Author(s)

Xuemei Wang

Corresponding Author

Xuemei Wang

ABSTRACT

The carbon emissions trading is an internationally proven effective market-based instruments to control greenhouse gas emissions, which improves self-awareness of enterprises and individuals in reducing emissions through market trading methods and gradually reduces total social emissions. In the process of carbon trading, the financial attributes of carbon emission rights have gradually become prominent, mainly manifested by its "quasi-monetary" characteristics and the particularity and breadth of financial assets. Carbon emission rights as an emerging financial asset, we still do not have sufficient knowledge and understanding of the fluctuation characteristics and laws of its prices, so we cannot effectively understand the risks of carbon emission trading markets and build a better carbon market. Therefore, this paper uses the GARCH family model to study the fluctuation characteristics of the carbon emission rights price of eight carbon pilots in China, and gives policy suggestions for the construction of China's unified carbon emission market.

KEYWORDS

Carbon emission price, regional differences, GARCH family models