Internal Polarization Field Induced Hydroxyl Spillover Effect for Industrial Water Splitting Electrolyzers

The formation of multiple oxygen intermediates supporting efficient oxygen evolution reaction(OER)are affinitive with hydroxyl adsorption.However,ability of the catalyst to capture hydroxyl and maintain the continuous supply at active sits remains a tremendous challenge.Herein,an affordable Ni2P/FeP2 heterostructure is presented to form the internal polarization field(IPF),arising hydroxyl spillover(HOSo)during OER.Facilitated by IPF,the oriented HOSo from FeP2 to Ni2P can activate the Ni site with a new hydroxyl transmission channel and build the optimized reaction path of oxygen intermediates for lower adsorption energy,boosting the OER activity(242 mV vs.RHE at 100 mA cm-2)for least 100 h.More interestingly,for the anion exchange membrane water electrolyzer(AEMWE)with low concentration electrolyte,the advantage of HOSo effect is significantly amplified,delivering 1 A cm^(-2)at a low cell voltage of 1.88 V with excellent stability for over 50 h.

Research on the Impact of China’s Foreign Trade Technology Spillover on Green Total Factor Productivity of Countries Along the“Belt and Road”:Based on the Institutional Quality Threshold Effect

China’s growing trade with countries along the“Belt and Road”Initiative is accompanied by a focus on green development.Based on the panel data from 2007 to 2018,this paper establishes a threshold regression model to empirically analyze the institutional quality threshold effect of China’s foreign trade technology spillover on the GTFP of countries along the“Belt and Road.”The results show that China’s foreign trade technology spillover has a significant institutional quality double threshold effect on the green total factor productivity of the countries along the“Belt and Road.”As the institutional quality of the countries along the“Belt and Road”crosses a specific threshold value,the impact of China’s foreign trade technology spillover on the green total factor productivity of the countries along the“Belt and Road”has a significant positive promoting effect,and corresponding suggestions are put forward.

Spillover effects and incentive initiatives of green behavior

Spillover effects play a crucial role in hindering the effective implementation of green behavior.Whether it pertains to enterprises or individuals,engaging in green behavior often leads to increased costs.However,the benefits derived from green behavior cannot be fully recouped but rather spill over and benefit other non-green entities,thereby undermining the incentives for companies or individuals to engage in green practices.The study categorizes the spillover effects of corporate green investment into three aspects based on the channels through which they occur:environmental spillover,inter-industry spillover(vertical spillover),and intra-industry spillover(horizontal spillover).While these three spillover mechanisms work in tandem with green behavior,existing literature has predominantly focused on the "free-rider " effect of environmental spillover and horizontal spillover,neglecting the impact of vertical spillover.Additionally,this paper provides a comprehensive review of measures aimed at incentivizing corporate green investment.Current government-level measures often overlook the multifaceted nature of spillover effects stemming from green behavior and the factors influencing corporate decision-making in this regard,resulting in various limitations and deficiencies.The paper argues that,besides relying solely on direct interventions from external actors such as the government or society,a more significant emphasis should be placed on enhancing the role of enterprises as a fundamental approach.This involves fostering the endogenous capacity of enterprises to generate green investment and facilitating a beneficial interaction that respects corporate autonomy.Consequently,policymakers should consider multiple dimensions of spillover effects and design appropriate mechanisms that leverage the inherent capabilities of enterprises,thus stimulating green investment.This approach represents a crucial area for future research that warrants further in-depth inve stigation.

Research on the Spillover Effects of Digital Transformation on the Sustainable Growth of Green Schools

The development of society and the advancement of science and technology have led to the widespread integration of digital transformation in the field of education.However,the current establishment of green schools faces various challenges,including non-environmental building facilities,high renovation costs,low organizational management efficiency,high energy consumption,outdated office tools,and insufficient environmental awareness among teachers and students.Through thorough research and analysis,it becomes evident that digital technology can play a pivotal role in addressing these challenges and contribute to all aspects of green school establishment.The incorporation of digital thinking concepts is essential for the construction of ecologically civilized campuses and inclusive innovation.The process of digital design and transformation proves instrumental in optimizing both software and hardware facilities within the campus,thereby reducing energy consumption.Simultaneously,comprehensive digital teaching management enhances overall efficiency in management and service delivery.Innovative digital teaching and learning models emerge as transformative tools,providing new avenues to create low-carbon,green classrooms for both teachers and students.By exploring the application of digital transformation in establishing green schools and examining the resulting spillover effects,valuable insights can be gained.These insights,in turn,serve as reference points for building diversified digital technology paths on campus and fostering the creation of green schools.

中国碳市场、能源市场和高排放行业间的溢出效应研究——基于TVP-VAR-DY模型

在以低碳发展应对全国气候变化的共识下,继电力市场后,将其他高排放行业纳入全国碳市场势在必行。探究2021年至2023年期间全国碳市场、能源市场和高排放行业市场间的风险溢出效应。通过采用TVP-VAR-DY模型,使动态溢出效应的测度更加平滑。研究发现,全国碳市场、能源市场与高排放行业市场存在时变的双向不对称溢出效应,特别是在极端风险事件下,市场之间的波动溢出效应显著增强。电力等高排放行业市场主要受碳市场波动的影响,而新能源行业风险主要影响原油期货市场。重大社会经济事件可导致能源市场在短期内成为风险传递的主导因素,但随着时间推移,高排放行业会转为风险输出者。最后,提出了关于中国碳市场建设、能源市场风险防范和高排放行业能源结构优化等方面的建议。

Research on the Threshold Effect of China’s Pharmaceutical Export Trade on Internal and External R&D Investment

Objective To study the threshold effect of export trade on internal and external R&D investment in China’s pharmaceutical industry,and to provide reference for some pharmaceutical enterprises to improve the investment.Methods The panel data of pharmaceutical industry in 25 provinces and cities in China from 2009 to 2019 were selected to conduct empirical analysis by establishing a threshold regression model,and a better export trade interval was obtained.Results and Conclusion There is a threshold value for the effect of new product export on both internal and external R&D expenditures,and the threshold values are 845.2788 million yuan and 318.4198 million yuan,respectively.There is a single threshold effect of export trade on both internal and external R&D investment in China’s pharmaceutical industry,and the effect of export trade on internal and external R&D investment changes from negative to positive as the export trade develops from low to high.

巴西农产品期货市场价格发现功能的实证研究——基于VECM-PT-IS与DCC-MGARCH-t模型

农产品期货市场是金融体系中重要的组成部分,其价格发现和套期保值的基本功能对农产品市场价格的长期稳定和准确反映真实供求关系有重要的意义。中国由于农产品期货市场建立时间不长,行业交易准则一直处于建设期。巴西是世界上最大的农产品生产国之一,在全球农业市场中具有重要地位。同样作为发展中国家以及金砖国家的巴西,其农产品期货市场较中国更为发达。本论文通过巴西和中国的大豆、玉米、食糖三种农产品期现货价格发现功能的对比,分析两市领先与滞后关系、价格贡献程度差异和波动溢出效应。通过模型分析期货市场的价格发现功能相比现货市场的具体影响,并提出有效的、可服务于中国农产品期货市场的政策建议。本文选取巴西农业期货交易所2017年1月1日至2019年12月31日提供的期现货每日平均结算价作为实证分析的对象,使用ADF平稳性检验、Johansen协整检验与Granger因果检验等方法检验数据平稳性及数据间的相关关系外,创新性地引用VECM误差修正模型、公共因子(PT-IS)、DCC-MGARCH-t模型研究两个市场价格相互引导关系、贡献差异程度和波动溢出效应。实证结果表明,期货两市价格存在明显的相互引导关系,期货价格贡献度明显高于现货价格贡献度,体现农产品期货具有价格发现的功能。且农产品期货两市之间的波动溢出效应是双向的,内部波动的影响往往大于外部冲击的影响。

Spatial emission reduction effects of China’s carbon emissions trading:quasi-natural experiments and policy spillovers

Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions.

Empirical research on the international spillover effects of U.S. monetary policy and their impacts

Empirical research has shown that there were international spillover effects from the U.S. monetary policy to output level, net exports and price levels of each country, and the impact on prices in each country was of synchronous effect. The structural impulse response analysis showed that U.S. monetary policy could improve U.S. income and payment without damaging U.S. economic growth, but the shocks negatively affected the economic growth in the rest of the world. Hence, it's important to pay close attention to the moral risks of U.S. monetary policy to evade the global shocks caused by the "benefit-itself-at-the-expense-of-others" polices of the American government. Besides these findings, U.S. monetary policy shocks strongly affect China's trade surplus fluctuations. Based on this, we propose that the approaches of balancing China's current account could be explored efficiently from the perspective of monetary policy.

Energy consumption,air quality,and air pollution spatial spillover effects:evidence from the Yangtze River Delta of China

Based on analysis of the theoretical impact of energy consumption on air quality,taking 20 heavily polluted cities in the Yangtze River Delta of China as the object,we construct a Spatial Dubin Model,and estimate the effect of energy consumption on air quality and the spatial spillover effects of air pollution.We come to the following conclusions:First,the regional air quality has significant spatial dependence and spatial heterogeneity.Second,under three kinds of spatial associated mode,energy consumption has a negative impact on air quality,and the air pollution arising from energy consumption has a negative intra-regional spillover effect.The effect is strongest under the spatial distance weight matrix,followed by the economic distance,and the adjacent spatial weight matrix,which are−0.7926,−0.4547,and−0.4539,respectively.Third,in addition,under the adjacent space and economic distance space matrix,energy consumption has a significant negative effect on air quality,and the inter-regional spillover effects are−0.1513 and−2.5736,respectively.Meanwhile,considering spatial distance and economic development,the inter-regional spillover effect is much larger than is the intra-regional spillover effect.In general,the total spillover effect is at−0.6053 and−3.0284.

Low-carbon technology innovation responding to climate change from the perspective of spatial spillover effects

China's technological efforts to tackle climate change have lasted for many years. It is necessary to test the effect of these efforts with quantitative method. To be exact, whether and how China's low-carbon technology innovation responds to climate change should be tested. Based on the2004-2015 panel data of 30 provinces in China, we use the method of ESDA analyzing the spatial correlation of China's low-carbon innovation technology. Furthermore, we use the spatial Durbin model empirically analyzing the spatial spillover effects. The results obtained are as follows: first,supply and demand of Chinese low-carbon innovation has some deviation in the spatial distribution. The low-carbon technology innovation as the supply factor shows the characteristics of expanding from the east to the west. Innovation in eastern China has always been the most active, but innovative activities in the middle and western China are gradually decreased.However, carbon emissions have the characteristics of moving westward, implying the change of technology demand different from technology supply. Second, China's low-carbon innovation actively responds to the trend of climate change, indicating China's technological efforts have paid off. However, the spatial spillover effects are not significant, showing that the efforts in each region of China still work for himself. Third, environmental regulation and market pull are important factors for low-carbon technology innovation. Among them, both supporting policy and inhibitory policy have significant impact on the local low-carbon technology innovation, but no significant spatial spillover effects. It shows that environmental policies in different regions are competitive and lack of demonstration effects. Economic growth and export as market pull have higher level of effect on low-carbon technology innovation for both local and adjacent areas.Some policy implications are proposed based on these results finally.

FDI and the technological spillover effects: a comparative analysis on the Yangtze River Delta and the Pearl River Delta

This article calculates the technological spillover effects of foreign direct investment (FDI) in the Yangtze River Delta and the Pearl River Delta through Panel Data, and analyzes the influence on the technological spillover effects of the following factors in these two different areas: human capital, the opening up, R&D and the source of FDI. It makes the conclusion that FDI in different areas has different technological spillover effects and the local governments should make different policies accordingly so as to gain more obvious technology spillover effects.

美联储非预期货币政策对中国企业R&D的非线性溢出效应

通过在实物期权模型中引入美联储非预期货币政策,理论研究美联储非预期货币政策对中国企业R&D的溢出效应。研究发现,美联储非预期货币政策通过不确定性与利率渠道对中国企业R&D产生负向溢出效应且具有非线性特征。在此基础上,提出基于泰勒规则度量美联储非预期货币政策的方法,并构建双阈值门限面板模型实证研究美联储非预期货币政策对中国企业R&D的非线性溢出效应。结果表明:美联储非预期货币政策对中国企业R&D的非线性负向溢出效应分别由机制Ⅰ(经济繁荣、经济政策不确定性高)和机制Ⅱ(经济萧条、经济政策不确定性高)刻画。机制Ⅰ中的负向溢出效应大于机制Ⅱ中的负向溢出效应,且这种效应随着所有权性质、行业属性具有异质性特征。

基于DCC-GARCH-ΔCoVaR模型的碳市场和煤炭市场风险溢出效应研究

基于武汉、广东、深圳碳市场和煤炭市场的收益率数据,运用DCC-GARCH模型刻画碳市场和煤炭市场收益率的非线性相关性,进而基于上述模型得到的参数,运用ΔCoVaR模型测算出碳市场和煤炭市场间的风险溢出效应。结果表明:在碳市场建设初期,碳市场和煤炭市场的风险溢出效应主要表现为煤炭市场对碳市场的单向风险溢出效应。随着市场的不断完善,煤炭市场与碳市场之间会产生双向的风险溢出效应;煤炭市场对武汉碳市场表现为正向的风险溢出效应,对广东和深圳碳市场表现为负向的风险溢出效应。

碳排放权交易对试点地区绿色发展的影响及溢出效应——基于PSM-DID和SDID模型的实证分析

在碳中和、碳达峰背景下,本文选用2003~2021年全国273个地级市的面板数据,以碳排放权交易试点(CETP)为出发点,用生态效率测度绿色发展水平,通过PSM-DID和SDID模型实证检验了CETP对绿色发展的直接效应、间接效应和空间溢出效应。研究发现:(1)CETP能显著促进绿色发展,且通过了安慰剂检验和稳健性检验;(2)CETP产生的创新效应对绿色发展有推动作用,但产业结构效应不显著;(3)CETP对周边试点城市产生了显著负向的溢出效应,但对非试点城市的生态效率无明显影响。最后,结合以上研究结论,提出了政策建议。

基于EVT-Copula-CoVaR的石油市场对中国碳市场风险溢出效应研究

石油是全球碳排放的重要来源,而碳排放权交易市场是节能减排的有效工具,将石油市场与碳市场进行关联分析,特别是考虑到中国特殊的制度设计问题,测度国内外石油市场对中国不同碳市场的风险溢出效应受到理论界和实务界的关注与重视。本文在考虑到市场极端风险的基础上,选取2014年4月2日至2019年10月31日国内外石油市场与5个交易较活跃的中国碳市场的碳价格数据作为研究样本,构建EVT-Copula-CoVaR模型量化分析石油市场对中国碳市场的风险溢出效应。研究表明,国内外石油市场的风险事件对各碳市场均产生正向溢出效应,且对比不同碳市场可发现同一置信水平下石油市场对碳市场的风险溢出强度从大到小依次为:湖北、广东、深圳、北京、上海。同时,对比国内外石油市场发现,国外石油市场对碳市场的风险溢出效应更大。研究结论有助于丰富和延伸我国碳市场与石油市场之间的联动机制研究,同时对我国碳市场的稳定发展及风险管理具有重要的意义。

The impact of carbon emissions trading policy on carbon emission efficiency in Chinese cities:Evidence from a quasi-natural experiment

Based on a panel dataset spanning from 2003 to 2019 and encompassing 284 prefecture-level cities in China,this study treats the implementation of the carbon emissions trading policy(CETP)as a quasi-natural experiment.In addition,it employs a spatial difference-in-differences(DID)framework to quantify both the direct and spatially mediated impacts of CETP on urban carbon emission efficiency(CEE).The investigation further delves into the underlying channels of influence and variations within this context.The findings demonstrate that CETP effectively enhances CEE within the cities chosen for piloting;however,it concurrently dampens CEE in nonpiloting neighboring cities.These conclusions remain robust across diverse sensitivity tests.The analysis of mechanisms reveals that CETP’s influence on urban CEE primarily operates through the avenues of technological innovation and optimization of energy structure.Moreover,the study of variances discloses that CETP’s direct effect significantly advances CEE in eastern,old industrial base,and central cities.In terms of indirect effects,a pronounced adverse spatial spillover effect is observed in eastern and old industrial base cities,while noteworthy positive spatial spillover effects emerge in central cities.Notably,the spatial extent of CETP’s influence on urban CEE declines after reaching a distance of 900 km.These insights furnish valuable guidance for China in refining its nationwide carbon market and expediting the shift toward a low-carbon economy.

A spillover network analysis of the global crude oil market:Evidence from the post-financial crisis era

The frequent occurrence of geopolitical crises in the post-financial crisis era is driving the rethinking behind whether the global crude oil market is still a highly connected"great pool".Using the spillover network model suggested by Baruník and Krehlík(2018),and the daily data of 31 global crude oil markets from 2009 to 2019,this study examines the return and volatility spillover effects and their timevarying behavior in six crude oil market segments at different timescales.The findings indicate that heterogeneity exists in the co-movements between global crude oil markets in the post-financial crisis era.In the medium term,both return and volatility spillover effects are not significant,which makes the diversified portfolio strategy useful.Prices in the Europe and Central Asian regions take the lead in return spillovers.In contrast,Asia-Pacific regional prices contribute the most in terms of volatility spillovers.Long-term volatility spillovers increase sharply when confronted with oil-related events in the postfinancial crisis era.Therefore,policymakers should take effective measures to prevent any large-scale risk transmission in the long run.