气候变化领域集成服务门户(CCPortal): Exploring the asymmetric impact of economic policy uncertainty on China's carbon emissions trading market price: Do different types of uncertainty matter?

CCPortal

DOI	10.1016/j.techfore.2022.121601
	Exploring the asymmetric impact of economic policy uncertainty on China's carbon emissions trading market price: Do different types of uncertainty matter?
	Li, Xin; Li, Zheng; Su, Chi-Wei; Umar, Muhammad; Shao, Xuefeng
发表日期	2022
ISSN	0040-1625
EISSN	1873-5509
卷号	178
英文摘要	Carbon allowance is a market mechanism that is used to deal with climate change in the scientific community, and is gradually regarded as a financial asset. Uncertainty plays a vital role in affecting financial assets, and whether it affects carbon prices is an important question. Therefore, this article aims to examine the impact of four economic policy uncertainties (EPU) on China's carbon emissions trading (CET) market price from the year 2013 to 2021, by employing the nonlinear ARDL model and the asymmetric causality test. Empirical results show that the trade policy uncertainty (TPU) and monetary policy uncertainty (MPU), both positively affect the CET market price, while the exchange rate policy uncertainty (ECPU) comes with negative influences. Furthermore, the increase of TPU, MPU, and ECPU has a greater impact on the CET price. Our findings are consistent with the real effects of uncertainty shocks by Bloom (2009) who asserts that the uncertainty transfer mechanism has an asymmetric pattern. Therefore, policymakers should pay careful attention to the increasing fluctuations of different economic policies. Moreover, Chinese authorities should adopt firmer policy stances to avoid high volatility in the CET market price to achieve the goal of low-cost emission reductions through market mechanisms.
英文关键词	Carbon emission trading; Policy uncertainty; Nonlinear ARDL model; Asymmetry
语种	英语
WOS研究方向	Business ; Regional & Urban Planning
WOS类目	Social Science Citation Index (SSCI)
WOS记录号	WOS:000778411300034
来源期刊	TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281478
作者单位	Nankai University; Qingdao University; University of Newcastle
推荐引用方式 GB/T 7714	Li, Xin,Li, Zheng,Su, Chi-Wei,et al. Exploring the asymmetric impact of economic policy uncertainty on China's carbon emissions trading market price: Do different types of uncertainty matter?[J],2022,178.
APA	Li, Xin,Li, Zheng,Su, Chi-Wei,Umar, Muhammad,&Shao, Xuefeng.(2022).Exploring the asymmetric impact of economic policy uncertainty on China's carbon emissions trading market price: Do different types of uncertainty matter?.TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE,178.
MLA	Li, Xin,et al."Exploring the asymmetric impact of economic policy uncertainty on China's carbon emissions trading market price: Do different types of uncertainty matter?".TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE 178(2022).