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Furthermore, the latter could not be banked since the regulator wanted to maintain Phase II (which coincided with the first Kyoto compliance period (CP) beginning in 2008) separated from Phase I, the pilot program interval. The Federal Reserve's high regulator says discriminatory practices of the past nonetheless have an effect as we speak and calls on banks and their supervisors to be extra vigilant. Some students have based mostly their empirical analyses on surveys of managerial interviews (e.g., Hoffmann, 2007; Aghion et al., 2009; Anderson et al., 2011; Martin et al., 2011; Rogge et al., 2011a,b; Schmidt et al., 2012), whereas others have tested the weak model of the Porter speculation introducing the EU ETS among the covariates of their econometric fashions (see Abrell et al., 2011; Borghesi et al., 2015; Calel and Dechezlepretre, 2016).19 Although this literature is still in its early phases of development and primarily focused on the early phases of the EU ETS as a result of a time lag in the information availability, the primary conclusion that appears to emerge thus far is that the EU ETS had at most a really weak impression on EI. As we'll see beneath (see The opposite Main ETSs: RGGI, California, and Quebec), a price flooring has been generally adopted by some of the most relevant ETSs currently existing world wide (e.g., the US-based mostly California and RGGI ones) where it proved to be an efficient answer to avoid the value collapse noticed as an alternative within the EU ETS

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