The role of auctions and forward markets in the EU ETS: counterbalancing the cost-inefficiencies of combining generous allocation with a ban on banking

2018 ◽  
pp. 31-46
Author(s):  
Karl-Martin Ehrhart ◽  
Christian Hoppe ◽  
Joachim Schleich ◽  
Stefan Seifert
Keyword(s):  
Eu Ets ◽  
Forward Markets ◽  
The Cost ◽  
The Eu

The role of auctions and forward markets in the EU ETS: counterbalancing the cost-inefficiencies of combining generous allocation with a ban on banking

2005 ◽  
Vol 5 (1) ◽  
pp. 31-46 ◽  
Author(s):  
Karl-Martin Ehrhart ◽  
Christian Hoppe ◽  
Joachim Schleich ◽  
Stefan Seifert
Keyword(s):  
Eu Ets ◽  
Forward Markets ◽  
The Cost ◽  
The Eu

The role of auctions and forward markets in the EU ETS: counterbalancing the cost-inefficiencies of combining generous allocation with a ban on banking

2005 ◽  
Vol 5 (1) ◽  
pp. 31-46 ◽  
Author(s):  
Karl-Martin Ehrhart ◽  
Christian Hoppe ◽  
Joachim Schleich ◽  
Stefan Seifert
Keyword(s):  
Eu Ets ◽  
Forward Markets ◽  
The Cost ◽  
The Eu

The EU ETS and the role of the courts: Emerging contours in the case of Arcelor

Climate Law ◽  
2011 ◽  
Vol 2 (1) ◽  
pp. 19-36 ◽  
Author(s):  
Marjan Peeters
Keyword(s):  
Case Law ◽  
Equal Treatment ◽  
Eu Ets ◽  
Specific Design ◽  
Valuable Contribution ◽  
Actual Case ◽  
Proper Design ◽  
Interesting Discussion ◽  
The Eu

This article presents an in-depth examination of how one of the EU’s courts has assessed a foundational claim against the EU ETS. It concerns the Arcelor case, in which a large steel company filed an application before the General Court of the EU requesting the partial annulment of the European legislation establishing the EU ETS and claiming damages. The industry lost the case, but the considerations of the court offer a valuable contribution to the much-needed broader discussion about the proper design of legislative frameworks for trading greenhouse gas emissions rights. In particular, the court provided an interesting discussion on the principle of equal treatment, the cancellation of allowances in the case of the closure of an installation, and the need for price regulation. However, some shortcomings in the court’s decision are evident. The article concludes by observing that, besides the interest in examining what the actual case law means for the specific design and application of emissions-trading schemes like the EU ETS, it is equally important to examine the ways in which courts succeed in assessing claims about this complicated regulatory instrument.

scholarly journals The role of the regulatory framework for innovation activities: the EU ETS and the German paper industry

2011 ◽  
Vol 11 (3/4) ◽  
pp. 250 ◽  
Author(s):  
Karoline S. Rogge ◽  
Joachim Schleich ◽  
Philipp Haussmann ◽  
Annette Roser ◽  
Felix Reitze
Keyword(s):  
Paper Industry ◽  
Regulatory Framework ◽  
Eu Ets ◽  
Innovation Activities ◽  
The Eu

Market efficiency and the basis in the European Union Emissions Trading Scheme

2014 ◽  
Vol 41 (4) ◽  
pp. 615-628 ◽  
Author(s):  
Andros Gregoriou ◽  
Jerome Healy ◽  
Nicola Savvides
Keyword(s):  
Emissions Trading ◽  
Eu Ets ◽  
The European Union ◽  
Content Type ◽  
Spot Prices ◽  
Emissions Trading Scheme ◽  
Cost Of Carry ◽  
Trading Scheme ◽  
The Cost ◽  
The Eu

Purpose – The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits. Design/methodology/approach – The methodology involves non-linear mean reverting unit root tests. Findings – The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures. Originality/value – The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

The role of EU-ETS Mechanism as Environmental Investment Promoter in Europe and Developing Countries

2014 ◽  
pp. 85-134
Author(s):  
Carlos Díaz Valdivia
Keyword(s):  
Developing Countries ◽  
Phase I ◽  
Interest Rates ◽  
Kyoto Protocol ◽  
Energy Prices ◽  
Eu Ets ◽  
Environmental Investment ◽  
The Impact ◽  
The Eu

This research attempts to provide a better understanding about the role of the European Union Emission Trading System (EU-ETS) as private environmental investment promoter. It explores the macroeconomic behavior of private environmental investments before and after the implementation of EU-ETS in 2005 until the end of Phase I of the mechanism. Also, private environmental investments are contrasted with variables like: economic growth, interest rates, and energy prices (gas and electricity) in order to quantify the impact of these on private environmental decisions and evaluate the level of impact (slow, moderate and strong) of all these variables together with the EU-ETS implementation on private environmentalinvestment decisions. For this purpose it is used a statistical approach through multiple linear regressions for the cases of Germany, Spain, France and The Netherlands and a single panel estimation with data information of all the countries mentioned. The results show that the signature of Kyoto Protocol in year 1997 -as a preamble of EU-ETS- provided a perverse incentive on private environmental investments until 2004. During Phase I (2005–2007) of the EU-ETS mechanism, private environmental investments showed an important positive recovery that was not enough to reach pre Kyoto Protocol levels. Finally, it is analyzed the investment in developing countries through CDM projects.

scholarly journals Theoretical bases of implementation of customs procedures at movement of cargoes in containers

2021 ◽  
pp. 180-187
Author(s):  
Olena Korobkova
Keyword(s):  
Association Agreement ◽  
Theoretical Substantiation ◽  
Border Trade ◽  
Analysis And Synthesis ◽  
Theoretical Generalization ◽  
Speed Up ◽  
The Cost ◽  
The Eu

Purpose. The aim of the article is the theoretical substantiation of expediency of obligatory formation and application of preliminary decisions on classification and origin during customs control of cargoes in containers. Methodology of research. The theoretical and methodological basis of the study is formed by the works of foreign and domestic scientists and practitioners on customs control and implementation of state customs. Methods of theoretical generalization, analysis and synthesis, scientific abstraction are used to clarify the nature and role of customs control; observation and formalization – to monitor the effectiveness of the customs control system when moving goods in containers across the customs border of Ukraine. Findings. The main normative and legal acts of Ukraine concerning the procedure of execution of customs procedures related to the organization of customs control at checkpoints across the state border are analysed. It is established that one of the key obligations of Ukraine under the Economic Part of the Association Agreement with the EU is to accede to the Convention on a common transit procedure, which requires the introduction of NCTS, which will speed up and improve customs procedures for goods in containers moving through Ukrainian European border, reduce the cost of cross-border trade in goods with European countries, and more effectively counter attempts to violate customs regulations. The advantages of Ukraine's accession to the Convention have been identified. Possibilities of making preliminary decisions by the customs authorities on the classification and origin of goods moving across the customs border of Ukraine are revealed. Originality. Substantiation of expediency of formation and application of previous decisions as obligatory has been further developed, which will help to improve customs control when moving cargo in containers across the customs border of Ukraine, by excluding operations to determine the UCG FEA (Ukrainian classification of goods of foreign economic activity) code and country of origin after crossing the customs border. Practical value. The results of the study can be proposed in the activities of customs officials in order to increase the efficiency of customs control and reduce the time of customs formalities for goods moving across the customs border of Ukraine. Key words: customs control, preliminary decisions, customs formalities, customs clearance, customs procedures, joint transit.

scholarly journals Reflections on the Mechanisms to Protect Against Formation of Price Bubble in the EU ETS Market

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Robert Jeszke ◽  
Sebastian Lizak
Keyword(s):  
European Union ◽  
Eu Ets ◽  
Price Fluctuation ◽  
Price Bubble ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Market Instability ◽  
Very High ◽  
The Eu

Abstract The rapid increases of European Union Allowance (EUA) prices and very high market volatility, resulting mainly from the growing role of speculative entities, can contribute to forming a price bubble. This may cause the market instability and could have a implications on planning future reduction investments by European Union Emissions Trading Scheme (EU ETS) participants. That is why they need some kind of ‘safety valve’, an effective EU ETS instrument, which can be triggered when the situation requires it. The purpose of this paper is to examine whether the current legislative rules of the EU ETS protect against sudden EUA price fluctuation and the risk of formation of a price bubble. This paper tries to assess the potential EUA price bubble and to review of existing instruments within the EU ETS, analysing their efficiency using different assumptions and identify channels of possible other market instruments to efficiently prevent the carbon market instability caused by rising EUA prices and market speculation. We argue that the European Commission (EC) does not currently have an appropriate market instrument to respond to the EUA price fluctuation. Moreover, there are some legislative loopholes in the system, which may encourage market speculators to influence EUA prices, and there is need to introduce better market safeguards.

Hostile Takeovers and Anti-takeover Defenses in the Russian Corporate Market

2007 ◽  
pp. 70-84 ◽  
Author(s):  
E. Demidova
Keyword(s):  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Benefit Analysis ◽  
Costs And Benefits ◽  
Hostile Takeovers ◽  
Russian Market ◽  
Takeover Defenses ◽  
The Cost ◽  
European Markets

This article analyzes definitions and the role of hostile takeovers at the Russian and European markets for corporate control. It develops the methodology of assessing the efficiency of anti-takeover defenses adapted to the conditions of the Russian market. The paper uses the cost-benefit analysis, where the costs and benefits of the pre-bid and post-bid defenses are compared.

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