Do severe weather events increase tail risk? Evidence from Chinese regional carbon markets
極端な気象現象はテールリスクを増大させるか？中国地域炭素市場からのエビデンス (AI 翻訳)
Yian Cui, Ronald Huisman, Kees Koedijk
🤖 gxceed AI 要約
日本語
本研究は、中国の地域炭素市場における極端な気象現象が炭素価格のテールリスクに与える影響を分析。北京、深圳、天津の市場では流動性不足と改革の遅れによりテールリスクが高く、熱波が最も顕著な影響を与えることを発見した。
English
This study analyzes how severe weather events affect tail risk in Chinese regional carbon markets. It finds that markets in Beijing, Shenzhen, and Tianjin exhibit higher tail risk due to low liquidity and slow reforms, and that heatwaves have the most pronounced impact.
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
中国の炭素市場に焦点を当てた研究だが、日本でも排出量取引制度の導入が議論されており、気候リスクと炭素市場の関係を理解する上で参考になる。
In the global GX context
This paper contributes to the global literature on carbon market risk by linking extreme weather to price tail risk. It provides insights for policymakers and investors in emerging carbon markets.
👥 読者別の含意
🔬研究者:Highlights the connection between climate extremes and carbon market risk, useful for empirical finance and carbon pricing research.
🏢実務担当者:Carbon market participants can use these findings to assess risk exposure from weather events.
🏛政策担当者:Chinese regulators can consider market liquidity and reform pace to mitigate tail risk from severe weather.
📄 Abstract（原文）
This study examines the risk of extreme price changes in Chinese carbon markets due to extreme severe meteorological events. We first quantify tail risk from emission rights prices using Conditional Autoregressive Value-at-Risk and then employ event studies to examine changes in tail risk before and after the occurrence of severe weather. We find that (i) the carbon markets in Beijing, Shenzhen, and Tianjin exhibit a higher degree of tail risk, largely attributable to their lower liquidity and slow progress on market reforms; (ii) the effect of extreme weather events on carbon markets emerges with a some lag; and (iii) severe heatwaves exert the most pronounced influence on carbon market tail risk among the five types of severe weather, while severe hazy weather has the smallest impact.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1142/s3082844926500041first seen 2026-05-21 04:33:16
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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。