Research on the Spillover Effect of China's Carbon Market from the Perspective of Regional Cooperation

被引:3
|
作者
Liu, Jing [1 ]
Ding, Xin [2 ]
Song, Xiaoqian [3 ,4 ]
Dong, Tao [1 ]
Zhao, Aiwen [5 ]
Tan, Mi [6 ]
机构
[1] Shandong Technol & Business Univ, Sch Econ, Yantai 264000, Peoples R China
[2] Linyi Vocat Univ Sci & Technol, Dept Econ Management, Linyi 276000, Peoples R China
[3] Shanghai Jiao Tong Univ, China Inst Urban Governance, Shanghai 200030, Peoples R China
[4] Shanghai Jiao Tong Univ, Sch Int & Publ Affairs, Shanghai 200030, Peoples R China
[5] Xuzhou Univ Technol, Inst High Qual Dev Huaihai Econ Zone, Coll Finance, Xuzhou 221018, Peoples R China
[6] Macau Univ Sci & Technol, Sch Business, Macau 999078, Peoples R China
基金
中国国家自然科学基金;
关键词
carbon trading market; spillover effect; VAR-GARCH-BEKK; social network analysis; collaborative development; CO2; EMISSIONS; ENERGY;
D O I
10.3390/en16020740
中图分类号
TE [石油、天然气工业]; TK [能源与动力工程];
学科分类号
0807 ; 0820 ;
摘要
After the official launch of China's unified carbon market, the potential for carbon emission reduction is huge. The pilot regional markets urgently need to be connected with the national carbon market to form a regional synergy and linkage mechanism and further promote the development of a unified carbon market. Spillover effects can be used to analyze the interaction between multiple markets. In this context, this study focuses on the overall spillover relationship among regional carbon trading markets. Using the VAR-GARCH-BEKK model and social network analysis (SNA), this study empirically analyzes the mean spillover effect and volatility spillover effect of regional carbon markets, and it establishes a spillover network between markets. The results show that the spillover effect of China's regional carbon markets is widespread. Among them, the mean spillover effect is weak, and the impact period is short;. The volatility spillover effect is strong and has various directions; the spillover network connection between regional carbon markets is strong, but the spillover intensity is weak. Spillover effects will spread to the overall carbon market through information spillover paths and risk spillover paths. The stronger spillover effect and the stronger linkage between markets can bring more resource integration and unified supervision. Finally, we put forward policy recommendations, such as improving the carbon market mechanism and enhancing the maturity of carbon market development, increasing the participation and activity of the carbon market to encourage more participants to join the carbon market, improving the institutional system of the carbon market, and effectively supervising the process of information and risk spillover between carbon markets.
引用
收藏
页数:17
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