| Since the 20th century,with the advancement of industrialization,climate change has become the focus of all social.According to the IPCC climate change data shows that if you continue to let States unrestricted emissions of greenhouse gases,21st century global warming will have as much as 4 degrees centigrade.Countries all over the world to seek new ways of energy saving and emission reduction.In order to reduce greenhouse gas emissions,reduce energy costs,carbon emissions trading market emerges.Combination research has found that energy consumption is the main source of carbon emissions,fossil fuels burn more carbon emissions than other energy sources,fossil fuel price effect on carbon emissions trading market.China began to establish a carbon emissions trading market in 2013,and currently has seven pilot markets in Beijing,Tianjin,Shanghai,Guangdong,Hubei,Shenzhen and Chongqing(new Fujian in the end of 2016)and plans to launch a national unified carbon emissions trading market in 2017.Therefore,the study of carbon emission rights trading in China's relationship with fossil fuel prices,found between market dependency,not only helped to establish a unified carbon emission rights trading in China market,also helped to open a new situation of energy saving and emission reduction.Firstly use literature research method of comprehensive analysis of domestic and foreign scholars on carbon emissions trading market study on formation and development of carbon emissions trading market at home and abroad are introduced;then on fossil energy market and theoretical connection between carbon emissions trading market analyze Discussion on price formation mechanism of carbon emissions from fossil energy prices on carbon emissions trading price path,then the Pearson and Spearman rank correlation coefficient and grey relation analysis on the carbon price correlation analysis between the carbon trading market,finally using the State-space model with time-varying parameters,Impulse response functions and variance decomposition for fossil fuel prices and carbon emissions trading dynamics and quantitative analysis of the impact of the price,and according to the results of the quantitative analysis comparing prices of fossil energy carbon price of seven carbon emissions trading market impact,To get China's fossil energy market and the interaction between the carbon emissions trading market.The main findings of this paper are the following:first,China's carbon emissions trading and fossil energy prices closely.Changes in fossil energy prices of carbon emissions from supply and demand levels affect the price of carbon emissions trading.Second,China's carbon emission trading prices and fossil energy prices,there is a dynamic relationship between.Based on fossil energy prices return series and carbon price return series state space model with time-varying parameters established found that seven carbon emissions trading market in China of three types of large dynamic correlation coefficient changes in energy prices,albeit to different degrees,but seven carbon price carbon emissions trading market were affected by the effects of changes in prices of fossil energy,Highest price of coal yields sequence,followed by natural gas and oil prices.Third,the carbon price in China and study on the dynamic relationship between fossil fuel prices further,using impulse response functions and variance decomposition analysis found that for most of China's carbon emissions trading market,the influence of coal price changes are relative to,and carbon price changes changes most contributions,contributions in the range of 10%-20%;Three types of energy prices,gas prices are relatively positive impact of changes,changes in contribution is lower than the price of coal,contributions in the range of 5%-6%;oil price shock for China's carbon emissions trading markets carbon price volatility was negative but carbon pricing affecting most of the carbon emissions trading market is positive in the long term And contributions in the range of 1%-3%.Innovations that might exist in this article are:(1)the scope of innovation.Based on a carbon.Innovations that might exist in this article are:(1)the scope of innovation.This paper discusses the carbon emissions trading market study on the correlation of fossil energy market and broke the single existing research,taking into account the time-varying characteristics of the fossil energy and carbon prices,fossil energy prices complicates a simple linear relationship between the carbon price,the time factor included in the scope of the study,From the fixed parameters and time-varying two parameters of perspective effects on carbon prices in fossil energy prices.(2)contents of innovation.In this paper seven domestic carbon emissions trading market for the first time the pilot into a research framework to address deficiencies in the past only the single market research is too one-sided,a complete analysis of all the existing volatility in the carbon trading market in China,and seven domestic fossil energy carbon market price change compare the degree,To establish a national unified carbon market with more comprehensive results.Due to the development of carbon emissions trading market for only a short time,the market is not fully mature,so there may be a result of this study typical disadvantages of low,and because the price of fossil fuels and carbon prices are most directly,so this article on the impact of energy prices on the price of carbon is not studied. |
PDF Full Text Request