The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach.
This paper studies the heterogeneous effects of exchange rate and stock market on carbon emission allowance price in four emissions trading scheme pilots in China. We employ a panel quantile regression model, which can describe both individual and distributional heterogeneity. The empirical results...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Public Library of Science (PLoS)
2019-01-01
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| Series: | PLoS ONE |
| Online Access: | https://doi.org/10.1371/journal.pone.0220808 |
| _version_ | 1819108793754058752 |
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| author | Xiaojian Su Chao Deng |
| author_facet | Xiaojian Su Chao Deng |
| author_sort | Xiaojian Su |
| collection | DOAJ |
| description | This paper studies the heterogeneous effects of exchange rate and stock market on carbon emission allowance price in four emissions trading scheme pilots in China. We employ a panel quantile regression model, which can describe both individual and distributional heterogeneity. The empirical results illustrate that the effects of explanatory variables on carbon emission allowance price is heterogeneous along the whole quantiles. Specifically, exchange rate has a negative effect on carbon emission allowance price at lower quantiles, while becomes a positive effect at higher quantiles. In addition, a negative effect exists between domestic stock market and carbon emission allowance price, and the intensity decreasing along with the increase of quantile. By contrast, an increasing positive effect is discovered between European stock market and domestic carbon emission allowance prices. Finally, heterogeneous effects on carbon emission allowance price can also be proved in European Union Emission Trading Scheme (EU-ETS). |
| first_indexed | 2024-12-22T03:15:35Z |
| format | Article |
| id | doaj.art-3f4c392670fd4ad78ca22bff52437799 |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-12-22T03:15:35Z |
| publishDate | 2019-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-3f4c392670fd4ad78ca22bff524377992022-12-21T18:40:49ZengPublic Library of Science (PLoS)PLoS ONE1932-62032019-01-01148e022080810.1371/journal.pone.0220808The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach.Xiaojian SuChao DengThis paper studies the heterogeneous effects of exchange rate and stock market on carbon emission allowance price in four emissions trading scheme pilots in China. We employ a panel quantile regression model, which can describe both individual and distributional heterogeneity. The empirical results illustrate that the effects of explanatory variables on carbon emission allowance price is heterogeneous along the whole quantiles. Specifically, exchange rate has a negative effect on carbon emission allowance price at lower quantiles, while becomes a positive effect at higher quantiles. In addition, a negative effect exists between domestic stock market and carbon emission allowance price, and the intensity decreasing along with the increase of quantile. By contrast, an increasing positive effect is discovered between European stock market and domestic carbon emission allowance prices. Finally, heterogeneous effects on carbon emission allowance price can also be proved in European Union Emission Trading Scheme (EU-ETS).https://doi.org/10.1371/journal.pone.0220808 |
| spellingShingle | Xiaojian Su Chao Deng The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. PLoS ONE |
| title | The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. |
| title_full | The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. |
| title_fullStr | The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. |
| title_full_unstemmed | The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. |
| title_short | The heterogeneous effects of exchange rate and stock market on CO2 emission allowance price in China: A panel quantile regression approach. |
| title_sort | heterogeneous effects of exchange rate and stock market on co2 emission allowance price in china a panel quantile regression approach |
| url | https://doi.org/10.1371/journal.pone.0220808 |
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