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Carbon Credits: Who is the Leader of the Pack?

Author

Listed:
  • Vicente Medina

    (University of Valencia, Spain)

  • Angel Pardo

    (Corresponding author, University of Valencia, Departamento de Economía Financiera y Actuarial, Facultad de Economía, Valencia, Spain)

  • Roberto Pascual

    (University of the Balearic Islands, Spain)

Abstract

We provide the first intraday analysis on the contribution to price discovery of two emissions carbon credits: European Union Allowances (EUAs) and Certified Emission Reductions (CERs). We find that EUAs lead price discovery but CERs play a growing role and, therefore, should not be ignored.

Suggested Citation

  • Vicente Medina & Angel Pardo & Roberto Pascual, 2013. "Carbon Credits: Who is the Leader of the Pack?," International Journal of Energy Economics and Policy, Econjournals, vol. 3(3), pages 210-220.
  • Handle: RePEc:eco:journ2:2013-03-2
    as

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    References listed on IDEAS

    as
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    Citations

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    Cited by:

    1. Medina, Vicente & Pardo, Ángel & Pascual, Roberto, 2014. "The timeline of trading frictions in the European carbon market," Energy Economics, Elsevier, vol. 42(C), pages 378-394.
    2. Ibrahim, Boulis Maher & Kalaitzoglou, Iordanis Angelos, 2016. "Why do carbon prices and price volatility change?," Journal of Banking & Finance, Elsevier, vol. 63(C), pages 76-94.
    3. Schultz, Emma & Swieringa, John, 2014. "Catalysts for price discovery in the European Union Emissions Trading System," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 112-122.
    4. Rannou, Yves, 2017. "Liquidity, information, strategic trading in an electronic order book: New insights from the European carbon markets," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 779-808.

    More about this item

    Keywords

    European Union Allowances; Certified Emission Reductions; co-integration; pricediscovery; high frequency data; intraday analysis;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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