Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
Tytuł artykułu

Testing for the economic and environmental impacts of EU Emissions Trading System: A panel GMM approach

Treść / Zawartość
Warianty tytułu
Języki publikacji
The COVID-19 pandemic has had a great impact on the economies of the EU, also with regard to the future of EU climate policy. The plan to rebuild and support the EU economy seems to place less emphasis on environmental issues as the main focus has been shifted to a quick economic recovery. One of the issues discussed in this context is the continued operation of the EU ETS. From this perspective, empirical research devoted to a thorough analysis of the impact of the EU ETS is of particular importance. At the same time, the current economic literature lacks any econometric analyzes devoted to the issues in question that would use detailed and reliable databases on EU ETS like the one provided by the Wegener Center for Climate and Global Change. The aim of this paper is to make a preliminary assessment of the effectiveness of the EU ETS in terms of reducing the actual emissions while preserving the economic growth of EU member states. The extensive empirical analysis is focused on examining the issues in question for different phases of the EU ETS and various groups of EU economies that vary in terms of economic development and the overall air pollutant emission.
Słowa kluczowe
EU ETS   GMM   panel data  
Opis fizyczny
Bibliogr. 26 poz., rys., wykr., tab.
  • PCMI Corporation, U.S
  • AGH University of Science and Technology
  • AGH University of Science and Technology
  • Wegener Center for Climate and Global Change at the University of Graz
  • [1] Alberola, E. (2006) ‘The informational efficiency of the EU ETS: An empirical evaluation on the spot and futures prices’, Working Paper, University of Paris, France.
  • [2] Anderson, B. and Corrado Di, M. (2011) ‘Abatement and Allocation in the Pilot Phase of the EU ETS’, Environmental and Resource Economics, vol. 48, pp. 83–103, [Online], Available: [1 Sep 2020].
  • [3] Anderson, T.W. and Hsiao, C. (1982) ‘Formulation and Estimation of Dynamic Models Using Panel Data’, Journal of Econometrics, vol. 18(1), pp. 47–82.
  • [4] Arellano, M. and Bond, S. (1991) ‘Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations’, The Review of Economic Studies, vol. 58(2), pp. 277–297.
  • [5] Arellano, M. and Bover, O. (1995) ‘Another Look at the Instrumental Variable Estimation of Error-components Models’, Journal of Econometrics, vol. 68(1), pp. 29–51.
  • [6] Bayer, P. and Aklin, M. (2020) ‘The European Union Emissions Trading System reduced CO2 emissions despite low prices’, Proceedings of the National Academy of Sciences of the United States of America, vol. 117, pp. 8804–8812.
  • [7] Blundell, R. and Bond, S. (1998) ‘Initial Conditions and Moment Restrictions in Dynamic Panel Data Models’, Journal of Econometrics, vol. 87(1), pp. 115–143.
  • [8] Bocklet, J., Hintermayer, M. Schmidt, L. and Wildgrub, T. (2019) ‘The reformed EU ETS – Intertemporal emission trading with restricted banking’, Energy Economics, vol. 84, art. no 104486, [Online], Available: [1 Sep 2020].
  • [9] Borghesi, S. and Flori, A. (2018) ‘EU ETS facets in the net: Structure and evolution of the EU ETS network’, Energy Economics, vol. 75, pp. 602–635, [Online], Available: [1 Sep 2020].
  • [10] Burke, M. (2006) ‘Drop in EU carbon prices baffles analysts’, Environmental Science and Technology, 40, pp. 4534–4535.
  • [11] Cañón-de-Francia, J. and Garcés-Ayerbe, C. (2019) ‘Factors and Contingencies for the “It Pays to Be Green Hypothesis”. The European Union’s Emissions Trading System (EU ETS) and Financial Crisis as Contexts’, International Journal of Environmental Research and Public Health, vol. 16, art. no 2988, [Online], Available: doi: 10.3390/ijerph16162988 [1 Sep 2020].
  • [12] Cludius, J., Bruyn, S. de, Schumacher, K. and Vergeer, R. (2020) ‘Ex-post investigation of cost pass-through in the EU ETS – an analysis for six industry sectors’, Energy Economics, vol. 91, art. No. 104883, [Online], Available: [1 Sep 2020].
  • [13] European Commission (2015) ‘EU ETS handbook’, [Online], Available: [1 Sep 2020].
  • [14] Hansen, L.P. (1982) ‘Large Sample Properties of Generalized Method of Moments Estimators’, Econometrica, vol. 50(4), pp. 1029–1054.
  • [15] Holtz-Eakin, D., Newey, W. and Rosen, H.S. (1988) ‘Estimating Vector Autoregressions with Panel Data’, Econometrica, vol. 56(6), pp. 1371–1395.
  • [16] Jaraite, J. and Di Maria, C. (2014) ‘Did the EU ETS Make a Difference? An Empirical Assessment Using Lithuanian Firm-Level Data’, CERE Working Paper 2, [Online], Available: [1 Sep 2020].
  • [17] Lin, W., Chen, J., Zheng, Y. and Dai, Y. (2019) ‘Effects of the EU Emission Trading Scheme on the international competitiveness of pulp-and-paper industry’, Forest Policy and Economics, vol. 109, [Online], Available: [1 Sep 2020].
  • [18] Marcu, A., Alberola, E., Caneill, JY., Mazzoni, M., Schleicher, S., Stoefs, W., Vailles, C. and Vangenechten, D. (2018) ‘State of the EU ETS Report’, Brussels: CEPS.
  • [19] Marcu, A., Vangenechten, D., Alberola, E., Olsen, J., Caneill, JY., Schleicher, S. and Rafael de, R. (2020) ‘State of the EU ETS Report’, Brussels: CEPS.
  • [20] Martin, R., Muûls, M., Preux de, L.B. and Wagner, U.J. (2014) ‘On the empirical content of carbon leakage criteria in the EU Emissions Trading Scheme’, Ecological Economics, vol. 105, pp. 78–88.
  • [21] Niblock, S.J. and Harrison, J.L. (2011) ‘European carbon markets and the global financial crisis’, paper presented to the 2011 Global Business Conference, Sibenik, Croatia, 21–24 September.
  • [22] Nickell, S. (1981) ‘Biases in Dynamic Models with Fixed Effects’, Econometrica, vol. 49(6), pp. 1417–1426.
  • [23] Sigmund, M. and Ferstl, R. (2019) ‘Panel vector autoregression in R with the package panelvar’, The Quarterly Review of Economics and Finance, [Online], Available: [1 Sep 2020].
  • [24] Teixidó, J., Verde, S.F. and Nicolli, F. (2019) ‘The impact of the EU Emissions Trading System on low-carbon technological change: The empirical evidence’, Ecological Economics, vol. 164, art. no 106347.
  • [25] Verde, S.F., Graf, C. and Jong, T. (2019) ‘Installation entries and exits in the EU ETS: patterns and the delay effect of closure provisions’, Energy Economics, vol. 78, pp. 508–524, [Online], Available: j.eneco.2018.11.032 [1 Sep 2020].
  • [26] Windmeijer, F. (2005) ‘A Finite Sample Correction for the Variance of Linear Efficient two-step GMM Estimators’, Journal of Econometrics, vol. 126(1), pp. 25–51.
Opracowanie rekordu ze środków MNiSW, umowa Nr 461252 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2021)
Typ dokumentu
Identyfikator YADDA
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.