Abstract
We will promote the establishment of a unified national carbon market, effectively control and gradually reduce carbon emissions, and contribute to the reduction of carbon emissions, it is of great significance to promote the economic transformation to green and low-carbon. Based on the time series of carbon price, this paper conducts exploratory research on the effectiveness of the carbon trading market in eight pilot regions, uses the fractal market hypothesis, adopts the re-rating difference analysis method, takes the effective carbon price of each pilot every day as the research variable, and empirically analyzes the effectiveness of the pilot carbon market.
Highlights
Based on the fractal market hypothesis, the basic steps of evaluating market effectiveness by using R/S analysis method to calculate Hurst index are as follows: obtaining the continuous closing price of the market, processing the sequence, obtaining the index equation, and obtaining the evaluation conclusion through index analysis
China's carbon trading market has not been built for a long time, and there are many studies on the effectiveness of China's single carbon trading market
Zhao Lixiang and Tu Lili (2018) took Beijing, Shanghai, Guangdong and Hubei as examples to study the effectiveness of China's carbon trading market, and the results showed that China's secondary carbon trading market is a weak trading market
Summary
The construction of the national carbon trading market is in a critical period of transition from the pilot area to the national level. The carbon trading market in the pilot area has been operating for several years so far. The study on its operation and market effectiveness will provide important reference value for the construction of a unified carbon market. Based on the theory of fractal market hypothesis, using the method of weighing the poor computing Hurst index (R/S analysis) to analyze the eight pilot migration characteristics of carbon trading market price time series, and to determine the effectiveness of the market, and based on the empirical results points out current problems in pilot areas of carbon trading market, the unified national carbon trading market put forward policy Suggestions for the construction and improvement ideas
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