지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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Recognizing the seriousness of global warning, international society is trying to reducegreenhouse gas emission through the United Nations Framework Convention on ClimateChange. In particular, the establishment of the Kyoto Protocol has kindled interest on theemission trading scheme. Following the current movement, Korea is also planning toimplement the emissions trading scheme in 2015. Currently, the largest market is theEuropean market, and the price of EUA(European Union Allowances) has important effectson the countries and corporate entities in Europe, as well as on the offshore countries. Thisstudy aims to analyze primary factors influencing the price of EUA by reviewing themechanism of the emission trading scheme in the European market. Energy factors(coal, oiland natural gas), price of electricity, economic variables(European Industrial ProductionIndex) and climate factors(Temperature, Precipitation), are used as the primary variablesaffecting the prices of EUA. Data analysis included estimating Granger causality, impulseresponse function, and forecast error variance decomposition based on monthly data fromDecember 2008 to November 2014. The empirical results are summarized as follows: First,VECM estimation results indicate that coal prices, gas indices, European ProductionIndustrial Production indices, Temperature, CER are negative for EUA indices. Brent indices,future price of electricity, Precipitation are positive for EUA. Second, The findings of theGranger Causality test indicate that EUA future indices and CER future indices sequenceGranger causality in both directions
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