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1.
The paper uses a capital asset pricing model to analyze the market risk in the European Union Emission Trading System (EU ETS) and clean development mechanisms (CDM) and Zipf analysis technology to analyze the carbon price volatility in different expectations of returns in the two markets. The results show that the systematic risk of the EU ETS market is around 0.07 %, but the CDM market is clearly divided into two stages; the systematic risk of the futures contracts in the first stage (DEC09–DEC12) is less than the EU ETS market, but the systematic risk of the futures contracts that enter the market is greater than the EU ETS market and has a higher market sensitivity, although on the unsystematic risk. The CDM market is always greater than the EU ETS market. Abnormal returns in the two carbon markets are both lower than 0.02 %, but CDM is higher. The probability of price down is greater than that of price up. The carbon price is affected by market mechanisms and external factors (economic crisis and environmental policies) in the low expectations of returns. However, in the high expectations of returns, compared with the CDM market, the carbon price change in the EU ETS market is less stable and has higher risks. 相似文献
2.
石油期货市场机制及对中国石油安全的影响 总被引：7，自引：7，他引：0
本文通过系统分析2003-2008年石油期货市场过度炒作的影响和动因, 结合不同历史时期国际石油期货市场机制的演变, 指出目前的石油期货市场已由以往的价格发现、平抑油价和规避风险的场所, 转变为发达国家和国际大型金融机构借以谋利和制约发展中国家经济社会发展的工具; 提出目前的石油市场机制使中国的石油安全乃至经济安全面临严峻的挑战, 中国应一方面提高国内企业和金融机构参与国际金融市场交易的能力, 积极参与国际石油期货市场交易, 以规避价格波动的风险; 另一方面加快步伐打造中国的石油期货市场, 获得国际石油定价权。 相似文献
3.
Carbon emissions trading is being used by more and more countries or regions to solve the global warming problem. The establishment of China’s carbon market mechanism is still under exploration and improvement. This paper focuses on the price determination mechanism in the carbon market. Based on the price theories, we analyze the theoretical basis of the carbon price formation and the carbon price transmission mechanism from the perspective of the agents that affect carbon price. From these angles including residents’ demands, enterprises’ actual emissions and indirect effects on residents’ demands, the government’s setting for carbon market institutions and indirect effects on residents and enterprises, as well as energy markets and financial markets, we analyze how these factors influence the carbon price. In turn, we discuss how carbon price affects the enterprise costs, energy-saving technologies and residents’ welfare. Besides, we summarize the current price mechanism of domestic and overseas major carbon markets. Finally, based on the current research on carbon price theory and its influencing factors, we also present some further directions on carbon price mechanism and influencing factors including China’s carbon market price mechanism design, the quantitative analysis of carbon price factors and improvement of carbon price theory. 相似文献
4.
This study establishes theoretical models of supply and demand for carbon trading and proposes conditions for optimal trading prices and periods. Taiwan’s carbon market is used to verify the validity of the models. Simulations and empirical analysis position firms that emit greenhouse gases as the market buyers, and landowners that convert agricultural lands into plantation forests as the market sellers. The study compares four trading scenarios to determine optimal trading prices and time periods. There were four key conclusions. First, the higher the buyer’s cost to reduce carbon emissions, the higher the demand price is in the carbon trading market. The longer the trading period, the higher the carbon offsets, and the higher the demand price is for emissions trading. Second, the higher the emission trading price, the longer the optimal forest rotation period is for landowners. If emission costs do not exist at the time of logging, landowners are encouraged to log early, reducing the length of rotation periods. Furthermore, as the extension period in the trading scenarios increases, landowners’ costs increase, raising the market equilibrium price. Third, when landowners participate in forest carbon trading mechanisms or carbon subsidy policies, they may not always lengthen forest rotation periods. Therefore, if and when the government implements these mechanisms or policies, it should consider the factors affecting the length of forest rotation period. Finally, to respond to international interest in reducing greenhouse gas emissions, the government should design separate carbon programs and trading mechanisms for different types of private landowners. This would strengthen incentives for participating in the afforestation program.
相似文献5.
This study establishes theoretical models of supply and demand for carbon trading and proposes conditions for optimal trading prices and periods. Taiwan’s carbon market is used to verify the validity of the models. Simulations and empirical analysis position firms that emit greenhouse gases as the market buyers, and landowners that convert agricultural lands into plantation forests as the market sellers. The study compares four trading scenarios to determine optimal trading prices and time periods. There were four key conclusions. First, the higher the buyer’s cost to reduce carbon emissions, the higher the demand price is in the carbon trading market. The longer the trading period, the higher the carbon offsets, and the higher the demand price is for emissions trading. Second, the higher the emission trading price, the longer the optimal forest rotation period is for landowners. If emission costs do not exist at the time of logging, landowners are encouraged to log early, reducing the length of rotation periods. Furthermore, as the extension period in the trading scenarios increases, landowners’ costs increase, raising the market equilibrium price. Third, when landowners participate in forest carbon trading mechanisms or carbon subsidy policies, they may not always lengthen forest rotation periods. Therefore, if and when the government implements these mechanisms or policies, it should consider the factors affecting the length of forest rotation period. Finally, to respond to international interest in reducing greenhouse gas emissions, the government should design separate carbon programs and trading mechanisms for different types of private landowners. This would strengthen incentives for participating in the afforestation program. 相似文献
6.
Oil ‘futures’: Shell’s Scenarios and the social constitution of the global oil market 总被引：1，自引：0，他引：1
Anna Zalik 《Geoforum》2010,41(4):553-564
This article explores the relationship between the oil industry’s representation of operating conditions in key sites of extraction and the constitution of oil futures markets. An analysis of Shell Oil’s recent Scenarios publications, the ‘Trilemma Scenarios to 2025’ and subsequent ‘Scramble and Blueprints Scenarios to 2050’, provides insight into both the (global) social construction of oil prices and the oil industry’s reaction to social resistance in its operating environment - whether in the form of movements for resource sovereignty or climate change activism. Examining the implications of these two Scenario publications for key sites of Shell investment, the Nigerian Niger Delta and the Canadian Tar Sands, the article demonstrates that understanding the discursive implications of ‘peak oil’ for the petroleum industry requires contextualizing discussions of ‘scarcity’ within business agents role in shaping oil futures markets, and private industry’s interest in the ongoing development of unconventional fossil fuel sources. While the role of deregulated futures trading receives little attention in the Shell Scenarios, speculative trading - and thus perception concerning supply among business agents - is central to shaping global oil prices and thus the social conditions of the oil market. 相似文献
7.
Mazen Labban 《Geoforum》2010,41(4):541-552
Relations between oil scarcity, production, investment, and price have become increasingly mediated and shaped by financial markets. Yet, the mediation of finance is absent in peak oil narratives, which posit a direct relation between the availability of oil in the ground and its price on the market. The orthodox critique of peak oil deconstructs its basis in geological limits only to reproduce the argument from scarcity and reverse the relationship between the price of oil and its availability on the market. Both narratives are formulated in physical space and do not account for the degree to which the oil market has become infused by the logic of finance. Critical political economy, on the other hand, demonstrates the extent to which finance has transformed capital accumulation, only to render material production somewhat irrelevant to the accumulation of capital. This is equally problematic, given oil companies’ continuing investment in production and reserve expansion. The relation between accumulation, investment, and production under finance needs to be examined rather than discarded. I argue that finance has emancipated the circulation of oil in the world market from its circulation in physical space, fragmenting the oil market into a physical and a financial component, but reintegrating both under the dominance of financial logic without transcending their duality and their differences. I explicate this relation by examining the circulation of oil in trade and investment under the dictates of finance to open questions on current theorizations of oil scarcity in relation to prices, markets, and investment. 相似文献
8.
The major problems encountered in studying estuarine particulate organic matter (POM) are the characterization and quantitation of different kinds of materials (e.g. detrital and living matter, algal and bacterial matter…) each type contributing a specific role in the ecosystem. The study of the activity of the electron transport system (ETS) is proposed as a tool for resolving these problems. Results obtained in our laboratory with cultures of planktonic algae and bacteria provided us with numerical relationships between ETS activity and various organic components such as chlorophyll, carbon and protein. These relationships were: ETS activity/chlorophyll = 2.6, carbon/ETS activity = 17.3, protein/ETS activity = 9.6 in algae; carbon/ETS activity = 5.9, protein/ETS activity = 7.7 in bacteria (ETS activity expressed in /i2h−1 at 20°C; chlorophyll, carbon and protein in μg). Such data can be applied in field studies to characterize the living algal and bacterial matter and, by difference, the detrital organic matter. We report here a study of the Loire estuary as an example. 相似文献
9.
Mark Speech 《Geoforum》1989,20(4)
Research conducted by the Western Sudan Agricultural Research Project allows examination of the impact of the recent African drought upon agricultural market performance and structure. Price volatility, as well as high prices, was a major destabilizing factor in agricultural commodity markets. Small farmers and petty traders are largely risk avoiders rather than profit maximizers, and tend not to move product when faced with price uncertainty. At the same time, responsibility for marketing functions shifts to these small operators and producers. These are the channel members least able to finance increased functional responsibility. Again, the result is that products may be held off of the market. Policy makers must recognize these marketing factors when devising strategies appropriate to semi-arid regions such as South Kordofan. Policy recommendations can be offered which can facilitate the movement of product, and thus greatly ease the marketing constraints associated with drought. 相似文献
10.
Based on empirical evidence, the article looks at the implications of private sector participation (PSP) for the delivery of water supply and sanitation to the urban and peri-urban poor in developing countries, with particular reference to Africa and Latin America. More precisely, the article addresses the impact produced by multinational companies’ (MNCs) strategies, in light of the pursuit of profitability, on the extension of connections to the pipeline network. It does so by questioning the assumptions that greater private sector efficiency and innovation, together with contract design, will enable the sustainable extension of service coverage to low income dwellers. The strategies of the major water MNCs are considered both in relation to the global expansion of their operations and the adjustment of local strategies to commercial considerations. The latter might result in identifying profitable markets, modifying contractual provisions, attempting to reduce costs and increase income, reducing risks and exiting from non-performing contracts. The evidence reviewed allows for re-assessing the relative roles of the public and private sectors in extending and delivering water services to the poor. First, the most far reaching innovative approaches to extending connections are more likely to come from communities, public authorities and political activity than from MNCs. Secondly, whenever MNCs are liable to exit from non-profitable contracts, the public sector has no other option than to deal with external risks affecting continuity of provision. Finally, market limitations affecting MNCs’ ability to serve marginal populations and access cheap capital do not apply to well-organised, politically led public sector undertakings. 相似文献
11.
在工程实践基础上,对邯郸东部地基处理方法的设计,施工工艺、质量控制及施工效果进行了分析和比较,在经济技术分析和环保分析基础上,确定了本区地基处理方案的选择原则。提出了当设计地基承载力特征值大于或等于200kPa时,应采用CFG桩法进行地基处理;当设计地基承载力特征值小于200kPa时,东区应采用水泥土搅拌桩（干法）复合地基,西区应采用夯实水泥土桩法复合地基或水泥土搅拌桩（湿法）复合地基,北区和南区应采用水泥土搅拌桩复合地基。 相似文献
12.
2017年以来,全球石油消费持续疲软,消费增速呈逐渐下降的趋势,新冠肺炎疫情对石油需求的打击更是"雪上加霜".本文回顾了疫情发生以来国际原油价格及大型油气公司股票价格的走势,探讨了疫情对全球石油需求和供应市场的影响,研判了短期及中长期全球石油供需格局,得出了三点结论:(1)疫情对全球石油需求产生重大冲击,预计2020年全球石油需求较2019年将下降5％,未来随着全球经济逐步恢复,全球石油消费将缓慢回升,预计到2030年全球石油消费将达到峰值48.7亿t;(2)未来3～5年,全球石油产量将大于需求量,全球石油市场供大于求的局面仍将持续;(3)中长期来看,若国际原油价格持续在低价位震荡,将会造成上游勘探开发投入不足,英国、俄罗斯及亚洲等国家的部分老油田产量将持续下滑,全球石油市场将趋紧. 相似文献
13.
将政府、社团的可持续目标或是民众对于生活的期望转化成为可持续的现实并非易事,这一转化的过程体现在推动和落实的理念、方法和机制上。中国的房地产及建造业极为复杂,有很多不同的参与者及其传统运作模式。要落实改革,就必须让多方面的参与者共同建设一个多元及低风险的创新计划,同时赢得更佳的商业效益。作者通过INTEGER China的各类规划与建筑的实践探讨实现可持续发展的创新模式和有效途径。案例包括昆明世博生态城INTEGER项目,横琴岛可持续发展规划,介绍Integer在推动可持续发展的绿色生活模式方面所做的尝试。 相似文献
14.
Natural disasters as the end of the insurance industry? Scalar competitive strategies, Alternative Risk Transfers, and the economic crisis 总被引：1，自引：0，他引：1
The aftermath of Hurricane Katrina has piqued interest in the insurance industry, and this scrutiny has led to assumptions that the industry has become unstable and unprofitable with the increased incidence of disasters in highly-insured regions of the world. This paper challenges that assumption by arguing that the insurance industry has responded by spreading risk through scaled and networked recovery schemes. We found that because of competitive strategies of risk-spreading and displacement arrangements, the industry has actually profited as a whole. Regional insurance companies have always relied on the higher financial scales of the reinsurance industry in Munich, Zurich, and London. But with claims reaching into the billions of dollars, the reinsurance industry itself has raised premiums, spread risk farther afield, and jumped scale by spreading risk to futures markets called Alternative Risk Transfers (ARTs). However, the recession beginning in 2008 has called into question the viability of using futures markets as insurance. It is shown through a media analysis of four major business publications (The Economist, The New York Times, The Financial Times and The Wall Street Journal) how the industry responded to the costs of the 2004, 2005, and 2006 hurricane seasons. Because geography is rather new to this literature, this paper also offers a broad review of the insurance industry. 相似文献
15.
Godwin Masuka 《Geoforum》2012,43(3):573-584
The paper examines the relations between farmers and The Cotton Company of Zimbabwe (COTTCO) in Rushinga district of Zimbabwe. Based on interviews with farmers and secondary data, it examines the practice of side marketing of contracted seed cotton. While a large body of literature has discussed the social and economic effects of contract farming on farmers, there are less critical studies on side marketing of crops by farmers in unstable economic and political environment such as Zimbabwe. The paper demonstrates that farmers taking advantage of the macroeconomic environment in Zimbabwe violated contracts by selling seed cotton to other buyers. In the process, farmers renegotiated the meaning of the contract and appealed to market rationality embedded in the neo-liberal ideology. For these farmers, side marketing was part of a survival strategy, albeit in imperfect markets and a difficult economic environment. Nonetheless, side marketing of seed cotton strained relations between farmers and COTTCO. The paper shows the tensions in contracts that require regulation by the state and the neo-liberal ideology that promote free markets and argue against strong regulation. 相似文献
16.
17.
随着社会主义市场经济的建立,签订和履行合同已经成为企业经营活中的重要行为。我们应当建立健全合同管理制度,加强对合同的审查管理和合同履行的监督管理,采取有效措施解决合同纠纷,进一步防范经营风险,保护企业的合法权益。 相似文献
18.
William E. Dean 《Natural Hazards》1995,11(2):193-201
Building codes are important for natural disaster mitigation. Typical public policy approach to building safety is the command-and-control mechanism. Local government sets minimum standards that every new building must attain. Because a proposed change in the requirements is stated in terms of additional safety, the marginal cost would be different for each building. Those with high marginal cost are over-represented in the deliberations because for these buildings the cost is highly salient. Thus, many good proposals are defeated, and no buildings are made safer. The marketable risk permits approach uses a market mechanism to encourage efficient safety upgrade. The building code would have two levels of safety, the lower level corresponding to the status quo. Each new building would be endowed with a quantity of risk permits. Developers who construct to the lower code level must purchase additional risk permits. Developers who build to the higher code level could sell their risk permits. Thus, for the few buildings for which the higher code level is expensive, developers could avoid high costs by purchasing risk permits instead. Government policy would determine the endowment of risk permits, as a fraction of total risk-reduction potential of the higher code level. The market would determine the price of risk permits, as well as which buildings get constructed to the higher code level. Under a risk permit policy, the marginal cost of safety would be considerably less than under a command-control policy. In situations where corruption already operates as a mechanism for providing relief to developers with high costs, a risk permit policy has little effect on the number of bribes, but the interaction drives down the price of both bribes and risk permits. 相似文献
19.
An examination of the relationship between large organizations and local labour markets which draws attention to the role of the extended internal labour market (EILM). This paper explores recruitment strategies in the local labour market amongst 52 major employers in the metal sectors in the Sheffield local labour market. It shows how dependence on the external labour market rather than the internal labour market varies with the different occupations recruited within the local area and that, in some occupations, the EILM plays an important role. Where recruitment difficulties are experienced there are a variety of responses, all of which have particular implications for the amount and type of labour sought from the external labour market. The paper concludes by arguing for a greater emphasis on the recruitment strategies of larger firms in employer surveys to provide new insights into the operation of local labour markets and, in particular, the operation of the EILM. 相似文献
20.
当前全球矿业形势分析与展望 总被引：3，自引：0，他引：3
全球矿业发展与工业化进程密切相关,具有与全球经济发展周期基本一致的显著的周期性特征。在同一个周期内,各种资源需求在时间上具有波次(递进)性,它决定着矿业的持续与繁荣。从2003开始全球矿业进入了第3个周期,其特征包括矿业产业集中度加剧、垄断特征更加显著、矿产品低成本时代终结等。同时,这一时期出现了大量国际金融资本进入矿产品市场的现象,使得矿产品价格体系趋于复杂化。从中长期来看,中国、印度、非洲等新兴经济体工业化、城镇化进程不会停滞,刚性资源需求将推动此轮超级周期继续前行。从中短期来看,欧美债务危机继续升级恶化,中东格局正发生着重大变化,全球经济二次探底风险愈发增大。在全球经济增长不如预期、矿产品需求下降、新增矿山产能释放和矿产品价格进入新一轮调整阶段的情况下,未来一段时期内,全球矿业形势将表现为"需求放缓、价格高位、震荡加剧"。 相似文献