638 KB0 KB200620262024Assis de Salles, AndréBarros Lima, Renatoštevilka:1letnik:70str. 1-12ISSN:0547-3101DOI:10.2478/ngoe-2024-0001COBISSID_HOST:237549827URN:URN:NBN:SI:doc-C8GXPJHVenDruštvo ekonomistov MariborEkonomski center MariborEkonomsko-poslovna fakultetaNaše gospodarstvocarbon creditcena surove naftecrude oil pricekredit za emisije ogljikamodel VECMmodeli nestanovitnostiVECM modelvolatility modelCarbon credits and crude oil| an investigation of the price returns interaction in the international market|This paper aims to verify the relationship between the international markets for crude oil and carbon credits. We studied the returns of prices practiced in these markets, focusing on the transmission of shocks between oil prices and carbon credit prices. The methodological approach used financial econometrics to study these variables' risk and return relationships. Besides causality and cointegration hypothesis tests, the VECM and GARCH models were estimates. There is a shortand long-term interaction between these variables. The volatility models show a significant association between the volatilities of the two variables of interest. Fossil fuels, mainly crude oil, generate energy that has substantial restrictions. At the same time, the carbon credits market has shown significant growth that can contribute to the use of energy from fossil fuels with parsimony and responsibility. Studying these variables and their interactions contributes to understanding the importance of the carbon marketNamen tega prispevka je preveriti interakcijo med mednarodnimi trgi surove nafte in emisijskimi kuponi. Preučevali smo donosnost cen, ki veljajo na teh trgih, pri čemer smo se osredotočili na prenos šokov med cenami nafte in cenami emisijskih kuponov. Za preučevanje razmerja med tveganjem in donosnostjo teh spremenljivk smo uporabili finančno ekonometrijo. Poleg testov hipotez o vzročnosti in kointegraciji smo ocenili tudi modela VECM in GARCH. Med spremenljivkami obstaja kratkoročna in dolgoročna interakcija. Modeli nestanovitnosti kažejo pomembno povezavo med nestanovitnostmi obeh spremenljivk, ki sta predmet zanimanja. Fosilna goriva, predvsem surova nafta, proizvajajo energijo, ki ima precejšnje omejitve. Hkrati je trg emisijskih kuponov pokazal znatno rast, ki lahko prispeva k varčni in odgovorni rabi energije iz fosilnih goriv. Proučevanje teh spremenljivk in njihovih medsebojnih vplivov prispeva k razumevanju pomena trga ogljikaTEXTznanstveno časopisjejournalsSlovenian National E-content AggregatorNational and University Library of SloveniaUniverza v Mariboru, Ekonomsko-poslovna fakulteta