Research on the Spillover Effect of China’s Carbon Market from the Perspective of Regional Cooperation

After the official launch of China’s unified carbon market, potential for emission reduction is huge. The pilot regional markets urgently need to be connected with national market form a synergy and linkage mechanism further promote development market. Spillover effects can used analyze interaction between multiple markets. In this context, study focuses on overall spillover relationship among trading Using VAR-GARCH-BEKK model social network analysis (SNA), empirically analyzes mean effect volatility markets, it establishes results show that widespread. Among them, weak, impact period short;. strong has various directions; connection strong, but intensity weak. will spread through information paths risk paths. stronger bring more resource integration supervision. Finally, we put forward policy recommendations, such as improving enhancing maturity development, increasing participation activity encourage participants join institutional system effectively supervising process