20.500.12556/DKUM-92963 Carbon credits and crude oil an investigation of the price returns interaction in the international market Emisijski kuponi in surova nafta: raziskava interakcije med ceno in donosi na mednarodnem trgu 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 market. Namen 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 ogljika. carbon credit crude oil price VECM model volatility model kredit za emisije ogljika cena surove nafte model VECM modeli nestanovitnosti true false true Angleški jezik Slovenski jezik Znanstveno delo 2025-05-28 14:39:05 2025-05-28 14:39:05 2025-05-29 03:22:08 0000-00-00 00:00:00 2024 0 0 str. 1-12 no. 1 Vol. 70 mar. 2024 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 2024-04-03 338.5:665.61 237549827 10.2478/ngoe-2024-0001 0547-3101 https://sciendo.com/article/10.2478/ngoe-2024-0001 1 be673e49-3bc0-11f0-a3df-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=191423 RAZ_Assis_de_Salles_Andre_2024.pdf RAZ_Assis_de_Salles_Andre_2024.pdf 1 4F4ADAA944CE5719C68A50FC4C435DAE c71ca11f01a9e1b6e74d05bfd6a15cdd9422039334e6c205e01abe9468344e5f ea83c7a6-3bc0-11f0-a3df-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=191424 Ekonomsko-poslovna fakulteta Naše gospodarstvo 0 0 0