Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 1, 2021 erstellt
Beschreibung:
The pricing of carbon is an essential element in addressing climate change through market activity. Price exuberance can potentially result in a loss of confidence in these markets. We test to see whether the time-series changes from a random walk to an explosive process during the first five months of the European Union’s Emission Trading System Phase IV. Our finding is that the market exhibits market exuberant behavior over this period