摘要：
This study examines information spillovers among Hong Kong (HK) REITs, major HK financial markets, major Chinese Mainland financial markets, and the VIX index. Our results reveal that time-varying spillover effects peak during crises, notably during the COVID-19 pandemic. The HK REITs market consistently receives return and volatility spillover effects from the HK stock market and real estate market. Since 2014, the HK REITs market has also been a significant recipient of volatility spillovers from Chinese Mainland stock and real estate markets. Additionally, the VIX index plays a driving role in the risk contagion effect of HK REITs. These findings inform investors in adjusting strategies, optimizing portfolios, and mitigating financial risks.
摘要：
The relationship between natural disasters and NPLs is of significant importance in the natural disaster economics field. Thus, this research investigates the effects of natural disasters on non-performing loans (NPLs) using panel data covering 101 countries from 1996 to 2017. We in-troduce interaction terms between natural disasters and different financial risks to represent the moderating effects of natural disasters through such risks. Several conclusions arise from the empirical results. (1) Natural disasters produce significant effects on NPLs both in current year and five-period lag terms. (2) Natural disasters increase NPLs through five kinds of financial risks, and the moderating effects are statistically significant. (3) The effects of natural disasters on NPLs present significant heterogeneity between OECD and non-OECD countries. From these results, we put forward several policy implications. (c) 2022 Elsevier B.V. All rights reserved.
摘要：
Abstract: In June 2021, China officially launched its first batch of 9 public offering REITs products, marking the beginning of the era of public offering REITs. However, the spillover effects and complexities of these REITs remain unknown. Therefore, this paper first examines the causal relationship between the REITs market and the stock market, as well as the bond market, using Granger causality tests. Then, the VAR-BEKK-GARCH model is employed to measure the volatility spillover effects between the REITs market and the stock market, as well as the bond market. The conclusion drawn from the analysis is that there exists a unidirectional Granger causal relationship and volatility spillover effects from the REITs market to the stock market. Additionally, there is a unidirectional Granger relationship and volatility spillover effects from the bond market to the REITs market.#@#@#摘要: 2021年6月，我国首批9支公募REITs产品正式公开发售，标志着公募REITs时代的开启，但其波动溢出效应还具有未知性以及复杂性。基于此，本文首先基于格兰杰因果检验对REITs市场与股市、债市之间的因果关系进行检验，再运用VAR-BEKK-GARCH模型衡量REITs市场与股票市场、债券市场之间的波动溢出效应，并得出结论：REITs市场对股票市场存在单向的格兰杰因果关系以及波动溢出效应。债券市场对REITs市场存在单向格兰杰因果关系以及波动溢出效应。
摘要：
To deeply analyze and understand the macro-financial impact of climate change, this paper investigates the effect of climate risk on systemic financial risks by employing a network approach. The results demonstrate that climate risk not only affects a single financial market but also induces risk co-movement, which aggravates potential systemic financial risks. Specifically, the system-wide connectedness across the financial system respectively increased by 2.52% and 1.76% after the withdrawal of the US from the Kyoto Protocol and the Copenhagen UN Climate Change Conference. The bond and stock markets are the primary transmitters of climate shocks, while the forex and commodity markets appear to be more sensitive to climate-related information. In addition, the vulnerability of financial asset price fluctuations to climate risk changes substantially over time. Quantile regressions reveal the positive impact of climate risk on total connectedness across the financial system. This study provides novel insight into how the financial system responds to climate-related information and how systemic risk dynamics materialize.
关键词：
Energy storage system;Micro energy network;Multi-objective optimization;Improved weighted fuzzy method
摘要：
As a terminal type of micro integrated energy system, micro energy network is small in scale and easy to implement, which meets the needs of developing an integrated energy system. Consequently, it has great promotion value. In order to better coordinate the economy, energy conservation and environmental protection of micro energy network, this paper first establishes a multi-objective optimal operation model considering the factors of economy, energy and environment. Second, an improved weighted fuzzy method is proposed to transform the above model into a single-objective one, which can be solved by the particle swarm algorithm. Then, the results and satisfaction of single-objective and multi-objective optimization are compared and analyzed in the example. By optimizing the membership function and multi-objective weight setting method of the traditional weighted fuzzy method, not only the importance of different objectives can be reflected, but also the relationship between single-objective and multi-objective optimization results can be reflected. The proposed improved weighted fuzzy method can improve the comprehensive coordination among multiple objectives and the robustness of the algorithm, optimize the output of each device and realize the coordinated development of energy, environment and economic benefits. It is not only suitable for solving multi-objective optimization problems of micro-energy network, but also for other scenarios. (C) 2023 Published by Elsevier Ltd. This is an open access article under the CCBY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
通讯机构：
[Hong Qu] S;School of Economic and Management, Chang Sha University of Science & Technology, Changsha 410114, China<&wdkj&>Author to whom correspondence should be addressed.
关键词：
wind power generation;battery energy storage;super capacitor energy storage;flywheel energy storage;power fluctuation suppression;dynamic response characteristics
摘要：
The intermittence and randomness of wind speed leads to the fluctuation of wind turbine output power. In order to study the applicability of battery, super capacitor and flywheel energy storage technology in suppressing wind power fluctuation, this paper takes a 3 MW direct drive wind turbine as an example, and, through the establishment of a wind storage system model, the dynamic response characteristics and application effects of the three typical energy storage technologies to suppress the power fluctuation of the wind turbine under two wind speed fluctuation scenarios are simulated and studied, and the stability of output power is quantitatively analyzed. Results show that all the three energy storage systems respond well to power command curves, but when the wind power fluctuation is large, the flywheel energy storage has a better effect on suppressing the wind power fluctuation, which can suppress about 70% of the power fluctuation.
关键词：
income inequality;green innovation (GI);panel fixed effect model.
摘要：
It is crucial for the advancement of political economics and innovation economics to examine the relationship between income inequality and green innovation (GI). Using the panel fixed effect model, this study investigates the influence of income inequality on GI across 97 countries from 1991 to 2018 and demonstrates a significant non-linear association between the two. The empirical data exhibit an inverted U-shape relationship, suggesting that there is an optimal degree of income inequality that optimizes GI output, and the inflection point of our overall sample is at a Gini coefficient of 0.366. Additionally, we choose a set of robustness tests to validate the results by substituting explained variables, adding omitted variables, and employing the difference and system generalized method of moments (GMM) estimations. Moreover, heterogeneity analysis reveals that the non-linear patterns vary among samples, with the U-shape relationship being more significant in countries with lower income, higher corruption, and weaker government effectiveness. Our findings provide government decision-makers with a crucial reference for maximizing the importance of income distribution in fostering GI and achieving sustainable development.
