The driving factors of China's carbon prices: Evidence from using ICEEMDAN-HC method and quantile regression

Ying Lin Liu, Jing Jie Zhang and Yan Fang

Finance Research Letters, 2023, vol. 54, issue C

Abstract: We use the ICEEMDAN-HC method and quantile regressions to investigate factors affecting Chinese carbon prices, taking the Guangdong pilot market as an example. We consider four influencing factors: the financial market, the energy market, environment and policy factors, and macroeconomic factors. The results show that the factors driving China's carbon prices differ under different timescales and market conditions, and the driving factors for the long term are always consistent with those for the original dataset. Further, China's carbon market is still regional in nature and is mainly driven by market forces such as the finance market and energy market.

Keywords: Carbon market; Driving factors; ICEEMDAN; Hierarchical clustering analysis; Quantile regression; China (search for similar items in EconPapers)
JEL-codes: C32 E32 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:54:y:2023:i:c:s1544612323001290

DOI: 10.1016/j.frl.2023.103756

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