Search Results (104)

As the world’s largest developing and carbon-emitting country, China is accelerating its greenhouse gas (GHG) emission reduction process, and it is of vital importance in achieving the goals set out in the Paris Agreement. This paper examines the historical development and current operation of China’s carbon emissions trading market (CETM). The current progress of research on the implementation of carbon emissions trading policy (CETP) is described in four dimensions: environment, economy, innovation, and society. The results show that CETP generates clear environmental and social benefits but exhibits mixed economic and innovation effects. Furthermore, this paper analyses the challenges of China’s carbon market, including the green paradox, the low carbon price, the imperfections in cap setting and allocation of allowances, the small scope of coverage, and the weakness of the legal supervision system. Ultimately, this paper proposes recommendations for fostering China’s CETM with the anticipation of offering a comprehensive outlook for future research. Full article

The countries and regions along the Belt and Road are rich in wetland carbon sink resources, crucial for mitigating greenhouse gas emissions and achieving global emission reduction. This paper uses policy analysis and desk research to analyze the overview of wetland carbon sinks in these countries. It explores the necessity of legal system construction for their carbon sink trading. This study finds that smooth trading requires clear property rights definition rules, efficient market trading entities, definite carbon sink trading price rules, financial support aligned with the Equator Principles, and support from biodiversity-compatible environmental regulatory principles. Currently, there are still obstacles in wetland carbon sink trading in the Belt and Road, such as property rights confirmation, an accounting system, an imperfect market trading mechanism, and the coexistence of multiple trading risks. Therefore, this paper first proposes to clarify the goal of the legal guarantee mechanism. Efforts should focus on promoting a consensus on wetland carbon sink ownership and establishing a unified accounting standard system; simultaneously, the relevant departments should conduct field investigations and monitoring, standardize the market order, and strengthen government financial support and funding guarantees. Full article

Housing prices have recently risen sharply in many countries, primarily linked to the global credit cycle. Although various factors play a role, the ability of developing countries to navigate this cycle and maintain autonomous monetary policies is crucial. This paper introduces a dynamic macroeconomic model featuring a housing production sector within an imperfect banking framework. It captures key housing and economic dynamics in advanced and emerging economies. The analysis shows domestic liquidity policies, such as bank capital requirements, reserve ratios, and currency devaluation, can stabilize investment and production. However, their effectiveness depends on foreign interest rates and liquidity. Stabilizing housing prices and risk-free bonds is more effective in high-interest environments, while foreign liquidity shocks have asymmetric impacts. They can boost or lower the effectiveness of domestic policy, depending on the country’s level of financial development. These findings have several policy implications. For example, foreign capital controls would be adequate in the short term but not in the long term. Instead, governments would try to promote the development of local financial markets. Controlling debt should be a target for macroprudential policy as well as promoting saving instruments other than real estate, especially during low interest rates. Full article

This research explores the impact of ownership structure on the financial performance of Leveraged Buyout (LBO) transactions in the MENA region, a key emerging market region. Drawing on agency theory by Jensen & Meckling and the capital structure theory of Modigliani and Miller, the study investigates how different shareholder configurations, particularly managerial equity participation, influence LBO outcomes. Based on a sample of 233 transactions conducted between 2000 and 2023, the research adopts a quantitative methodology grounded in a hypothetico-deductive approach. The analysis focuses on the interactions between managerial ownership, leverage, target firm size, and operational performance. The findings support the agency theory premise that managerial ownership aligns interests and enhances performance, showing a positive relationship between managerial equity stakes and financial outcomes. Conversely, the effect of leverage, central to Modigliani and Miller’s propositions, proves more nuanced, reflecting the region’s unique financial constraints and market imperfections. Firm size, meanwhile, shows no direct correlation with performance improvement. These insights underscore the complex mechanisms behind LBO success in the MENA context and offer practical and theoretical implications, particularly regarding governance practices and institutional frameworks. The study also outlines avenues for future research, including a deeper examination of regional governance dynamics. Full article

Diversified application scenarios and business models are effective ways to improve the utilization and economic benefits of energy storage systems. In response to the current problems of single application scenarios, high idle rates, and imperfect price formation mechanisms faced by energy storage on the power generation side, a robust two-stage optimization operation strategy for shared energy storage is proposed, taking into account leasing demand and multiple uncertainties, from the perspective of the sharing concept. A multi-scenario application framework for shared energy storage is established to provide leasing services for wind farm clusters, as well as auxiliary services for participating in the electric energy markets and frequency regulation markets, and the participation sequence is streamlined. Based on the operating and opportunity costs of shared energy storage, a pricing mechanism for leasing services is designed to explore the driving forces of wind farm clusters participating in leasing services from the perspective of cost assessment. Considering the uncertainty of wind power output and market electric prices, as well as the market operational characteristics, an optimized operation model for shared energy storage in the day-ahead and real-time stages is constructed. In the day-ahead stage, a Stackelberg game model is introduced to depict the energy sharing between wind farm clusters and shared energy storage, forming leasing prices, leasing capacities, and energy storage pre-scheduling plans at different time periods. In the real-time stage, the real-time prediction results of wind power output and electric prices are integrated with scheduling decisions, and an improved robust optimization model is used to dynamically regulate the pre-scheduling plan for leasing capacity and shared energy storage. Based on actual data from the electricity market in Guangdong Province, effectiveness verification is conducted, and the results showed that diversified application scenarios improve the utilization rate of shared energy storage in the power generation side by 52.87%, increasing economic benefits by CNY 188,700. The proposed optimized operation strategy has high engineering application value. Full article

Uganda is gradually transitioning from communal to private land tenure systems. However, establishing privatized land rights has faced ongoing criticism, particularly concerning their impact on vulnerable groups. Despite the enactment of a national land policy, its benefits have not fully reached rural populations. Issues of land tenure insecurity and unclear ownership continue to generate confusion and have reportedly weakened traditional communal land systems, undermining sustainable agricultural production and long-term investment. This paper examines rural land rights, land markets, and the broader structural transformation of Uganda’s land sector, drawing on the existing literature and published reports. This review reveals that land tenure and administrative challenges persist, largely due to the dominance of customary tenure systems. Although land markets are active, they remain imperfect due to tenure insecurity and legal ambiguities. The findings highlight the need for increased public sensitization regarding land policy, gender-sensitive policies that promote joint ownership, continuous incentives for formalization, the acquisition of land documents, and the harmonization and strengthening of relevant land governance institutions. Full article

The results of numerous studies show that the control of power grid modes is carried out mainly using a technical criterion. The economic criterion is taken into account through the use of complex and inaccurate models that do not accurately predict the result. The emergence of market relations in the energy sector makes power systems economic entities in terms of production and satisfaction of demand for electricity by various economic entities (industry, households, businesses, etc.). Under these conditions, electricity is a commodity with a corresponding price and quality indicators. This requires the application of the risk assessment methodology as an economic category in the activities of power systems as a business entity. The methodology of risk assessment in market conditions requires business entities to search for methods to minimize risk as a possibility of adverse events. Under these conditions, it becomes possible to make the best management decisions regarding the most important criterion that reflects the interests of business entities at a given time. However, the imperfection of the relevant methodology for risk assessment in the energy sector delays their application in the industry. At the same time, when making management decisions, three possible levels can be distinguished: decision-making in conditions of certainty, when the result is presented in a deterministic form and can be determined in advance; decision-making under conditions of risk, when the outcome cannot be determined in advance, but there is information on the probability of distribution of possible consequences; decision-making in conditions where the outcome is random and there is no information about the consequences of the decision. An analysis of scientific publications shows that some authors’ works are devoted to solving the issues of applying the theory and principles of risks in the energy sector, in which the problem is solved only at the first two levels. At the same time, the operation of energy facilities is characterized by a high level of uncertainty and incomplete information about the consequences of such decisions. Therefore, the development of a methodology for making management decisions in the energy sector based on the theory and practice of risks, taking into account the high level of uncertainty and incomplete information, is an urgent scientific task. Implementation of algorithms and programs for controlling the modes of power grids based on them can meet the requirements for reliable and high-quality energy supply to the most demanding consumers and create favorable conditions for their business. This work is devoted to the development of scientific and methodological foundations for determining the voltage risk in power system networks, taking into account the uncertain nature of the loads and its impact on consumers. Based on the results of the study, a mathematical model of the risk of voltage collapses in networks, an algorithm and a methodology for its calculation were proposed. Full article

Under the low carbon goal, recycling power batteries (PBs) from new energy vehicles (NEVs) is a crucial measure to address resource shortages and reduce carbon emissions. This study examined the insufficient collaboration among the responsible entities and the imperfections in market mechanisms within the PB recycling system. We overcome the limitations of traditional tripartite evolutionary game models by developing a four-party evolutionary game model that incorporates the government, manufacturers, recyclers, and consumers to investigate the strategic interactions within the extended producer responsibility (EPR) framework. Using MATLAB 2023a numerical simulations and Lyapunov stability analysis, we found that the system’s stability and efficiency depend on stakeholder collaboration and effective government policy guidance. The system evolves toward a Pareto optimal state when all parties adopt proactive recycling strategies. Meanwhile, ensuring substantial profits for manufacturers and recyclers is critical for the feasibility and stable operation of compliant recycling channels. While manufacturers and recyclers are more sensitive to subsidies than consumers, consumer decision-making is key to market stability. Long-term excessive subsidies may lead to diminishing marginal benefits. Strategic recommendations are provided for policymakers and stakeholders to enhance the efficiency and sustainability of the PB recycling system. Full article

As an important region in western China, the Chengdu–Chongqing region has rich sports tourism resources and huge development potential. Based on relevant prior studies and the principle of data collectability, a sports tourism evaluation index system was constructed from four aspects: overall scale, market entity, development foundation, and government support. Using the coupled coordination model, the trend of the coordination and evolution of sports tourism in the Chengdu–Chongqing region from 2015 to 2020 was analyzed, and the primary obstacles affecting the coordinated development of sports tourism were identified through the obstacle degree model. The results show that sports tourism in Chengdu and Chongqing achieved great success based on the geographical environment, sports resources, and policy support. However, problems such as imperfect sports tourism infrastructure, unbalanced regional development, insufficient industrial integration, and shortage of professional talents have restricted the further development of the industry. This study holds that the Chengdu–Chongqing region can achieve high-quality and coordinated development of sports tourism by strengthening urban integration, expanding open cooperation, enhancing further industrial agglomeration, boosting policy support, and improving transportation networks. The findings offer insights for policymakers and stakeholders aiming to leverage sports tourism for economic and social benefits in similar regions. Full article

In order to solve the problem of the lack of an index system of influencing factors and an unclear evolution path of prefabricated housing development in Hainan Province, a method of identifying key influencing factors and analyzing the evolution path based on a back propagation neural network (BPNN) and decision experiment and evaluation laboratory (DEMATEL) was proposed. Firstly, the index system of influencing factors was constructed based on grounded theory; then, the key influencing factors were revealed through an expert survey and a BPNN-optimized DEMATEL model; finally, the evolution path of key influencing factors was explored. The research results show that factors F₁ (imperfect standards and specifications), F₂ (imperfect incentives), F₉ (lack of motivation for corporate strategic transformation), F₁₄ (insufficient market demand), and F₁₇ (ununified design product standards) are the top five key influencing factors. Among the three basic paths and three composite paths, the weight of the composite path is higher than that of the basic path, and the degree of influence gradually increases with the complexity of direct and indirect effects between key influencing factors. In addition to coupling the basic path with key influencing factors, the composite path can also be obtained through the interaction evolution of the basic path. Full article

A reasonable capacity market mechanism is conducive to exploring the capacity value of different power generation resources and ensuring the adequacy of power supply capacity in power systems. In response to the challenges faced by the existing capacity market mechanism under the background of energy transformation, such as the unreasonable quantification of the support effect of different power generation resources on the power capacity of power system and the imperfect pricing mechanism of power capacity, a capacity market mechanism for power systems with high proportion renewable energy has been designed. To quickly clarify the capacity support effect of different power generation resources, a capacity credibility factor is introduced to quantify the actual contribution of different power generation resources in capacity supply and to deeply explore the capacity value of power generation resources. Based on the uniform marginal clearing price in the capacity market, the marginal clearing price of different power generation resources is corrected by using the cost ratio factor, which includes the difference in the cost structure of power generation resources. By comparing and analyzing examples, the proposed cost ratio factor can effectively optimize the capacity price; the maximum price difference is 18.2 yuan/MW, the overall capacity cost of the system is reduced by 53.70%, and the effective connection between fixed cost and variable cost of power generation resources is realized. Full article

The shipping market is unpredictable and volatile due to some uncontrollable factors such as epidemic, conflicts and natural disasters. There is always an imperfect match between the supply capacity of liner companies and the actual demand of the market, which leads to a waste of slot resources and/or unsatisfied customer demand. Furthermore, the trade off between empty container transportation and laden container transportation is the crucial problem of strategic importance for liner companies. To deal with the above problem, this paper aims to develop a new solution to the collaborative optimization problem of container slot allocation and empty container repositioning by exploring the resource allocation, storage, and repositioning methods collaboratively. An online booking platform is introduced in this paper, and no-shows and customer preferences are considered in the analysis. An innovative integer programming model is established based on an online booking mode and a delivery-postponed strategy. A new branch-and-cut algorithm is then proposed to solve the problem. Finally, numerical experiments are conducted to verify the effectiveness of the proposed model and algorithm. The experimental results show that collaborative optimization can remarkably enhance the revenue of liner companies along with increasing the utilization of slot resources. Full article

Credit rationing, especially prevalent for smaller firms, impedes economic growth. A central bank-aligned not-for-profit managed business-to-business “stablecoin” (“synthetic central bank digital currency”) providing trade credit liquidity can provide additional monetary mass to mitigate small firm credit rationing. This raises growth by reducing monetary transmission imperfections consequent upon asymmetric information, commercial bank underwriting restrictions, market power dynamics, and regulatory distortion. A simple framework is developed to contextualise small firm credit rationing and associated monetary transmission imperfections with broader credit flows into both the real and monetary sectors. Evidence is presented regarding monetary transmission efficacy to firms, paving the way to proposing a business-to-business central bank-mediated “trade credit stablecoin” to improve business credit supply. In addition to providing additional (estimated at more than 10%) industrial and commercial (including smaller) firm financing, the envisaged trade credit stablecoin provides an additional monetary transmission channel for central banks to manage credit supply to the real economy to support economic activity and raise growth. Available to all firms, the trade credit stablecoin offers additional low-cost liquidity to firms, thereby offering policymakers an additional contra-cyclical monetary transmission instrument to support growth and, where necessary, reduce real economic disruption consequent upon financial system crises and liquidity events. Full article

Measuring firm value from an environmental, social, and governance perspective is a core concept of ESG (Environmental, Social, and Governance), which contributes to the sustainable growth of firms. This paper aims to investigate the relationship between firms’ ESG performance and perceived economic uncertainty. Using a database of Chinese listed firms from 2011 to 2020, we find that firms with a good ESG performance are better able to resist changes in the external economic environment in the ESG rating system which still holds after a series of robustness tests and a discussion of endogeneity. The reason for this is that the ESG rating system better reduces information uncertainty between firms and the market, which allows firms to better focus on improving their technological and profit levels. In addition, companies with good ESG performance can provide more returns to investors. Our results highlight the necessity of aligning the interests between superior and subordinate governments and the importance of the supervision of superior governments in environmental decentralization. Our findings highlight the role of information communication in the market, especially in developing countries with imperfect information disclosure. It is all the more important to reduce information uncertainty between firms and other market players through mechanism building to achieve the long-term survival of quality firms. Full article

Global climate change is a great challenge shared by human society today. All countries are actively carrying out carbon emissions trading to cope with increasingly serious environmental problems. Ocean carbon sink trading is an important part of the carbon emissions trading market and has become a new academic hot spot. It is urgent to construct an ocean carbon sink trading mechanism that meets China’s national conditions. The goal of this study is to determine how to improve China’s ocean carbon sink trading market using research methods such as normative analysis, comparative analysis, and case studies. The study shows that there are outstanding problems, such as unclear property rights and imperfect relevant laws and regulations, in the Chinese ocean carbon sink trading market. In order to solve these problems, the property rights of ocean carbon sinks should be clarified, relevant laws related to ocean carbon sinks and the trading market should be improved, and construction of a financial system for ocean carbon sinks should be further developed. At the same time, it is necessary to strengthen the supervision of ocean carbon sink trading and encourage the public to actively participate. According to the results of the study, there is a long way to go towards improving China’s ocean carbon sink trading market, requiring the joint efforts of the government, market, society, and public in making greater contributions in the response to global climate change. Full article