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...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.展开更多
This study examines the systemic risk caused by major events in the international energy market(IEM)and proposes a management strategy to mitigate it. Using the tail-event driven network(TENET)method, this study const...This study examines the systemic risk caused by major events in the international energy market(IEM)and proposes a management strategy to mitigate it. Using the tail-event driven network(TENET)method, this study constructed a tail-risk spillover network(TRSN) of IEM and simulated the dynamic spillover tail-risk process through the cascading failure mechanism. The study found that renewable energy markets contributed more to systemic risk during the Paris Agreement and the COVID-19pandemic, while fossil energy markets played a larger role during the Russia-Ukraine conflict. This study identifies systemically important markets(SM) and critical tail-risk spillover paths as potential sources of systemic risk. The research confirms that cutting off the IEM risk spillover path can greatly reduce systemic risk and the influence of SM. This study offers insights into the management of systemic risk in IEM and provides policy recommendations to reduce the impact of shock events.展开更多
This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to di...This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.展开更多
Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in impl...Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.展开更多
This paper emphasizes the effect of spillovers on R&D (Research and Development) level. When competing firms have spillovers to each other in R&D, cooperation will always increase fi...This paper emphasizes the effect of spillovers on R&D (Research and Development) level. When competing firms have spillovers to each other in R&D, cooperation will always increase firms' profits. Only if the positive spillover is large enough, the cooperative R&D level will be larger than the non\|cooperative R&D level. The cooperative level will be smaller than the non\|cooperative level if the positive spillover is small enough. However, the cooperative level is always smaller than the non\|cooperative level while there're negative spillovers to each other. R&D levels are the function of the spillover and will change with the spillover. The changing regularity is related to the sign of spillover and to whether they're cooperative or not. Spillovers made by the competing firms are usually different. When spillovers are small enough, the larger the spillover obtained from the other, the smaller the firm will invest in R&D; inversely, when the spillover is large enough, the larger spillovers obtains from the other, the larger the firm will invest in R&D.展开更多
运用2003—2021年中国与共建“一带一路”国家双向投资数据,考察双向直接投资(two-way direct investment,双向FDI)技术溢出对中国经济增长的影响效果及作用机理。结果表明:中国与共建“一带一路”国家的双向FDI对中国经济增长的提高产...运用2003—2021年中国与共建“一带一路”国家双向投资数据,考察双向直接投资(two-way direct investment,双向FDI)技术溢出对中国经济增长的影响效果及作用机理。结果表明:中国与共建“一带一路”国家的双向FDI对中国经济增长的提高产生技术溢出效应,且存在明显的区域差异性和国别异质性。从区域差异性来看,内陆地区双向FDI技术溢出有利于中国经济增长,而沿海地区仅对外直接投资(OFDI)逆向技术溢出促进了中国经济增长,FDI技术溢出对中国经济增长的影响不显著。从国别异质性来看,来自发达经济体双向FDI技术溢出对中国经济增长的拉动作用更强。从影响机制来看,双向FDI技术溢出通过技术进步促进了中国经济增长,且不同地区和不同国别双向FDI技术溢出的影响机制有所不同。展开更多
基金This work is financially supported by National Natural Science Foundation of China(52174283 and 52274308)Innovation Fund Project for Graduate Student of China University of Petroleum(East China)(22CX04023A)the Fundamental Research Funds for the Central Universities。
文摘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.
基金supported by National Natural Science Foundation of China(71974001,72374001)National Social Science Foundation of China(22ZDA112,19BTJ014)+3 种基金the Social Science Foundation of the Ministry of Education of China(21YJAZH081)Anhui Provincial Natural Science Foundation(2108085Y24)the University Social Science Research Project of Anhui Province(2022AH020048,SK2020A0051)the Anhui University of Finance and Economics Graduate Research Innovation Funds(ACYC2021390)。
文摘This study examines the systemic risk caused by major events in the international energy market(IEM)and proposes a management strategy to mitigate it. Using the tail-event driven network(TENET)method, this study constructed a tail-risk spillover network(TRSN) of IEM and simulated the dynamic spillover tail-risk process through the cascading failure mechanism. The study found that renewable energy markets contributed more to systemic risk during the Paris Agreement and the COVID-19pandemic, while fossil energy markets played a larger role during the Russia-Ukraine conflict. This study identifies systemically important markets(SM) and critical tail-risk spillover paths as potential sources of systemic risk. The research confirms that cutting off the IEM risk spillover path can greatly reduce systemic risk and the influence of SM. This study offers insights into the management of systemic risk in IEM and provides policy recommendations to reduce the impact of shock events.
文摘This study develops a structural vector autoregression(SVAR)framework to empirically examine the reciprocal transmission channels of monetary policies between China and the United States.The primary objective is to discern potential disparities in the spillover effects of monetary policies and ascertain any contrasting mechanisms underlying these effects across the two countries.Based on our research,it appears that there exists a certain level of non-symmetry in the spillover effects of monetary policy between the two countries.Moreover,this paper provides adequate analysis of disparities in the trade framework,capital control,and financial market operations of both countries in constructing a dynamic stochastic general equilibrium(DSGE)model that incorporates financial frictions for the examination of the theoretical rationale.The empirical findings indicate that China’s monetary policy creates a spillover effect primarily through trade.In China,following an increase in its interest rates,the domestic economic activity will experience a contraction,leading to a decline in both investment and output.Consequently,this will result in a decrease in China’s imports of investment goods from the United States,impacting the output of the US economy.In contrast,the US monetary policy exerts a spillover effect primarily through finance.An increase in interest rates by the United States is associated with a notable outflow of capital from China.This leads to a rise in the financing costs for Chinese firms,consequently diminishing their overall net worth.In light of the financial accelerator effect,corporate external financing risk premium will continue to increase,exacerbating the downward trajectory of China’s output.
基金Supported by National Social Science Foundation of China(13BJY141)
文摘Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.
文摘This paper emphasizes the effect of spillovers on R&D (Research and Development) level. When competing firms have spillovers to each other in R&D, cooperation will always increase firms' profits. Only if the positive spillover is large enough, the cooperative R&D level will be larger than the non\|cooperative R&D level. The cooperative level will be smaller than the non\|cooperative level if the positive spillover is small enough. However, the cooperative level is always smaller than the non\|cooperative level while there're negative spillovers to each other. R&D levels are the function of the spillover and will change with the spillover. The changing regularity is related to the sign of spillover and to whether they're cooperative or not. Spillovers made by the competing firms are usually different. When spillovers are small enough, the larger the spillover obtained from the other, the smaller the firm will invest in R&D; inversely, when the spillover is large enough, the larger spillovers obtains from the other, the larger the firm will invest in R&D.
文摘运用2003—2021年中国与共建“一带一路”国家双向投资数据,考察双向直接投资(two-way direct investment,双向FDI)技术溢出对中国经济增长的影响效果及作用机理。结果表明:中国与共建“一带一路”国家的双向FDI对中国经济增长的提高产生技术溢出效应,且存在明显的区域差异性和国别异质性。从区域差异性来看,内陆地区双向FDI技术溢出有利于中国经济增长,而沿海地区仅对外直接投资(OFDI)逆向技术溢出促进了中国经济增长,FDI技术溢出对中国经济增长的影响不显著。从国别异质性来看,来自发达经济体双向FDI技术溢出对中国经济增长的拉动作用更强。从影响机制来看,双向FDI技术溢出通过技术进步促进了中国经济增长,且不同地区和不同国别双向FDI技术溢出的影响机制有所不同。
