标题： 税收和碳排放交易碳定价方案的比较 显示英文标题

标题： Comparison of Tax and Cap-and-Trade Carbon Pricing Schemes

摘要： 碳定价已成为现代气候政策的核心支柱，碳税和排放交易体系（ETS）是两种主要的方法。 尽管经济理论表明在理想化假设下这些工具是等效的，但由于现实世界中的市场不完善，它们的表现却有所不同。 这一差异中一个较少被探讨的方面是金融中介机构在排放交易市场中的作用。 本文提出一个统一的框架，以比较税收和基于市场的方案的经济和环境表现，并明确纳入金融中介机构的参与。 通过校准这两种工具以实现相同的总体排放减少目标，我们评估了它们在不同市场结构下的经济表现。 我们的结果表明，尽管在完全竞争条件下这两种方案是等效的，但在ETS中存在中介机构会相对于碳税减少监管财富和经济主体的总体财富。 这些影响源于中介机构对价格形成的影响以及它们对部分收入流的占有。 研究结果强调了在设计碳市场时考虑中介机构行为的重要性，并突显了对排放交易体系不断演变的制度结构进行进一步实证研究的必要性。 显示英文摘要

摘要： Carbon pricing has become a central pillar of modern climate policy, with carbon taxes and emissions trading systems (ETS) serving as the two dominant approaches. Although economic theory suggests these instruments are equivalent under idealized assumptions, their performance diverges in practice due to real-world market imperfections. A particularly less explored dimension of this divergence concerns the role of financial intermediaries in emissions trading markets. This paper develops a unified framework to compare the economic and environmental performance of tax- and market-based schemes, explicitly incorporating the involvement of financial intermediaries. By calibrating both instruments to deliver identical aggregate emission reduction targets, we assess their economic performance across alternative market structures. Our results suggest that although the two schemes are equivalent under perfect competition, the presence of intermediaries in ETS reduces both regulatory wealth and the aggregate wealth of economic agents relative to carbon taxation. These effects stem from intermediaries' influence on price formation and their appropriation of part of the revenue stream. The findings underscore the importance of accounting for intermediaries' behavior in the design of carbon markets and highlight the need for further empirical research on the evolving institutional structure of emissions trading systems.