Liquidity Effects on Carbon Financial Instruments in the EU Emissions Trading Scheme: New Evidence from the Kyoto Commitment Phase
Autor: | Gbenga Ibikunle, Andros Gregoriou, Naresh R. Pandit |
---|---|
Rok vydání: | 2011 |
Předmět: | |
Zdroj: | SSRN Electronic Journal. |
ISSN: | 1556-5068 |
DOI: | 10.2139/ssrn.1886586 |
Popis: | The EU Emissions Trading Scheme (EU-ETS), the major policy tool of the EU for achieving its Kyoto target, is the largest pollution permit market in the world. Following the lessons learned from the trial phase (2005-2007), new measures were adopted for the Kyoto commitment period (2008-2012) in order to enhance market quality, thereby reducing emissions. This study explores liquidity effects after the introduction of the new regime of rules for Kyoto commitment period. It finds evidence of a sustained increase in the liquidity of the carbon permits as a result of the new trading rules. However, we also find evidence of reductions in liquidity following regulatory changes after the commencement of the current phase. |
Databáze: | OpenAIRE |
Externí odkaz: |
Pro tento záznam nejsou dostupné žádné jednotky.