The Market Stability Reserve in the EU Emissions Trading System: A Critical 
Review

Borghesi, Simone; Pahle, Michael; Perino, Grischa; Quemin, Simon; Willner, Maximilian

doi:10.1146/annurev-resource-111820-030145

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The Market Stability Reserve in the EU Emissions Trading System: A Critical Review

Authors

Borghesi, Simone
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/persons/resource/Michael.Pahle

Pahle, Michael
Potsdam Institute for Climate Impact Research;

Perino, Grischa
External Organizations;

/persons/resource/quemin

Quemin, Simon
Potsdam Institute for Climate Impact Research;

Willner, Maximilian
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Citation

Borghesi, S., Pahle, M., Perino, G., Quemin, S., Willner, M. (2023): The Market Stability Reserve in the EU Emissions Trading System: A Critical Review. - Annual Review of Resource Economics, 15, 131-152.
https://doi.org/10.1146/annurev-resource-111820-030145

Cite as: https://publications.pik-potsdam.de/pubman/item/item_28816

Abstract

Having experienced low prices for about a decade, the European Union Emissions Trading System has been supplemented with the market stability reserve (MSR) that adjusts the supply of allowances to market outcomes. We critically review the literature assessing the performance of the MSR against several policy objectives. In doing so, we cover both conceptual aspects and quantitative assessments. We conclude by pointing out important policy implications and open issues for further research.