climate policy addressing global externalities. The debate is particularly salient in Europe, where the EU Emissions … TradingSystem (EU ETS) covers emissions of many traded sectors. In a first step, we review how carbon leakage and the pollution … introduced by the EU ETS has caused carbon leakage in European manufacturing. We compute trade flows in embodied carbon and value …

The current EU proposal on greenhouse gas emission reduction has 28 targets for 2020: an EU-wide one for carbon dioxide …

important element of the EU ETS is the establishment of a market determined price for EU allowances. This article examines the … Phase 2 of the EU ETS. Our study adopts both static and recursive versions of the Johansen multivariate cointegration … fundamentals. These results are valuable both for traders of EU allowances and for those policy makers seeking to improve the …