유럽시장의 탄소배출권(EUA) 가격 결정요인에 관한 연구

• 영문명: A Study on the Price Determinants of the Emission Allowance in the European Market -Phase 1 and 2
• 발행기관: 한국무역연구원
• 저자명: 이은정(Eun-Jung Lee) 박명섭(Myong-Sop Pak)
• 간행물 정보: 『무역연구』제10권 제2호, 427~452쪽, 전체 25쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.04.30

영문 초록

This study is to analyze primary factors influencing on the price of EUA by reviewing the backgrounds and the mechanism of the ETS in the European market. As a result, the VECM analysis using daily data shows that the energy variables are insignificant factors on EUA price decision during the first phase of EU ETS, while analysis of Variance Decomposition proves natural gas to have a slight influence over the decision process. Through the Granger Causality, prices of oil and natural gas precede the price of EUA. Analysis of the VECM using the second phase of data set indicates that the prices of oil and EUA are positively correlated, while prices of coal and electricity have negative impacts on EUA s price. The prices of oil and electricity precede the price of EUA in Granger Causality analysis. The results from multi-variate regression analysis show that price determinants of the emissions include oil and CER prices.

목차

Abstract

Ⅰ. 서론

Ⅱ. 이론적 배경과 선행연구 분석

Ⅲ. 연구의 설계

Ⅳ. 실증분석 결과

Ⅴ. 결론

참고문헌

키워드

European market EUA VECM Granger Causality