The Market Stability Reserve in the EU Emissions Trading System: A Critical Review

Simone Borghesi · Michael Pahle · Grischa Perino · Simon Quemin · Maximilian Willner

54 citations0/0 files storedAnnual Review of Resource Economics

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Climate Change Policy and Economics Agricultural Economics and Policy EU Law and Policy Analysis

Abstract

Having experienced low prices for about a decade, the European Union Emissions Trading System has been supplemented with the market stability reserve (MSR) that adjusts the supply of allowances to market outcomes. We critically review the literature assessing the performance of the MSR against several policy objectives. In doing so, we cover both conceptual aspects and quantitative assessments. We conclude by pointing out important policy implications and open issues for further research.

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1990Noise Trader Risk in Financial Markets 1974Prices vs. Quantities 1976Effluent charges and licenses under uncertainty 2002Combining price and quantity controls to mitigate global climate change 2007The European Union Emissions Trading Scheme: Origins, Allocation, and Early Results 2014Causes of the EU ETS price drop: Recession, CDM, renewable policies or a bit of everything?—New evidence 1998Political internalization of economic externalities and environmental policy 1997Bankable permits for the control of environmental pollution

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