The market-linkage of the volatility spillover between traditional energy price and carbon price on the realization of carbon value of emission reduction behavior

Establishing a carbon market is widely regarded as an effective means of controlling global carbon emission. Purchasing carbon emission right will increase the cost of enterprises, especially for high-energy consumption industry. The volatility of carbon market will undoubtedly affect the behavior of these enterprises. It has been well recognized that there is significant interaction between the carbon market and the fossil energy (crude oil,...