作者机构：
[Peng, Jiaying] Hunan Agr Univ, Sch Econ, Changsha 410128, Peoples R China.;[Zheng, Yuhang] Guangdong Univ Finance & Econ, Sch Finance, Guangzhou 510320, Peoples R China.;[Zheng, Yuhang] Guangdong Univ Finance & Econ, Collaborat Innovat Dev Ctr Pearl River Delta Sci, Guangzhou 510320, Peoples R China.;[Liu, Cenjie] Hunan Univ Finance & Econ, Sch Engn Management, Changsha 410205, Peoples R China.
通讯机构：
[Jiaying Peng] S;School of Economics, Hunan Agricultural University, Changsha 410128, China<&wdkj&>Author to whom correspondence should be addressed.
关键词：
changes in urban construction land;carbon emissions;land transaction data;urban construction
摘要：
Urban construction land has an increasing impact on ecological carbon storage capacity and carbon emissions. Based on the theoretical analysis framework and the panel data of 278 prefecture-level cities in China from 2000 to 2019, this paper analyzes the impact of changes in urban construction land on carbon dioxide emissions. Our results suggest that the increase in urban construction land significantly promotes carbon dioxide emissions, and this conclusion still holds after selecting geographic and historical data as instrumental variables and conducting a series of robustness tests. Importantly, the newly added construction land and industrial land are important sources of increased carbon dioxide emissions, and there exist heterogenous impacts of the urban construction land on carbon emissions across different geographical distributions and different urban sizes. In addition, the results of the quantile regression show that, as the quantile level increases, the impact of changes in urban construction land on urban carbon emissions shows an inverted U-shaped trend that first increases and then decreases. Thus, our results provide evidence for promoting the coordinated development of land transaction marketization and low-carbon urban construction.
摘要：
The controversial debate regarding the association between natural resources and sustainability fuels the literature strand to assess their true connection. In this sense, this study revisited natural resources and sustainable development in the case of China from 1982 to 2020. Besides, this study examined the role of remittances, fossil fuel consumption, and technological innovation in sustainable development. Using novel time series specifications, this study validates the stationarity and the existence of a long-run equilibrium relationship between these variables. The irregular distribution of the data forces this study to use the novel method of moment quantile regression - an effective approach that tackles the non-normality issue of data. The empirical results illustrate that natural resources adversely affect sustainable development in the country, which is evident in the resource curse paradox in China. On the other hand, fossil fuel consumption and technological innovation are significant factors of the country's sustainable development. Unlike these variables, remittances have an adverse yet insignificant role in the country's sustainable development. These estimates are found robust as validated by another non-parametric (Bootstrap quantile regression) approach. Based on the empirical findings, this study suggests the sustainable use of natural resources exploitation, productive utilization of remittances, and improve investment in the technological innovation via promoting research and development in the country.
通讯机构：
[Baozhong Cai] R;Research Institute of Rural Revitalization, Hunan University of Science and Engineering, Yongzhou 425199, China<&wdkj&>Author to whom correspondence should be addressed.
摘要：
Small and fragmented arable land is a key challenge for small-scale agricultural countries, resulting in low labor productivity, ecological damage, and inefficient land use. To cope with this challenge, the farmland transfer (FLT) policy is implemented to establish modern agriculture based on specialization and scale enlargement. Despite the rising body of literature, an overview of the effect of this policy is lacked. This paper aimed to examine the multi-dimensional effects of FLT in China. A systematic search of the Web of Science and Scopus databases revealed 26 full-text peer-reviewed articles. We found that FLT had both positive and negative effects, and its effects were mainly mediated by intermediary factors. Non-contingent FLT and post-FLT actions were responsible for the adverse effects of FLT. In the literature, the influence of FLT on the environment is the most concerning issue. The results also show that the existing evidence on the effect of FLT is insufficient; therefore, this paper proposes to further exploration of the multi-dimensional effects of FLT, institutional feedback, and trade-offs. While FLT offers the potential to address socio-economic and environmental challenges, this study suggests that an institutional framework that takes into account spatial and temporal aspects, land-use, market systems, and household conditions is needed to promote favorable development, and mitigate potential land market problems and ensure sustainable development. Despite significant limitations remain, the literature on the socio-economic and environmental effects of FLT is increasing.
期刊：
Emerging Markets Finance and Trade,2022年58(15):4361-4374 ISSN：1540-496X
通讯作者：
Yuhang Zheng
作者机构：
[Zhang, Jing; Wei, Xiangzhong; Zheng, Yuhang] Guangdong Univ Finance & Econ, Sch Finance, Guangzhou, Peoples R China.;[Zheng, Yuhang] Guangdong Univ Finance & Econ, Collaborat Innovat Dev Ctr Pearl River Delta Sci, Guangzhou, Peoples R China.;[Peng, Jiaying] Hunan Agr Univ, Sch Econ, Changsha, Peoples R China.
通讯机构：
[Yuhang Zheng] S;School of Finance, Guangdong University of Finance and Economics, Guangzhou, China<&wdkj&>Collaborative Innovation Development Center of Pearl River Delta Science and Technology Finance Industry, Guangdong University of Finance and Economics, Guangzhou, China
关键词：
Low-carbon transition of enterprises;stock price crash risk;financial market stability
期刊：
Land Use Policy,2022年120:106220 ISSN：0264-8377
通讯作者：
Minjuan Zhao
作者机构：
[Xie, Xianxiong] Hunan Agr Univ, Econ Coll, Changsha 410128, Peoples R China.;[Cui, Yu; Yao, Liuyang; Zhao, Minjuan] Northwest A&F Univ, Coll Econ & Management, Yangling 712100, Peoples R China.;[Cui, Yu; Yao, Liuyang; Zhao, Minjuan] Key Res Base Philosophy & Social Sci, Yangling 712100, Shaanxi, Peoples R China.;[Khan, Sufyan Ullah] Xian Int Univ, Coll Int Cooperat, Xian 710077, Peoples R China.;[Ni, Qi] Nanjing Normal Univ, Sch Marxism, Nanjing 210023, Peoples R China.
通讯机构：
[Minjuan Zhao] C;College of Economics and Management, Northwest A&F University, Yangling 712100, China<&wdkj&>Key Research Base of Philosophy and Social Science, Shaanxi Province 712100, China
关键词：
Ecological damaged areas;Fallow policy;Household income;Income components;Northwest China;Poor areas
摘要：
Oil price forecasting is one of the most challenging issues since it is noisy, non-stationary, and chaotic. In this paper, we design a Bayesian Nonlinear Quantile method consisting of a Threshold Improved model and an Adaptive MCMC model to improve predicting performance. Specifically, the threshold improve model is introduced to solve the problems caused by the completely asymmetric distribution, and the Adaptive MCMC model is used to get the optimal threshold. Besides, the two-stage framework is applied to improve traditional methods' performance, including the Indirect GARCH model and Asymmetric Slope model. The experimental results show that our approach provides a promising alternative to oil price prediction, and the framework also improve the performance of the traditional methods. The contribution of this paper is to improve the accuracy of the oil price forecasting model, and the framework applies to other energy prices as well. (C) 2021 THE AUTHORS. Published by Elsevier BV on behalf of Faculty of Engineering, Alexandria University.
摘要：
This paper investigates risk spillovers and hedge strategies between global crude oil markets and stock markets. In the paper, we propose a multivariate long memory and asymmetry GARCH framework that integrates state-dependent regime switching in the mean process with multivariate long memory and asymmetry GARCH in the variance process. Our results first show that there are linear risk spillovers running from the US stock markets to the WTI oil market in the short term. However, the linear risk spillover effect running from the oil market to the US stock market can only exist in the long term. In addition, there is a bidirectional linear risk spillover effect between the European stock markets and the Brent oil market in the short and long terms. Furthermore, there is no linear risk spillover effect between the Dubai oil market and the Chinese stock market. Second, the nonlinear risk spillovers running from the WTI oil market to the US stock market can be found in the tranquil regime. Moreover, there is also a nonlinear risk spillover effect running from the European stock markets to the Brent oil market in the tranquil regime. In addition, the nonlinear risk spillover effect running from the Brent oil markets to the European stock market can be found in the crisis regime. Furthermore, there is bidirectional nonlinear Granger causality between the Dubai crude oil market and the Chinese stock market in the tranquil regime. Finally, dynamic hedge effectiveness shows that the regime switching process combined with long memory and asymmetry behavior seems to be a plausible and feasible way to conduct hedge strategies between the global crude oil markets and stock markets.
关键词：
Knowledge chain management;multiagent technology;distributed artificial intelligence;enterprise knowledge chain management system model
摘要：
Based on the knowledge chain model, this paper focuses on the introduction of multiagent systems. Multiagent systems are also an effective solution for distributed artificial intelligence. Additionally, distributed artificial intelligence has promoted the development of multiple agents. We introduce multiagent technology in distributed artificial intelligence, propose a multiagent-based knowledge chain management system model, discuss the model architecture and the functions of each agent in the model, and study the communication between the agents in the model and collaboration mechanisms. From the perspective of supply chain knowledge and capabilities, the knowledge level among supply chain enterprises is discussed, and a collaborative knowledge chain management model between supply chain enterprises is constructed to provide guidance for achieving collaboration among supply chain enterprises.
摘要：
This paper proposes a novel hybrid forecast model to forecast crude oil price on considering the long memory, asymmetric, heavy-tail distribution, nonlinear and non-stationary characteristics of crude oil price. First, we use a signal de-noising method to reduce excessive noise significantly in the crude oil price. Then we employ empirical mode decomposition to transform the de-noised price into different intrinsic mode functions (IMFs). Finally, some complex long memory GARCH-M models are used to forecast different IMFs and a residual. Empirical results show that the proposed hybrid forecasting model WPD-EMD-ARMA-FIGARCH-M achieves significant effect during periods of extreme incidents. The robustness test shows that this hybrid model is superior to traditional models. (C) 2020 Elsevier B.V. All rights reserved.
关键词：
Chinese exchange rate volatility;Economic policy uncertainty;Forecasting;GARCH-MIDAS model
摘要：
This paper investigates the impact of relative economic policy uncertainty between China and the United States (the Sino-US EPU ratio) on the Chinese exchange rate volatility by employing a GARCH-MIDAS model. Moreover, we compare the out-of-sample volatility forecasting performance of the GARCH-MIDAS model with that of traditional GARCH-type models. The empirical results suggest that: (i) the Sino-US EPU ratio has a positive impact on the long-term volatility of the Chinese exchange rate, (ii) the GARCH-MIDAS model performs better than the traditional GARCH-type models.
期刊：
Energy Economics,2020年87:104737 ISSN：0140-9883
通讯作者：
Zhou, Zhongbao
作者机构：
[Jiang, Yong] Nanjing Audit Univ, Sch Finance, Nanjing 211815, Peoples R China.;[Zhou, Zhongbao; Liu, Qing] Hunan Univ, Sch Business Adm, Changsha 410082, Hunan, Peoples R China.;[Lin, Ling] Hunan Agr Univ, Sch Econ, Changsha 410128, Peoples R China.;[Xiao, Helu] Hunan Normal Univ, Business Sch, Changsha 410081, Peoples R China.
通讯机构：
[Zhou, Zhongbao] H;Hunan Univ, Sch Business Adm, Changsha 410082, Hunan, Peoples R China.
关键词：
Crude oil price shocks;Energy mining industry;Output volatility;Structural VAR model
摘要：
This paper focuses on how explicit structural shocks that characterize the endogenous character of international oil price change affect the output volatility of the U.S. crude oil and natural gas mining industries. To this end, we employ a modified structural vector autoregressive model (SVAR) to decompose real oil-price changes into four components: U.S. supply shocks, non-U.S. supply shocks, aggregate demand shocks, and oil-specific demand shocks mainly driven by precautionary demand. The results indicate that output volatility of the U.S. crude oil and natural gas mining industry has significantly negative responses to U.S. supply shocks, aggregate demand shocks, and oil-specific demand shocks, while lacks significant response to non-U.S. supply shocks. Variance decomposition and historical decomposition confirm that U.S. supply shocks occupy most explaining variations in output volatility among the four structural oil shocks. Moreover, the oil-specific demand shocks explain more variation than that of aggregate demand shocks for the crude oil mining industry, but the opposite is true for the natural gas mining industry. (C) 2020 Elsevier B.V. All rights reserved.
关键词：
Brent crude oil market and London gold market;Stock markets (Chinese and European);CEEMDAN approach;Fine to coarse algorithm;Linear and nonlinear granger causality;Long memory and asymmetry GARCH effect;Quantile granger
摘要：
In this paper, we investigate the risk contagion among the Brent crude oil market, London gold market and stock markets (Chinese and European). In the paper, we employ the CEEMDAN method and fine to coarse algorithms to decompose these market returns into different components. Then, we use the Granger causality test to assess the risk contagion between these markets under different time and frequency components. The results show that single direction risk contagion running from the Brent crude oil market and the London gold market to the stock markets (Chinese and European) is found in irregular events. Similarly, irregular events can also cause the single direction risk contagion to run from European stock markets to the Brent crude oil market. However, bidirectional risk contagion among the Brent crude oil market, London gold market and stock markets (Chinese and European) are found in extreme events. Second, bidirectional risk contagion among the Brent crude oil market, London gold market and European stock markets is demonstrated in irregular events. In addition, there exists only unidirectional risk contagion running from stock markets (Chinese and European) to the Brent crude oil market under extreme events. Third, long memory and asymmetry GARCH effects with fat tail distributions are significant in assessing risk contagion between the London gold market and European stock markets under extreme events. Finally, nonlinear Granger causality running from crude oil markets to the stock markets (Chinese and European) is found in bull and bearish markets. In addition, nonlinear Granger causality running from Chinese stock markets to the gold market and from the gold market to the European stock markets is found in extreme bearish markets.
