External Shocks and the Law of Carbon Price Fluctuation—Based on the Framework of CWT and EEMD
- 1 School of Economics, Jinan University, Guangzhou, China
- 2 School of Economics, Jinan University, Guangzhou, China
- 3 School of Economics, Jinan University, Guangzhou, China
Abstract
This paper focused on researching the fluctuation of carbon trading price caused by the external shocks through analyzing the data of three-phase carbon spot price from Blue Next Environmental Exchange and the European Climate Exchange (ECX) . The results are the following: 1) released important information and events will seriously affect the carbon price fluctuations ; some important information are released that caus e sharp fluctuations in a short period of time ; the Sudden events lead to long-term, drastic fluctuations in carbon price and its influence over the impact of important information; 2) the impact of external events is always corresponding to the low-frequency component of time sequence ; this is because the low-frequency component usually reflect s the data signal amplitude which is severe r , and th e high-frequency component represents the data signal amplitude which is a smaller part ; it has random fluctuations of the time sequence.
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