Cross-Correlations between Energy and Emissions Markets: New Evidence from Fractal and Multifractal Analysis

<table>The DCCA cross-correlation coefficient <svg height="17.4" id="M244" style="vertical-align:-4.18372pt" version="1.1" viewbox="0 0 61.137501 17.4" width="61.137501" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
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t-82 -49t-49 -148l-24 -127q42 -36 88 -36q79 0 126 61.5t47 157.5z" id="x1D70C"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.225,17.162)"><path d="M43 650h280q194 0 282 -85q85 -82 85 -215q0 -173 -123 -267q-107 -83 -297 -83h-236v27q65 5 79.5 19.5t14.5 77.5v402q0 45 -6 62.5t-21.5 24t-57.5 9.5v28zM213 547v-416q0 -55 24.5 -75t81.5 -20q133 0 203 86t70 214q0 80 -30 143t-88 97q-66 41 -170 41
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q0 -140 73.5 -227.5t188.5 -87.5q73 0 119.5 37.5t86.5 116.5z" id="x43"></path></g><g transform="matrix(.012,-0,0,-.012,26.169,17.162)"><path d="M614 175l29 -10q-33 -109 -57 -154q-121 -26 -184 -26q-90 0 -160.5 29t-112.5 77t-63.5 105.5t-21.5 119.5q0 157 108 253t277 96q36 0 71.5 -5t69 -13.5t36.5 -8.5q15 -102 20 -150l-29 -8q-20 79 -66.5 114t-128.5 35q-119 0 -187.5 -86t-68.5 -207
q0 -140 73.5 -227.5t188.5 -87.5q73 0 119.5 37.5t86.5 116.5z" id="x43"></path></g><g transform="matrix(.012,-0,0,-.012,34.081,17.162)"><path d="M673 0h-245v28q47 6 58 16t1 39l-55 154h-213q-31 -87 -36 -129q-16 -47 -5 -61t68 -19v-28h-226v28q50 7 68.5 23.5t43.5 80.5l214 524l24 9l193 -536q23 -63 41.5 -79.5t68.5 -21.5v-28zM418 280l-81 255h-2q-74 -197 -101 -255h184z" id="x41"></path></g>
<g transform="matrix(.017,-0,0,-.017,42.938,12.137)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,48.819,12.137)"><path d="M352 391q0 -31 -27 -44q-14 -7 -24 6q-39 48 -84 48q-23 0 -39.5 -15t-16.5 -40q0 -43 73 -90q49 -32 70 -58t21 -57q0 -58 -62 -105.5t-129 -47.5q-40 0 -75.5 25t-35.5 52q0 28 32 46q7 4 15 3t11 -6q19 -31 48.5 -50.5t54.5 -19.5q34 0 54 19.5t20 42.5q0 43 -65 81
q-97 56 -97 123q0 50 51 96q19 17 58 32.5t62 15.5q37 0 61 -18t24 -39z" id="x1D460"></path></g><g transform="matrix(.017,-0,0,-.017,55.194,12.137)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g>
</svg> versus time scale <svg height="7.9499998" id="M245" style="vertical-align:-0.1638pt" version="1.1" viewbox="0 0 6.5 7.9499998" width="6.5" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,7.675)"><path d="M352 391q0 -31 -27 -44q-14 -7 -24 6q-39 48 -84 48q-23 0 -39.5 -15t-16.5 -40q0 -43 73 -90q49 -32 70 -58t21 -57q0 -58 -62 -105.5t-129 -47.5q-40 0 -75.5 25t-35.5 52q0 28 32 46q7 4 15 3t11 -6q19 -31 48.5 -50.5t54.5 -19.5q34 0 54 19.5t20 42.5q0 43 -65 81
q-97 56 -97 123q0 50 51 96q19 17 58 32.5t62 15.5q37 0 61 -18t24 -39z" id="x1D460"></path></g>
</svg>.</table>

Mathematical Problems in Engineering

fig5

Figure 5

Figure 5: Cross-Correlations between Energy and Emissions Markets: New Evidence from Fractal and Multifractal Analysis 