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Research on the Carbon Emissions Rights Option Pricing and Optimization under the Regional Differences in the Domestic Economic Growth

Author: WangXinXin
Tutor: SunBaiQing
School: Harbin Institute of Technology
Course: Finance
Keywords: Pricing of carbon emissions Regional differences Theil index Mathematical optimization model
CLC: F124;F205;F224
Type: Master's thesis
Year: 2011
Downloads: 203
Quote: 0
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Abstract


Greenhouse gas emissions generated by the greenhouse effect is one of the important environmental problems of the world must face, as the main part of the greenhouse gas carbon dioxide, excessive emissions by a common concern. A high degree of international control and a series of measures to limit their emissions reflects the pressure on energy conservation in modern countries. China as a non-Annex I countries do not need to undertake emission reduction obligations in the second phase of the Kyoto Protocol, but as the country's rapid economic growth in developing countries and carbon emissions, will inevitably be pressure from international circles. Therefore, for our country to successfully adapt to the post-Kyoto era, keeping with the international market, the introduction of market mechanisms into China's carbon emissions trading, combined with the imbalance in the status quo of China's regional development, regional differences into the formulation of policies and systems, improve pricing of carbon emissions in China, the establishment of carbon emissions trading mechanism to adapt to the sound development of our country. First, the country is divided into four regions, respectively, for the eastern region, the central region, the western region and northeastern provinces, to using Theil index analysis of China's economic growth and carbon emissions, regional differences in the use of the panel data econometric analysis of the regional economy the relationship between growth and carbon emissions, the results show that cointegration relationship between carbon emissions and economic growth of the regional, the regional economic growth in carbon emissions are unidirectional Granger reason. On this basis, according to the Environmental Kuznets hypothesis, the establishment of the regional environmental Kuznets model. Second, analysis of carbon emission rights under the economic growth, regional differences in pricing and options trading mechanism is introduced to improve pricing and market activity. BS option pricing model analysis and calculation of the regional emissions in the primary market in the use of the initial allocation of the price, and a detailed analysis of the secondary market price formation mechanism. Finally, to build China's carbon emissions trading mechanism based on the regional differences in economic growth, regional differences in the total amount of carbon emissions rights restrictions, the initial allocation mechanisms and penalties that can be stored, trading mechanism in line with the status quo of China's development mechanism content, according to the mechanism constraints and carbon emissions initial allocation of option pricing to establish the impact of the global optimization model, calculate and analyze government area to take the same emission reduction standards and differentiated abatement standards on the regional and national and China should achieve the emission reduction targets while maintaining moderate economic growth, promote the balanced development of the region, strengthen government regulation and policy recommendations put forward on the basis of the results of analytical models.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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