries, S., Pahle, M. & Edenhofer, O. Guidelines vs. discretion in cap-and-trade applications: proof from the EU emission buying and selling system. SSRN https://doi.org/10.2139/ssrn.3718517 (2020).
Working, H. Hypothesis on hedging markets. Meals Res. Inst. Stud. 1, 185–220 (1960).
Alquist, R. & Gervais, O. The position of monetary hypothesis in driving the value of crude oil. Power J. 34, 35–54 (2013).
Soares, D. B. & Borocco, E. Rational destabilization in commodity markets. J. Commod. Mark. 25, 100190 (2022).
Garcia, P., Leuthold, R. M. & Zapata, H. Lead-lag relationships between buying and selling quantity and worth variability: new proof. J. Futures Mark. 6, 1–10 (1986).
Lucia, J. J. & Pardo, Á. On measuring speculative and hedging actions in futures markets from quantity and open curiosity knowledge. Appl. Econ. 42, 1549–1557 (2010).
Lucia, J. J., Mansanet-Bataller, M. & Pardo, Á. Speculative and hedging actions within the European carbon market. Power Coverage 82, 342–351 (2015). An empirical evaluation of hedging and hypothesis within the EU ETS based mostly on day by day buying and selling knowledge (quantity, open curiosity).
Cifarelli, G. & Paesani, P. Navigating the oil bubble: a non-linear heterogeneous-agent dynamic mannequin of futures oil pricing. Power J. 42, 101–122 (2021).
Wadud, S., Durand, R. B. & Gronwald, M. Connectedness between the crude oil futures and fairness markets through the pre- and post-financialisation eras. SSRN https://doi.org/10.2139/ssrn.3892626 (2021).
Chevallier, J., Le Pen, Y. & Sévi, B. Choices introduction and volatility within the EU ETS. Resour. Power Econ. 33, 855–880 (2011).
Stocking, A. Unintended penalties of worth controls: an utility to allowance markets. J. Environ. Econ. Handle. 63, 120–136 (2012).
Burtraw, D., Holt, C., Palmer, Ok. & Shobe, W. Worth-responsive allowance provide in emissions markets. J. Assoc. Environ. Resour. Econ. 9, 851–884 (2022).
Kim, Y. H. & Yang, J. J. What makes circuit breakers enticing to monetary markets? A survey. Financ. Mark. Inst. Instrum. 13, 109–146 (2004).
Yeh, C.-H. & Yang, C.-Y. Analyzing the effectiveness of worth limits in a man-made inventory market. J. Econ. Dyn. Management 34, 2089–2108 (2010).
Place Limits for Derivatives (Higher Markets, 2011).
Shobe, W., Holt, C. & Huetteman, T. Parts of emission market design: an experimental evaluation of California’s marketplace for greenhouse gasoline allowances. J. Econ. Behav. Organ. 107, 402–420 (2014).
Literature Evaluate on Place Limits (CFTC, 2016).
Chen, T., Gao, Z., He, J., Jiang, W. & Xiong, W. Day by day worth limits and damaging market conduct. J. Econom. 208, 249–264 (2019).
Sifat, I. M. & Mohamad, A. Circuit breakers as market stability levers: a survey of analysis, praxis, and challenges. Int. J. Finance Econ. 24, 1130–1169 (2019).
Kachi, A. & Frerk, M. Carbon Market Oversight Primer (Worldwide Carbon Motion Partnership, 2013).
Stefan, M. & Wellenreuther, C. London vs. Leipzig: worth discovery of carbon futures throughout part III of the ETS. Econ. Lett. 188, 108990 (2020).


Miscarriages could also be extra prone to happen with sluggish growing embryos

Contained in the lab that appears for viruses in wastewater from US houses

Why preserving your lemons in salt will make them even tastier

Utilizing Fossils to Deliver the LA River Again to Life

Vanuatu gathers help for UN local weather justice assertion

Farewell to Vivienne Westwood, Style’s Insurgent With a Trigger
Trending
-
Climate3 months ago
Utilizing Fossils to Deliver the LA River Again to Life
-
Climate4 weeks ago
Vanuatu gathers help for UN local weather justice assertion
-
Climate1 month ago
Farewell to Vivienne Westwood, Style’s Insurgent With a Trigger
-
Climate1 month ago
A Lawsuit In opposition to Massive Oil Will get Private
-
Climate2 months ago
South African President Declares ‘State of Disaster’ Over Energy Disaster
-
Biodiversity3 months ago
4 issues we’ve found from tagging Indonesia’s mantas
-
Climate1 month ago
I Need to Swap to an Electrical Range. Can the Board Cease Me?
-
Forests3 months ago
Sustainable forest administration: Indonesia navigates a paradigm shift
Leave a Reply