可见力和不可见力。是什么推动了欧洲碳市场的交易强度?

IF 0.7 Q3 ECONOMICS
I. Kalaitzoglou
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引用次数: 2

摘要

本研究使用各种规范对欧洲气候交易所(ECX)的欧洲津贴(EUA)期货合约的交易强度进行了建模,并调查了可观察因素与不可观察因素的预测能力。这一设置通过监管更新实证检验了不断演变的市场结构的影响,以及不同市场参与者对欧洲碳市场交易强度的贡献。研究结果表明,可观察到的市场特征比潜在的市场特征更好地反映了交易强度的动态,这意味着提高透明度的监管变化也将提高市场效率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Visible and Invisible Forces. What Drives the Intensity of Trading in the European Carbon Market?
This study models the trading intensity in European Allowances (EUA) futures contracts, in the European Climate Exchange (ECX) using various specifications and investigates the forecasting ability of observable versus unobservable factors. This set up tests empirically the impact of the evolving market structure through regulatory updates and the contribution of the different market participants to the intensity of trading in the European Carbon market. The findings suggest that observable market characteristics capture better the dynamics of trading intensity than their latent counterparts, which implies that regulatory changes that enhance transparency would also improve market efficiency.
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来源期刊
CiteScore
1.10
自引率
0.00%
发文量
10
审稿时长
26 weeks
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