Although the carbon pricing policy is a critical driving factor that will help China achieve economic growth,energy transition,and dual climate change mitigation goals,the kind of carbon pricing policy that will compl...Although the carbon pricing policy is a critical driving factor that will help China achieve economic growth,energy transition,and dual climate change mitigation goals,the kind of carbon pricing policy that will complement the country's current development situation remains controversial.We apply the World Induced Technical Change Hybrid(WITCH)model to explore the heterogeneity and synergy of different carbon pricing policies,and the results indicate that it will be challenging to achieve carbon neutrality before 2060.The study find that the combined policy-a mix of carbon tax and carbon market policies--has the optimal emission reduction effect but comes with the highest economic cost,proving to be unsuitable in the long run.The carbon tax policy is an important transitional means to assist in emission reduction,which can serve as an important supplement to carbon market policy and be phased out after the market mechanism matures.展开更多
Establishing a modern central banking system in China necessitates the deployment of a novel suite of monetary policy instruments and unencumbering of the channels through which these policies are transmitted.A critic...Establishing a modern central banking system in China necessitates the deployment of a novel suite of monetary policy instruments and unencumbering of the channels through which these policies are transmitted.A critical aspect of evaluating the soundness and efficacy of monetary policy is to examine its capacity for tempering non-stationary volatility in the bond market.We use a synthetic difference in differences model(SynthDid),which draws upon panel data from eight countries spanning October 2011 to June 2022 period,to accurately determine the efficiency of the transmission of these monetary policy instruments.The Medium-term Lending Facility(MLF)can mitigate fluctuations in both medium-and long-term bond markets.Implementing a unified lending cycle of one year and expanding MLF collateral enhance the transmission efficiency of the newly established monetary policy instruments to the bond market.Additionally,the utilization of the Standing Lending Facility(SLF)substantially reduces the risk associated with short-and medium-term bond markets.Nevertheless,the efficacy of monetary policy transmission via different instruments varies in different periods.展开更多
In view of the heterogeneity of natural gas consumption in different sectors in China,this paper utilizes Bayesian network(BN)to study the driving factors of natural gas consumption in power generation,chemical and in...In view of the heterogeneity of natural gas consumption in different sectors in China,this paper utilizes Bayesian network(BN)to study the driving factors of natural gas consumption in power generation,chemical and industrial fuel sectors.Combined with Bayesian model averaging(BMA)and scenario analysis,the gas consumption of the three sectors is predicted.The results show that the expansion of urbanization will promote the gas consumption of power generation.The optimization of industrial structure and the increase of industrial gas consumption will enhance the gas consumption of chemical sector.The decrease of energy intensity and the increase of gas consumption for power generation will promote the gas consumption of industrial fuel.Moreover,the direct influencing factors of gas price are urbanization,energy structure and energy intensity.The direct influencing factors of environmental governance intensity are gas price,urbanization,industrial structure,energy intensity and energy structure.In 2025,under the high development scenario,China’s gas consumption for power generation,chemical and industrial fuel sectors will be 66.034,36.552 and 109.414 billion cubic meters respectively.From 2021 to 2025,the average annual growth rates of gas consumption of the three sectors will be 4.82%,2.18%and 4.43%respectively.展开更多
基金supported by the National Natural Science Foundation of China(71874133)the Youth Innovation Team of Shaanxi Universities,and the Annual Basic Scientific Research Project of Xidian University(2019).
文摘Although the carbon pricing policy is a critical driving factor that will help China achieve economic growth,energy transition,and dual climate change mitigation goals,the kind of carbon pricing policy that will complement the country's current development situation remains controversial.We apply the World Induced Technical Change Hybrid(WITCH)model to explore the heterogeneity and synergy of different carbon pricing policies,and the results indicate that it will be challenging to achieve carbon neutrality before 2060.The study find that the combined policy-a mix of carbon tax and carbon market policies--has the optimal emission reduction effect but comes with the highest economic cost,proving to be unsuitable in the long run.The carbon tax policy is an important transitional means to assist in emission reduction,which can serve as an important supplement to carbon market policy and be phased out after the market mechanism matures.
基金Supported by the Youth Innovation Team of Shaanxi Universities(2020-68)Shaanxi Province Qin Chuangyuan“Scientist+Engineer”Team Building Project(2022KXJ-007)Xidian University School of Economics and Management Research Innovation Practice Seed Fund(YJSJ23008)。
文摘Establishing a modern central banking system in China necessitates the deployment of a novel suite of monetary policy instruments and unencumbering of the channels through which these policies are transmitted.A critical aspect of evaluating the soundness and efficacy of monetary policy is to examine its capacity for tempering non-stationary volatility in the bond market.We use a synthetic difference in differences model(SynthDid),which draws upon panel data from eight countries spanning October 2011 to June 2022 period,to accurately determine the efficiency of the transmission of these monetary policy instruments.The Medium-term Lending Facility(MLF)can mitigate fluctuations in both medium-and long-term bond markets.Implementing a unified lending cycle of one year and expanding MLF collateral enhance the transmission efficiency of the newly established monetary policy instruments to the bond market.Additionally,the utilization of the Standing Lending Facility(SLF)substantially reduces the risk associated with short-and medium-term bond markets.Nevertheless,the efficacy of monetary policy transmission via different instruments varies in different periods.
基金Supported by the National Natural Science Foundation of China(71874133)Shaanxi Province“Special Support Program for High Level Talents”+1 种基金The Youth Innovation Team of Shaanxi UniversitiesGraduate Innovation Fund in Xidian University
文摘In view of the heterogeneity of natural gas consumption in different sectors in China,this paper utilizes Bayesian network(BN)to study the driving factors of natural gas consumption in power generation,chemical and industrial fuel sectors.Combined with Bayesian model averaging(BMA)and scenario analysis,the gas consumption of the three sectors is predicted.The results show that the expansion of urbanization will promote the gas consumption of power generation.The optimization of industrial structure and the increase of industrial gas consumption will enhance the gas consumption of chemical sector.The decrease of energy intensity and the increase of gas consumption for power generation will promote the gas consumption of industrial fuel.Moreover,the direct influencing factors of gas price are urbanization,energy structure and energy intensity.The direct influencing factors of environmental governance intensity are gas price,urbanization,industrial structure,energy intensity and energy structure.In 2025,under the high development scenario,China’s gas consumption for power generation,chemical and industrial fuel sectors will be 66.034,36.552 and 109.414 billion cubic meters respectively.From 2021 to 2025,the average annual growth rates of gas consumption of the three sectors will be 4.82%,2.18%and 4.43%respectively.
