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Carbon and safe-haven flows

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Carbon and safe-haven flows

dc.contributor.author	Palao Sánchez, Fernando
dc.contributor.author	Pardo Tornero, Ángel
dc.date.accessioned	2023-05-09T07:30:45Z
dc.date.available	2023-05-10T04:45:05Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Fernando Palao, Ángel Pardo. Carbon and safe-haven flows[J]. Green Finance, 2022, 4(4): 474-491.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/86392
dc.description.abstract	This paper explores the role of European Union Allowances (EUAs) as a safe haven for a range of assets and analyses the effect of safe-haven flows on the European carbon futures market. In particular, we demonstrate that EUAs can be considered a refuge against fluctuations in corporate bonds, gold and volatility-related assets in periods of market turmoil. Furthermore, we have shown that extremely bearish and bullish movements in those assets for which the EUA acts as a safe haven induce excess volatility in carbon markets, higher carbon trading volume and larger than normal EUA bid-ask spreads. These findings support the idea that some traders, by considering carbon futures as a refuge asset, induce safe-haven flows into the carbon market. The presence of these flows provides additional insights into the financialisation of the European carbon futures market.	es_ES
dc.language.iso	en	es_ES
dc.publisher	AIMS Press	es_ES
dc.subject	carbon futures	es_ES
dc.subject	EUAs	es_ES
dc.subject	quantile regression	es_ES
dc.subject	safe-haven asset	es_ES
dc.subject	safe-haven flows	es_ES
dc.subject	volatility	es_ES
dc.title	Carbon and safe-haven flows	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.3934/GF.2022023	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	AO	es_ES
dc.rights.accessRights	open access	es_ES