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The market performance of carbon trading in China: A theoretical framework of structure-conduct-performance

In order to provide feasible platform for the establishment of national carbon market in China and other developing countries, it is vital to competitively assess China’s seven Pilot emissions trading schemes (ETS) by comparing market performances. Hence, this paper employs the structure-conduct-per... Full description

Journal Title: Journal of Cleaner Production 15 August 2017, Vol.159, pp.410-424
Main Author: Tan, Xueping
Other Authors: Wang, Xinyu
Format: Electronic Article Electronic Article
Language: English
Subjects:
ID: ISSN: 0959-6526 ; DOI: 10.1016/j.jclepro.2017.05.019
Link: http://dx.doi.org/10.1016/j.jclepro.2017.05.019
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recordid: sciversesciencedirect_elsevierS0959-6526(17)30944-7
title: The market performance of carbon trading in China: A theoretical framework of structure-conduct-performance
format: Article
creator:
  • Tan, Xueping
  • Wang, Xinyu
subjects:
  • Market Performance
  • China’s Pilot Ets
  • Svar
  • Scp Framework
  • Carbon Emission Trading
ispartof: Journal of Cleaner Production, 15 August 2017, Vol.159, pp.410-424
description: In order to provide feasible platform for the establishment of national carbon market in China and other developing countries, it is vital to competitively assess China’s seven Pilot emissions trading schemes (ETS) by comparing market performances. Hence, this paper employs the structure-conduct-performance (SCP) framework to qualitatively evaluate the external and internal performances of the China’s carbon market. Particularly, a structural vector auto-regression (SVAR) approach is adopted to calculate the three invisible indicators of internal performance using time series of three typical Pilot ETS from the launching dates till May 4, 2016 with restrictions on return, trading volume and volatility variables. The results depicted that: (i) absence of legal binding forces (Market environment), market segmentation (Structure), excessive allowance allocation and lack of investment (Conduct) are main reasons for poor performance of China’s Pilot ETS; (ii) with respect to internal performance, Hubei ETS has higher speculation and volatility sensitive to pricing returns. Hubei ETS also has the fastest information diffusion speed followed by Guangdong and Shanghai ETS. Guangdong ETS has a conservative investment environment and volatility is receptive to the changes in trading volume whereas Shanghai ETS has a mature investment environment. •SVAR model is performed to examine the internal performance of China’s pilot ETS.•The performances of China’s pilot ETS are assessed using the SCP framework.•The speculation in Hubei and Guangdong ETS is increasing, especially in Hubei ETS.•Shanghai ETS has the slowest information diffusion speed, but maturer risk control.•Return and volume control volatility risk in Hubei and Guangdong ETS, respectively.
language: eng
source:
identifier: ISSN: 0959-6526 ; DOI: 10.1016/j.jclepro.2017.05.019
fulltext: fulltext
issn:
  • 09596526
  • 0959-6526
url: Link


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titleThe market performance of carbon trading in China: A theoretical framework of structure-conduct-performance
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identifierISSN: 0959-6526 ; DOI: 10.1016/j.jclepro.2017.05.019
subjectMarket Performance ; China’s Pilot Ets ; Svar ; Scp Framework ; Carbon Emission Trading
descriptionIn order to provide feasible platform for the establishment of national carbon market in China and other developing countries, it is vital to competitively assess China’s seven Pilot emissions trading schemes (ETS) by comparing market performances. Hence, this paper employs the structure-conduct-performance (SCP) framework to qualitatively evaluate the external and internal performances of the China’s carbon market. Particularly, a structural vector auto-regression (SVAR) approach is adopted to calculate the three invisible indicators of internal performance using time series of three typical Pilot ETS from the launching dates till May 4, 2016 with restrictions on return, trading volume and volatility variables. The results depicted that: (i) absence of legal binding forces (Market environment), market segmentation (Structure), excessive allowance allocation and lack of investment (Conduct) are main reasons for poor performance of China’s Pilot ETS; (ii) with respect to internal performance, Hubei ETS has higher speculation and volatility sensitive to pricing returns. Hubei ETS also has the fastest information diffusion speed followed by Guangdong and Shanghai ETS. Guangdong ETS has a conservative investment environment and volatility is receptive to the changes in trading volume whereas Shanghai ETS has a mature investment environment. •SVAR model is performed to examine the internal performance of China’s pilot ETS.•The performances of China’s pilot ETS are assessed using the SCP framework.•The speculation in Hubei and Guangdong ETS is increasing, especially in Hubei ETS.•Shanghai ETS has the slowest information diffusion speed, but maturer risk control.•Return and volume control volatility risk in Hubei and Guangdong ETS, respectively.
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abstractIn order to provide feasible platform for the establishment of national carbon market in China and other developing countries, it is vital to competitively assess China’s seven Pilot emissions trading schemes (ETS) by comparing market performances. Hence, this paper employs the structure-conduct-performance (SCP) framework to qualitatively evaluate the external and internal performances of the China’s carbon market. Particularly, a structural vector auto-regression (SVAR) approach is adopted to calculate the three invisible indicators of internal performance using time series of three typical Pilot ETS from the launching dates till May 4, 2016 with restrictions on return, trading volume and volatility variables. The results depicted that: (i) absence of legal binding forces (Market environment), market segmentation (Structure), excessive allowance allocation and lack of investment (Conduct) are main reasons for poor performance of China’s Pilot ETS; (ii) with respect to internal performance, Hubei ETS has higher speculation and volatility sensitive to pricing returns. Hubei ETS also has the fastest information diffusion speed followed by Guangdong and Shanghai ETS. Guangdong ETS has a conservative investment environment and volatility is receptive to the changes in trading volume whereas Shanghai ETS has a mature investment environment. •SVAR model is performed to examine the internal performance of China’s pilot ETS.•The performances of China’s pilot ETS are assessed using the SCP framework.•The speculation in Hubei and Guangdong ETS is increasing, especially in Hubei ETS.•Shanghai ETS has the slowest information diffusion speed, but maturer risk control.•Return and volume control volatility risk in Hubei and Guangdong ETS, respectively.
pubElsevier Ltd
doi10.1016/j.jclepro.2017.05.019
eissn18791786
date2017-08-15