Multifractal Detrended Cross-Correlation Analysis of Electricity and Carbon Markets in China

<p><svg height="12.7178pt" id="M122" style="vertical-align:-3.42947pt" version="1.1" viewbox="-0.0498162 -9.28833 47.8275 12.7178" width="47.8275pt" xmlns="http://www.w3.org/2000/svg"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M828 650H570L564 622C646 614 650 609 634 524L604 366H253L281 524C296 608 308 615 382 622L388 650H132L126 622C211 615 214 609 198 524L121 122C106 42 102 35 23 28L17 0H276L282 28C196 35 191 40 206 122L243 324H597L559 123C544 42 537 35 452 28L446 0H710L716 28C632 35 628 43 643 122L719 524C735 610 741 615 822 622L828 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,10.923,0)"><path d="M300 -147C201 -63 143 98 143 270S200 602 300 686L282 710C136 610 70 450 70 271V270C70 89 136 -72 282 -170L300 -147Z"></path></g><g transform="matrix(.013,0,0,-0.013,15.421,0)"><path d="M474 429L457 433C435 440 389 448 367 448C348 448 323 446 309 443C266 434 195 406 148 366C78 307 23 210 23 101C23 35 55 -12 92 -12C118 -12 146 1 196 35C247 70 311 130 346 173H348L281 -148C268 -211 256 -221 208 -229L191 -232L187 -257L433 -245L437 -219L411 -216C357 -210 350 -205 362 -140L427 207C447 315 461 381 474 429ZM387 387C379 337 363 262 355 236C318 180 201 57 142 57C126 57 112 81 112 128C112 205 150 321 220 376C244 395 280 403 312 403C345 403 370 396 387 387Z"></path></g><g transform="matrix(.013,0,0,-0.013,21.804,0)"><path d="M275 270C275 450 212 609 64 710L45 686C145 604 203 442 203 270S147 -63 45 -147L64 -170C213 -68 275 89 275 270Z"></path></g><g transform="matrix(.013,0,0,-0.013,29.934,0)"><path d="M548 311L516 323C497 274 452 240 400 240C372 240 342 260 316 278C277 305 235 330 188 330C116 330 66 268 40 199L72 187C91 236 136 270 188 270C216 270 246 250 272 232C311 205 353 180 400 180C472 180 522 242 548 311Z"></path></g><g transform="matrix(.013,0,0,-0.013,41.197,0)"><path d="M474 429L457 433C435 440 389 448 367 448C348 448 323 446 309 443C266 434 195 406 148 366C78 307 23 210 23 101C23 35 55 -12 92 -12C118 -12 146 1 196 35C247 70 311 130 346 173H348L281 -148C268 -211 256 -221 208 -229L191 -232L187 -257L433 -245L437 -219L411 -216C357 -210 350 -205 362 -140L427 207C447 315 461 381 474 429ZM387 387C379 337 363 262 355 236C318 180 201 57 142 57C126 57 112 81 112 128C112 205 150 321 220 376C244 395 280 403 312 403C345 403 370 396 387 387Z"></path></g></svg> graph of return series between electricity and carbon markets (the red hexagonal and blue circle curves estimated by MF-DFA method and the green star line estimated by MF-DCCA method).</p>

Mathematical Problems in Engineering

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Figure 6

Figure 6: Multifractal Detrended Cross-Correlation Analysis of Electricity and Carbon Markets in China 