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https://hdl.handle.net/1822/72643
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Campo DC | Valor | Idioma |
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dc.contributor.author | Aguiar-Conraria, Luís | por |
dc.contributor.author | Soares, M. J. | por |
dc.contributor.author | Sousa, Rita | por |
dc.date.accessioned | 2021-05-17T09:14:26Z | - |
dc.date.available | 2021-05-17T09:14:26Z | - |
dc.date.issued | 2018-08 | - |
dc.identifier.issn | 1364-503X | por |
dc.identifier.uri | https://hdl.handle.net/1822/72643 | - |
dc.description.abstract | Carbon price is a key variable in management and risk decisions in activities related to the burning of fossil fuels. Different major players in this market, such as polluters, regulators and financial actors, have different time horizons. We use innovative multivariate wavelet analysis tools, including partial wavelet coherence and partial wavelet gain, to study the link between carbon prices and final energy prices in the time and frequency dimensions in California's carbon market, officially known as the California cap-and-trade programme. We find that gasoline prices lead an anti-phase relation with carbon prices. This result is very stable at lower frequencies (close to 1-year period cycles), and it is also present before mid-2015 in the 20-34 weeks frequency band. Regarding electricity, we find that at about a 1-year period, a rise in carbon prices is reflected in higher electricity prices. We conclude that the first 5 years of compliance of the California cap-and-trade programme show that emissions trading is a significant measure for climate change mitigation, with visible rising carbon prices. The quantitative financial analytics we present supports the recent decision to extend the current market to 2030 without the need for complementary carbon pricing schemes.This article is part of the theme issue 'Redundancy rules: the continuous wavelet transform comes of age'. | por |
dc.description.sponsorship | - Research at NIPE has been carried out within the funding with COMPETE reference number POCI01-0145-FEDER-006683, with the FCT/MEC's (Fundacao para a Ciencia e a Tecnologia, I.P.) financial support through national funding and by the ERDF through the Operational Programme on 'Competitiveness and Internationalization-COMPETE 2020' under the PT2020 Partnership Agreement. | por |
dc.language.iso | eng | por |
dc.publisher | Royal Society | por |
dc.relation | POCI-01-0145-FEDER-006683 | por |
dc.rights | openAccess | por |
dc.subject | Multivariate wavelet analysis | por |
dc.subject | Partial wavelet gain | por |
dc.subject | Partial wavelet coherence | por |
dc.subject | Carbon market | por |
dc.subject | Energy prices | por |
dc.subject | California emission trading scheme | por |
dc.title | California's carbon market and energy prices: a wavelet analysis | por |
dc.type | article | - |
dc.peerreviewed | yes | por |
dc.relation.publisherversion | https://doi.org/10.1098/rsta.2017.0256 | por |
oaire.citationIssue | 2126 | por |
oaire.citationVolume | 376 | por |
dc.date.updated | 2021-05-15T17:55:25Z | - |
dc.identifier.doi | 10.1098/rsta.2017.0256 | por |
dc.identifier.pmid | 29986910 | - |
dc.subject.wos | Science & Technology | - |
sdum.export.identifier | 10684 | - |
sdum.journal | Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences | por |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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LAC_MJS_RS_California.pdf | 1,38 MB | Adobe PDF | Ver/Abrir |