Carbon Credits: Who is the Leader of the Pack?

Authors

  • Vicente Medina University of Valencia
  • Angel Pardo University of Valencia
  • Roberto Pascual University of the Balearic Islands

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.

Keywords: European Union Allowances; Certified Emission Reductions; co-integration, price-discovery; high frequency data; intraday analysis.

JEL Classifications: G10

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Author Biography

Angel Pardo, University of Valencia

Full Professor of the Department of Financial Economics; Head of the Chair in International Finance-Bank of Santander

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Published

2013-05-26

How to Cite

Medina, V., Pardo, A., & Pascual, R. (2013). Carbon Credits: Who is the Leader of the Pack?. International Journal of Energy Economics and Policy, 3(3), 210–220. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/481

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