Suchergebnisse

Os confinamentos têm feito parte da luta contra a Covid-19, um pouco por todo o mundo, sendo que Portugal não tem sido exceção. Para perceber se as condições em diferentes regiões poderão permitir a tomada de medidas diferenciadas, aplicou-se o coeficiente de correlação da Detrended Cross- Correlation Analysis. Foi possível verificar que os níveis de mobilidade estão correlacionados com os novos casos da doença, ainda que alguns tipos de mobilidade, como a relativa aos locais de trabalho, não apresentam relação estatisticamente significativa com os novos casos da doença. Além disso, os níveis de correlação são distintos nos diferentes distritos de Portugal, deixando em aberto a possibilidade de as medidas de contenção da doença serem desenhadas tendo em conta essas diferenças.

AbstractThe transition to a low-carbon economy is imperative to reduce reliance on fossil fuels and mitigate pollution emissions. This preposition also aligns with the United Nations Sustainable Development Goals (SDGs-13), which highlight the climate change action. In this vein, Brazil has implemented the Decarbonization Credit (CBIOS) program to incentivize biofuel production and promote environmental sustainability through carbon credit emissions. To this end, the present study evaluates the effectiveness of the CBIO contract as a hedging tool for investors in the face of energy price fluctuations and decarbonization efforts. Specifically, we employ conditional dynamic correlation (DCC-GARCH) and optimal hedge ratio (HR) techniques to assess the relationship between CBIO and the futures and spot prices of sugar, oil, and ethanol. Our findings suggest that the current CBIO contract is not an effective hedge against energy spot and future prices. However, our analysis identifies a strengthening correlation between ethanol traded in Chicago and CBIO over time, highlighting the potential for an underlying contract to serve as an effective hedging tool in the future. Our study adds to the existing literature on carbon pricing mechanisms and their impact on financial markets, emphasizing the importance of sustainable energy policies and their potential to mitigate the risks associated with energy price volatility and decarbonization efforts.