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dc.contributor.authorChaton, Corinne
dc.contributor.authorCreti, Anna
dc.contributor.authorPeluchon, Benoît
dc.date.accessioned2015-03-11T14:55:26Z
dc.date.available2015-03-11T14:55:26Z
dc.date.issued2015
dc.identifier.issn0301-4215
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/14770
dc.language.isoenen
dc.subjectCO2 prices
dc.subjectBanking
dc.subjectBack-loading
dc.subjectETS reform
dc.subject.ddc333en
dc.subject.classificationjelQ.Q4.Q43en
dc.subject.classificationjelQ.Q4.Q41en
dc.titleBanking and back-loading emission permits
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIn this article we focus on the so-called back-loading policy adopted by the European Commission to increase the carbon market price. This environmental measure consists of removing a share of the allowances allocated for a given period in order to reallocate some or all of them later on. To analyze the impact of the permits back-loading, we determine the CO2 price equilibrium with and without the policy measure, considering not only the market for permits but also the output market of regulated sectors. We propose a two-period model, where the market for permits is perfectly competitive, and the output market can be either competitive or oligopolistic. First, we define the condition under which banking from one period to another is optimal. This condition, that is the absence of arbitrage opportunities (AOA), depends not only from the period initial allocation but also on production market fundamentals. When this condition is satisfied, the market for emission is shown intertemporally efficient. Second, we point out that the back-loading measure may create inefficiencies or leave unaffected the permits price, if it alters the AOA.
dc.relation.isversionofjnlnameEnergy Policy
dc.relation.isversionofjnlvol82
dc.relation.isversionofjnldate2015
dc.relation.isversionofjnlpages332-341
dc.relation.isversionofdoi10.1016/j.enpol.2015.01.023
dc.identifier.urlsitehttps://hal.archives-ouvertes.fr/hal-00915944
dc.relation.isversionofjnlpublisherIPC Science and Technology Press
dc.subject.ddclabelEconomie de la terre et des ressources naturellesen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2017-05-17T12:54:53Z
hal.person.labIds98564*
hal.person.labIds255365*
hal.person.labIds85733*
hal.identifierhal-01517406*


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