중동부유럽
연구정보
[경제] Who gains from market fragmentation? Evidence from the early stages of the EU carbon market
중동부유럽 일반 국외연구자료 연구보고서 - CEPR 발간일 : 2023-04-26 등록일 : 2023-07-14 원문링크
We document the impact of market fragmentation during the first phase of the EU emissions trading scheme on the terms that traders were able to get. We observe the universe of over-the-counter (OTC) and exchange transactions and the transaction prices associated with four of the 11 exchanges that were active during that period. We define a measure of price advantage based on the difference between the transaction price and the median market-wide price that day. We decompose price advantage into its exchange, counterparty and trader drivers and show that where traders traded and how connected they and their counterparties were with the rest of the market covary with the terms they were able to obtain. Such features are expected to characterize OTC transactions but not, typically, anonymous exchange transactions. The high level of market fragmentation during the first phase, which was a policy choice, hampered information aggregation about the overall balance between supply and demand in the market, and put small and non-energy compliance traders at a large disadvantage.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [농업경제] EU 식량안보 전망 | 2023-07-09 |
|---|---|---|
| 다음글 | [경제] EU, ESG 및 금융정보 공시 통합 플랫폼 구축 추진 | 2023-08-13 |
