An operation strategy of the electric vehicle （EV） battery charging and swapping station is proposed in the paper. The strategy is established based on comprehensively consideration of the EV charging behaviors and ...An operation strategy of the electric vehicle （EV） battery charging and swapping station is proposed in the paper. The strategy is established based on comprehensively consideration of the EV charging behaviors and the possible mutual actions between battery charging and swapping. Three energy management strategies can be used in the station： charging period shifting, energy exchange between EVs, and energy supporting from surplus swapping batteries. Then an optimization model which minimizes the total energy management costs of the station is built. The Monte Carlo simulation is applied to analyze the characteristics of the EV battery charging load, and a heuristic algorithm is used to solve the strategy providing the relevant information of EVs and the battery charging and swapping station. The operation strategy can efficiently reduce battery charging during the high electricity price periods and make more reasonable use of the resources. Simulations prove the feasibility and rationality of the strategy.展开更多
The purpose of this paper is to investigate China′s state foreign exchange reserves growth using monthly data in the period January 1994 to December 1998. An economic model is constructed, with a view from its format...The purpose of this paper is to investigate China′s state foreign exchange reserves growth using monthly data in the period January 1994 to December 1998. An economic model is constructed, with a view from its formation mechanism. Time series techniques are used to examine the long run relationship between foreign exchange reserves and the variables included in the model. Our empirical investigation revealed existence of a systematic long run relationship among foreign exchange reserves, exports, imports, and foreign direct investment. In the short run, the Asian financial crises have not significant effect on China′s foreign exchange reserves. Moreover, the recursive tests results indicated that the error correction model was structurally stable over the sample period, implying that the reserve holdings play a significant role in the balance payments adjustment process and separating China economy from the Asian financial crises.展开更多
The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a suffici...The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation （ CIC） in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of ClC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.展开更多
基金supported by the National Natural Science Foundation of China under Grant No.51007047
文摘An operation strategy of the electric vehicle （EV） battery charging and swapping station is proposed in the paper. The strategy is established based on comprehensively consideration of the EV charging behaviors and the possible mutual actions between battery charging and swapping. Three energy management strategies can be used in the station： charging period shifting, energy exchange between EVs, and energy supporting from surplus swapping batteries. Then an optimization model which minimizes the total energy management costs of the station is built. The Monte Carlo simulation is applied to analyze the characteristics of the EV battery charging load, and a heuristic algorithm is used to solve the strategy providing the relevant information of EVs and the battery charging and swapping station. The operation strategy can efficiently reduce battery charging during the high electricity price periods and make more reasonable use of the resources. Simulations prove the feasibility and rationality of the strategy.
文摘The purpose of this paper is to investigate China′s state foreign exchange reserves growth using monthly data in the period January 1994 to December 1998. An economic model is constructed, with a view from its formation mechanism. Time series techniques are used to examine the long run relationship between foreign exchange reserves and the variables included in the model. Our empirical investigation revealed existence of a systematic long run relationship among foreign exchange reserves, exports, imports, and foreign direct investment. In the short run, the Asian financial crises have not significant effect on China′s foreign exchange reserves. Moreover, the recursive tests results indicated that the error correction model was structurally stable over the sample period, implying that the reserve holdings play a significant role in the balance payments adjustment process and separating China economy from the Asian financial crises.
文摘The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation （ CIC） in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of ClC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.
