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Causalidad y sensibilidad entre precios de los derechos de emisión europeos y los certificados de reducción de emisiones de mecanismos de desarrollo limpio en el mercado europeo de transacción de emisiones

Author

Listed:
  • Jhon Alexánder Méndez Sayago
  • Carol Andrea Perugache Rodríguez

Abstract

Este artículo estudia las relaciones entre los precios de los Derechos de emisión de la Unión Europea (EUA), validos dentro del Sistema de la Unión Europea de comercialización de Emisiones (EU ETS), y los Certificados de reducción de emisiones (CER), generados mediante el Mecanismo de Desarrollo Limpio (MDL) del Protocolo de Kioto. Dada la diferencia en precios entre EUAs y CERs, los operadores financieros e industriales podrían beneficiarse de las estrategias de arbitraje, comprando CERs y vendiendo EUA o viceversa. El análisis estadístico del mercado de bonos de carbono a través de un modelo de vectores autorregresivos, permitió determinar la influencia de choques en el mercado del carbono sobre los precios de EUAs y CERs.

Suggested Citation

  • Jhon Alexánder Méndez Sayago & Carol Andrea Perugache Rodríguez, 2012. "Causalidad y sensibilidad entre precios de los derechos de emisión europeos y los certificados de reducción de emisiones de mecanismos de desarrollo limpio en el mercado europeo de transacción de emis," Estudios Gerenciales, Universidad Icesi, September.
    • Handle: RePEc:col:000129:011319
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    File URL: http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/1515
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    More about this item

    Keywords

    Mercado del carbono; bonos de carbono; modelo VAR.;
    All these keywords.

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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