ResumenEn este trabajo se examina el marco regulatorio establecido por la Convención Marco sobre Cambio Climático, el Protocolo de Kioto y sus Mecanismos de Flexibilidad, entre ellos el Mecanismo de Desarrollo Limpio (MDL) y el sistema europo de Comercio de Derechos de Emisión (EU ETS)....

The allowance price in Phase I of the European Union Emissions Trading Scheme (EU ETS) followed a peculiar path, increasing from €7 in 2005 to over €30 in 2006, before crashing, recovering and ultimately finishing at zero by the end of 2007. I examine if the price can be explained by...

This thesis addresses the high-frequency price formation in the European Union Emissions Trading Scheme (EU ETS). In particular, it deals with high-frequency price reactions of European Union Allowances (EUAs) to scheduled macroeconomic and regulatory announcements. The work incorporates several...

In 2005 the European Union (EU) began the first phase of the largest and most ambitious emissions trading system (EU ETS) ever attempted, which then applied to all members of the EU. In its second phase which began in 2008 the EU ETS now applies to all 27 members of the EU together with Norway,...