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Emission trading and market mechanism have increasingly become crucial policy measures to promote sustainable development. Coupled with carbon emission reduction credit trading, carbon emission allowance trading under the cap- and-trade scheme is also steadily developing in China. To learn from the EU ETS's experience, the paper applied the IRF-DCC model to explore the dynamic nonlinear relations between EUA and CER markets. Empirical results indicate that EUA and CER are dynamically and conditionally correlated both in the spot and future markets. Correlations of spot volatilities are highly instable and market dependent while correlations of future volatilities are relatively stable and independent.

Dynamic Nonlinear Relationships between Carbon Emission Allowance and Reduction Credit Markets-Based on the IRF-DCC Model