Procrastinating reform: The impact of the market stability reserve on the EU ETS
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The fixed long-run cap gives rise to the waterbed effect, whereby any policy overlapping an ETS with a fixed cap only shifts allowance use in time and space but does not increase stringency.
“The fixed long-run cap gives rise to the waterbed effect, the phenomenon whereby any policy overlapping an ETS with a fixed cap only shifts allowance use in time and space but does not increase stringency.”
From The Market Stability Reserve in the EU Emissions Trading System: A Critical Review (2023) · cites this paper as Perino & Willner (2016)
Because of its long-term cap-neutrality, the 2015 MSR only affects price and emission paths in the short and long run when its interventions make the original path of abatement infeasible due to artificially induced temporary scarcity, i.e., a binding borrowing constraint.
“Perino & Willner (2016) show that, because of its long-term cap-neutrality, the 2015 MSR only affects price and emission paths both in the short and long run when its interventions make the original path of abatement infeasible due to artificially induced temporary scarcity (i.e., firms would like to borrow allowances from the future but cannot due to a binding borrowing constraint).”
From The Market Stability Reserve in the EU Emissions Trading System: A Critical Review (2023) · cites this paper as Perino & Willner (2016)
Cites
Emissions trading systems with cap adjustments
Kollenberg, S., & Taschini, L. (2016) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2016.09.003 · Cited by 107 · see citing works
What ails the European Union׳s emissions trading system?
Salant, S. W. (2016) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2016.06.001 · Cited by 89 · see citing works
Comparing policies to confront permit over-allocation
Fell, H. (2016) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2016.01.001 · Cited by 60 · see citing works
Holt, C. A., & Shobe, W. M. (2016) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2016.01.003 · Cited by 57 · see citing works
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The European Union Emissions Trading System reduced CO <sub>2</sub> emissions despite low prices
Bayer, P., & Aklin, M. (2020) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.1918128117 · Cited by 545 · see citing works
New EU ETS Phase 4 rules temporarily puncture waterbed
Perino, G. (2018) · Nature Climate Change · doi:10.1038/s41558-018-0120-2 · Cited by 192 · see citing works
Self-citationThe long-term impact of the market stability reserve on the EU emission trading system
Bruninx, K., Ovaere, M., & Delarue, E. (2020) · Energy Economics · doi:10.1016/j.eneco.2020.104746 · Cited by 96 · see citing works
EU-ETS Phase IV: allowance prices, design choices and the market stability reserve
Perino, G., & Willner, M. (2017) · Climate Policy · doi:10.1080/14693062.2017.1360173 · Cited by 84 · see citing works
Self-citationReviewing the Market Stability Reserve in light of more ambitious EU ETS emission targets
Osorio, S., Tietjen, O., Pahle, M., Pietzcker, R. C., & Edenhofer, O. (2021) · Energy Policy · doi:10.1016/j.enpol.2021.112530 · Cited by 55 · see citing works
The Market Stability Reserve in the EU Emissions Trading System: A Critical Review
Borghesi, S., Pahle, M., Perino, G., Quemin, S., & Willner, M. (2023) · Annual Review of Resource Economics · doi:10.1146/annurev-resource-111820-030145 · Cited by 54 · see citing works
Self-citationEmissions trading with rolling horizons
Quemin, S., & Trotignon, R. (2021) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2021.104099 · Cited by 50 · see citing works
Kollenberg, S., & Taschini, L. (2019) · European Economic Review · doi:10.1016/j.euroecorev.2019.05.013 · Cited by 48 · see citing works
An endogenous emissions cap produces a green paradox
Gerlagh, R., Heijmans, R. J. R. K., & Rosendahl, K. E. (2021) · Economic Policy · doi:10.1093/epolic/eiab011 · Cited by 46 · see citing works
The EU ETS and its companion policies: any insight for China's ETS?
Verde, S. F., Galdi, G., Alloisio, I., & Borghesi, S. (2021) · Environment and Development Economics · doi:10.1017/s1355770x20000595 · Cited by 39 · see citing works
“4For ex-ante analyses of the MSR in its original version and in its current (enhanced) version, see, respectively, Perino and Willner (2016) and both Perino and Willner (2017) and Perino (2018).”
BackgroundEndogenizing the Cap in a Cap-and-Trade System: Assessing the Agreement on EU ETS Phase 4
Beck, U., & Kruse-Andersen, P. K. (2020) · Environmental and Resource Economics · doi:10.1007/s10640-020-00518-w · Cited by 36 · see citing works
Market Stability Reserve under exogenous shock: The case of COVID-19 pandemic
Azarova, V., & Mier, M. (2021) · Applied Energy · doi:10.1016/j.apenergy.2020.116351 · Cited by 35 · see citing works
Assessing the implementation of the Market Stability Reserve
Chaton, C., Creti, A., & Sanin, M.-E. (2018) · Energy Policy · doi:10.1016/j.enpol.2018.03.027 · Cited by 31 · see citing works
Tietjen, O., Lessmann, K., & Pahle, M. (2021) · Resource and Energy Economics · doi:10.1016/j.reseneeco.2020.101214 · Cited by 22 · see citing works
The Evolution of Pollution Auctions
MacKenzie, I. A. (2022) · Review of Environmental Economics and Policy · doi:10.1086/717898 · Cited by 16 · see citing works
Rushing the Impatient: Allowance Reserves and the Time Profile of Low-Carbon Investments
Perino, G., & Willner, M. (2019) · Environmental and Resource Economics · doi:10.1007/s10640-019-00350-x · Cited by 10 · see citing works
Self-citationKarp, L. S., & Traeger, C. P. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3798938 · Cited by 10 · see citing works
- Authors
- Perino, G., & Willner, M.
- Affiliations
- Universität Hamburg (DE)
- Corresponding author
- Perino, Grischa
- Venue
- Journal of Environmental Economics and Management
- Publisher
- Elsevier BV
- Published
- 2016-11
- Volume
- 80
- Pages
- 37-52
- ISSN
- 0095-0696 (ISSN-L)
- OpenAlex
- W2521955382
- Cited by
- 128
- References
- 4
- Citations by year
- 2026: 18 · 2025: 14 · 2024: 15 · 2023: 15 · 2022: 12 · 2021: 9 · 2020: 17 · 2019: 11 · 2018: 11 · 2017: 4 · 2016: 2
- FWCI
- 18.16
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Environmental Economics and Management (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Konrad-Adenauer-Foundation
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Climate Change Policy and Economics
- Life Sciences › Agricultural and Biological Sciences › General Agricultural and Biological Sciences › Agricultural Economics and Policy
- Social Sciences › Law › EU Law and Policy Analysis
- Keywords
- Market Stability Reserve, EU Emissions Trading System, carbon pricing, carbon allowances, price fluctuations, policy reform, climate policy design
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