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