The Fiscal Impact of changes in European Trading System with emission allowances in Czech Republic

In this paper the fiscal impact of changes in European trading system with emission in Czech Republic is estimated. The first part is focused on theoretical background. The changes are described from the perspective of different sectors and also from the general point of view. The biggest change is the allocation of emission allowances via auctions, that's why the first part of this paper is completed by the analysis of auctions that have already been on the market with emission allowances. Empirical key part of the paper is focused on the estimation of the future price of emission allowances. For the estimation of parameters of key price determinants I use the method of ordinary least squares. The parameters are refined by the ARCH model. With the estimated future price is the fiscal impact in Czech Republic estimated and interpreted in the last part of this paper