Research Article
The Spillover Effect among CET Market, Coal Market, and New Energy Market for Dual-Carbon Target: New Evidence from China
Table 3
The dynamic analysis of the static return spillover effect based on the BK index.
| | COAL | CET | CSINE | ASEI | FROM_ABS | FROM_WTH |
| Panel A: corresponds to 1 week to 5 weeks | COAL | 70.32 | 0.01 | 0.01 | 0.91 | 0.23 | 0.29 | CET | 4.48 | 82.03 | 0.33 | 0.02 | 1.21 | 1.54 | CSINE | 0.25 | 1.52 | 73.51 | 1.33 | 0.77 | 0.98 | ASEI | 4.21 | 1.03 | 28.18 | 46.57 | 8.36 | 10.62 | TO_ABS | 2.24 | 0.64 | 7.13 | 0.56 | 10.57 | | TO_WTH | 2.84 | 0.82 | 9.06 | 0.72 | | 13.43 |
| Panel B: corresponds to 5 to 20 weeks | COAL | 20.65 | 0.01 | 0.00 | 0.28 | 0.07 | 0.45 | CET | 0.62 | 9.06 | 0.05 | 0.01 | 0.17 | 1.09 | CSINE | 0.24 | 0.15 | 16.49 | 0.27 | 0.16 | 1.05 | ASEI | 0.88 | 0.28 | 7.00 | 6.56 | 2.04 | 13.05 | TO_ABS | 0.43 | 0.11 | 1.76 | 0.14 | 2.44 | | TO_WTH | 2.77 | 0.70 | 11.28 | 0.89 | | 15.63 |
| Panel C: corresponds to 20 to inf weeks | COAL | 7.71 | 0.00 | 0.00 | 0.01 | 0.03 | 0.46 | CET | 0.22 | 3.16 | 0.02 | 0.00 | 0.06 | 1.06 | CSINE | 0.10 | 0.05 | 6.00 | 0.09 | 0.06 | 1.07 | ASEI | 0.33 | 0.10 | 2.57 | 2.29 | 0.75 | 13.16 | TO_ABS | 0.16 | 0.04 | 0.65 | 0.05 | 0.90 | | TO_WTH | 2.84 | 0.67 | 11.35 | 0.89 | | 15.76 |
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