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The Economic and Financial Determinants of Carbon Prices

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Abstract

The aim of this paper is to analyze the economic and financial determinants of carbon dioxide (CO2) prices from the short and long-term perspective, in particular within the EU-wide CO2 emissions trading system (EU ETS). After reviewing present carbon markets, this paper investigates the several drivers of carbon prices from both n financial and an economic perspective. It then examines the main impacts of these drivers in the short and long term. Finally, by comparing the results of several academic and financial studies, this paper identifies the average carbon price and its standard deviation for different future time horizons.

Suggested Citation

  • Carlo Carraro & Alice Favero, 2009. "The Economic and Financial Determinants of Carbon Prices," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(5), pages 396-409, December.
  • Handle: RePEc:fau:fauart:v:59:y:2009:i:5:p:396-409
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    Cited by:

    1. Alice Favero & Enrica De Cian, 2010. "Fairness, Credibility and Effectiveness in the Copenhagen Accord: An Economic Assessment," Working Papers 2010.21, Fondazione Eni Enrico Mattei.
    2. Borba, Bruno S.M.C. & Lucena, André F.P. & Rathmann, Régis & Costa, Isabella V.L. & Nogueira, Larissa P.P. & Rochedo, Pedro R.R. & Castelo Branco, David A. & Júnior, Mauricio F.H. & Szklo, Alexandre &, 2012. "Energy-related climate change mitigation in Brazil: Potential, abatement costs and associated policies," Energy Policy, Elsevier, vol. 49(C), pages 430-441.
    3. Gibson, Chanel Ann & Meybodi, Mehdi Aghaei & Behnia, Masud, 2013. "Optimisation and selection of a steam turbine for a large scale industrial CHP (combined heat and power) system under Australia's carbon price," Energy, Elsevier, vol. 61(C), pages 291-307.
    4. Kiula, Olga & Markandya, Anil & Ščasný, Milan & Menkyna Tsuchimoto, Fusako, 2014. "The Economic and Environmental Effects of Taxing Air Pollutants and CO2: Lessons from a Study of the Czech Republic," MPRA Paper 66599, University Library of Munich, Germany, revised Oct 2015.
    5. George A. Gonzalez, 2016. "Transforming Energy: Solving Climate Change with Technology Policy . New York : Cambridge University Press . 360 pages. ISBN 9781107614970, $29.99 paperback. Anthony Patt , 2015 ," Review of Policy Research, Policy Studies Organization, vol. 33(1), pages 111-113, January.

    More about this item

    Keywords

    CO2 emission allowances; Emissions Trading Scheme; EU ETS; CO2 price; carbon market;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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