Research On The Synchronicity Of China’s Carbon Market And The Impact Of Carbon Price Under The Background Of Emergency

Set up the mechanism of carbon emissions trading has become a market approach to tackle global warming.China’s carbon market is not only the policy tool of regulating greenhouse gas emissions,and it plays a positive role in promoting the formation of a global carbon pricing mechanism.Establishment conforms to the situation of China’s carbon emissions trading mechanism is of great significance.Since 2013,China has created eight carbon market,and steadily push forward China’s carbon market construction.However,at the beginning of 2020 new coronavirus(COVID-19),the impact of carbon market in China.To take the incident as the breakthrough point,the purpose of this paper is to study China’s carbon market volatility before and after the outbreak,as well as the relationship between markets.In order to further understand the connections between China’s carbon markets under the epidemic,In this thesis,Pearson correlation coefficient method was used to quantify the correlation between China’s carbon markets,and it was found that the correlation between markets decreased after the outbreak of COVID-19.Meanwhile,based on multi-scale sample entropy,the market efficiency changes of eight carbon markets before and after the outbreak of the epidemic were compared.There were regional differences in the sensitivity of different carbon markets to this impact,with the Hubei pilot being more volatile and sensitive.Therefore,this thesis chose the Hubei carbon market as the key market for research.Finally,considering that information transmission is not real-time and has a certain delay effect,this thesis analyzed the multi-scale composite complex synchronization between key markets and other pilot markets under different time delays.By maximizing the multi-scale composite complex synchronization,the effective time delay of information transmission is determined.The synchronicity analysis of China’s carbon market can provide valuable information for market decision-makers.Given that the impact of other markets on Hubei during the outbreak of COVID-19.The market efficiency of the Hubei pilot project fluctuates greatly.This article aims to explore the impact and changing trends of the seven carbon markets on the Hubei pilot project.Nine quantile are selected to be divided into low quantile,middle quantile and high quantile,representing three different market environments.Analyze the influence trend between markets through quantile regression.This thesis found that after the outbreak of the epidemic,the influence of most carbon markets on Hubei pilot projects showed a downward trend.In order to quantitatively analyze the impact of the seven carbon markets on the pilot project in Hubei,this article constructs a Vector Auto Rgressive(VAR)model and performs variance decomposition.For the price series,this thesis determined the optimal lag order and performed stability tests.The empirical results indicate that the impact of the seven carbon markets on the Hubei pilot project changed after the outbreak of the epidemic.For emergencies,policy makers should pay attention to timely regulating the carbon market.