Spillover Effects of EU Climate Policy on Global Financial Systems: Evidence From the Emissions Trading Scheme
EU気候政策のグローバル金融システムへの波及効果：排出量取引制度に基づく証拠 (AI 翻訳)
Xinyang Wei, Liangyu Chen, Yikun Lan, Gaoyun Yan, Chengwu Shao
🤖 gxceed AI 要約
日本語
本研究は、EU ETSが2013年から2021年にかけて世界各国の株式市場に与える波及効果を分析。CR相関変化検定とDCC-GARCHモデルを用い、EU炭素価格と主要国株価の間に一貫した正の相関を確認。2030年気候・エネルギー枠組みなどの政策節目が市場連動性を高めることを示した。
English
This paper analyzes spillover effects of the EU ETS on global equity markets from 2013 to 2021. Using contagion analysis and DCC-GARCH, it finds a positive association between EU carbon allowance prices and stock market performance worldwide. Key EU policy milestones amplify transmission, showing market-based climate instruments shape financial conditions globally.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のGX実務にとって、EU ETSの国際波及効果を理解することは、自国炭素価格導入時の海外影響や、日本企業がEU規制に晒されるリスク評価に役立つ。SSBJ開示においても、政策変動が財務に与える影響の分析視点を提供する。
In the global GX context
This paper provides empirical evidence that carbon pricing in one region (EU) transmits to global financial markets, underscoring the interconnected nature of climate policy and finance. For global GX scholarship, it validates that market-based instruments have systemic financial implications, informing ISSB/TCFD scenario analysis and cross-border regulatory design.
👥 読者別の含意
🔬研究者:Validates spillover channels from carbon pricing to equity markets, offering methodological reference for contagion analysis in climate finance.
🏛政策担当者:Highlights that domestic carbon pricing can have international financial repercussions, informing coordinated policy design and risk assessment.
📄 Abstract（原文）
This paper explores the international spillover effects of the European Union Emissions Trading System (EU ETS) on global equity markets from 2013 to 2021. Employing the CR correlation change test for static contagion analysis and the Dynamic Conditional Correlation (DCC)‐GARCH model to capture time‐varying correlations, we find a consistent positive association between EU carbon allowance prices and stock market performance across major economies. Our findings reveal significant transmission dynamics associated with key EU climate policy milestones, including the 2030 Climate and Energy Framework and the Energy Union Strategy. These findings indicate that the EU ETS exerts influence well beyond regional boundaries, illustrating how market‐based climate instruments shape financial conditions worldwide and providing policy‐relevant insights into the growing financial impact of environmental regulation in the context of global decarbonization.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/sd.70896first seen 2026-05-05 22:41:15
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。