Permit price dynamics in the U.S. SO2 trading program: A cointegration approach
Permit price dynamics in the U.S. SO2 trading program: A cointegration approach
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DOI：
10.1016/j.eneco.2011.04.004
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发表时间：
2012-05
期刊：
影响因子：
12.8
通讯作者：
Mohamed Amine Boutabba;Olivier Beaumais;S. Lardic
中科院分区：
文献类型：
--
作者：
Mohamed Amine Boutabba;Olivier Beaumais;S. Lardic
本文的目的是实证研究二氧化硫许可价格的确定和动态行为。以前的研究集中在事后市场价格分析，没有考虑天气条件。因此，本研究试图通过对SO2价格演变及其与宏观经济变量、微观经济变量和气候变量的相互作用提供新的经验证据来填补文献中的空白。利用1995年1月至2006年12月的月度数据，我们的估计结果表明，SO2许可价格，洗涤成本，工业生产和天气条件之间存在长期的关系。在短期内，SO2许可价格受洗涤成本、能源价格和天气条件的影响。政策制定者和私人投资者可以从这项研究的结果中受益，该研究提供了有关SO2市场特征的有用信息，并可以规划其战略。
The aim of this paper is to study empirically the determination and the dynamic behavior of the SO2permit prices. Previous research focused on ex-post market price analysis without taking weather conditions into account. Therefore, this study attempts to fill a gap in the literature by providing new empirical evidence on the SO2price evolution and its interactions with macroeconomic variables, microeconomic variables and climate variables. Using monthly data from January 1995 to December 2006, our estimation results indicate the existence of a long-term relationship between SO2permit price, scrubbing costs, industrial production, and weather conditions. In the short run, SO2permit price is affected by scrubbing costs, energy prices, and weather conditions. Policy makers and private investors could benefit from the findings of this study that provides useful information on the characteristics of the SO2market and may plan their strategy.