European Carbon Prices and Banking Restrictions: Evidence from Phase I (2005-2007)

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Research on carbon market price mechanism and influencing factors: a literature review (2018, methodology): “The current research on influencing factors of the carbon price is based on qualitative analysis, using econometric model (Alberola and Chevallier 2009; Chevallier 2011a, 2015; Keen 2014), and fewer research is based on quantitative analysis (Brink et al. 2016).”
Carbon Leakage and Competitiveness of Cement and Steel Industries Under the EU ETS: Much Ado About Nothing (2016, background): “We consider the EUA future prices (more details on the series is given in section 4.4) rather than spot prices because due to the banking restrictions implemented between 2007 and 2008 (Alberola and Chevallier, 2009), spot prices show a non-reliable behavior during Phase I.”
A model of carbon price interactions with macroeconomic and energy dynamics (2011, methodology): “Note that carbon spot prices are not used in this paper since they were affected by the ban on banking between Phases I and II of the EU ETS (therefore plummeting towards zero near the end of 2007, see Paolella and Taschini (2008), Alberola and Chevallier (2009), Daskalakis et al. (2009) and Hinterm”