Banking and Borrowing in the EU ETS: An Econometric Appraisal of the 2005-2007 Intertemporal Market

Alberola, Emilie; Chevallier, Julien

dc.contributor.author	Alberola, Emilie
dc.contributor.author	Chevallier, Julien HAL ID: 7536
dc.date.accessioned	2010-07-19T15:29:50Z
dc.date.available	2010-07-19T15:29:50Z
dc.date.issued	2009
dc.identifier.uri	https://basepub.dauphine.fr/handle/123456789/4599
dc.language.iso	en	en
dc.subject	Ellerman-Parsons Ratio	en
dc.subject	Hotelling rule	en
dc.subject	EU ETS	en
dc.subject	Banking	en
dc.subject	Emissions trading	en
dc.subject.ddc	333	en
dc.subject.classificationjel	Q58	en
dc.subject.classificationjel	Q52	en
dc.subject.classificationjel	Q28	en
dc.title	Banking and Borrowing in the EU ETS: An Econometric Appraisal of the 2005-2007 Intertemporal Market	en
dc.type	Article accepté pour publication ou publié
dc.description.abstracten	This article critically examines the EU ETS intertemporal market during its Phase I (2005-2007). We test the Hotelling rule as a key element of a competitive equilibrium to validate whether allowance prices rise at the same rate as the interest rate. Including readily observable characteristics of the EU ETS such as the presence of one endogenous structural break and the influence of other energy markets shocks, we argue the inter-period ban on banking undermines the ability of the EU ETS to provide efficient price signalling. We also find a significant relationship between allowance price changes and the expected scarcity of allowances approximated by the Ellerman-Parsons ratio. Finally, our results show evidence of institutional learning by market participants.	en
dc.relation.isversionofjnlname	International Journal of Energy, Environment, Economics
dc.relation.isversionofjnlvol	17	en
dc.relation.isversionofjnlissue	4	en
dc.relation.isversionofjnldate	2009
dc.relation.isversionofjnlpages	1-16	en
dc.identifier.urlsite	http://halshs.archives-ouvertes.fr/halshs-00388071/fr/	en
dc.description.sponsorshipprivate	oui	en
dc.relation.isversionofjnlpublisher	Nova Publishers
dc.subject.ddclabel	Economie de la terre et des ressources naturelles	en

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Banking and Borrowing in the EU ETS: An Econometric Appraisal of the 2005-2007 Intertemporal Market

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