Environmental Engineering Reference
In-Depth Information
Table 2 Summary of previous studies indicators of economic activity for carbon markets
Reference
Period
Economic activity proxy
Financial approach
Macroeconomic
approach
Aatola et al. [
1
]
January
2005
-
December 2010
FTSE 350
Alberola
et al. [
2
]
July 2005
-
April 2007
Tendances Carbones
EU ETS sectors
industrial production
Alberola
et al. [
3
]
July 2005
April 2007
Tendances Carbones
EU ETS sectors
industrial production
-
Chevallier [
7
]
April
2005
Euronext 100
October 2008
-
Hintermann [
21
]
January
2005
-
June 2007
FTSE Eurotop 100
Bredin and
Muckley [
5
]
July
2005
-
December 2009
Eurex Dow Jones
Euro Stoxx
Eurostat EU 27
industrial production
index
Chevallier [
8
]
April
2008
Broad dataset of
nancial times series
Broad dataset of
macroeconomic time
series
January 2010
-
Chevallier [
9
]
January
2005
EU 27 Eurostat
industrial production
index
July 2010
-
Chevallier [
10
]
January
2005
-
July 2010
EU 27 Eurostat
industrial production
index
Chevallier [
11
]
January
2005
-
July 2010
EU 27 Eurostat
industrial production
index
Creti et al. [
14
]
June
2005
Dow Jones
Euro Stoxx 50
December 2010
-
Mansanet-Bataller
et al. [
24
]
March
2007
EU Economic
Sentiment Index,
Euro area yield
curve, Reuters EUA
momentum, CBOE
VIX
Tendances Carbone
industrial production
index
March 2009
-
documented by [
12
]. In his review of the main results of the CO
2
allowances price
drivers, the author shows indeed that the results that were previously established
can further vary depending upon the speci
cation of higher or lower regimes in the
time series data.
In what follows, we aim at taking the current literature on the carbon-
macroeconomy relationship one step further by analyzing this link in the TVAR
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